Breaking into a tough market can require a new entrant to break long-standing supplier relationships. At Mezzanine I am very often researching customer needs and evaluating industry structure. Time and again I see that, in the Canadian B2B space, strong relationships often characterize transactions between buyers and sellers, which can make market entry very difficult.
For SMBs to have a shot at succeeding in a new market, it’s critical they have a clear understanding of what specific needs they’re going to address. But, this alone is not enough. They also need deep insight into the decision-making experience and criteria of potential customers. After all, it’s not just about what you sell, but also how and when you sell it.
Here are six questions to consider before trying to crack a tough market:
- How will the customer actually interact with your product on a day to day basis?
- What are buyers’ key decision criteria in choosing a supplier/partner?
- Where are current suppliers not meetings needs or expectations?
- How do customers weight price, service, and other factors in making a decision?
- What needs to be true for customers to make the switch or experience a trial period?
- What initial roadblocks will buyers run into when evaluating your product or offering, and how can you mitigate them?
The answers to these questions will help you determine a go-to-market approach that meets the exact needs of the target clientele and presents your product or service in a way that is most likely to induce adoption.
Do you have any other key questions that have helped you develop key insights about your target market?