Entering a new, unknown market is like being the new kid at a new school. The possibilities are endless when it comes to making new friends, or in the business world - finding new customers. Still, getting that first great connection can be more challenging than expected.
Imagine a technology that knew all of your characteristics, thoughts, and interests, and matched you with the people you had the best chance of getting along with. While we haven’t yet automated the process of making friends, these tools do exist in the business world. Tools like these provide access to myriads of company data, allowing you to filter through millions of companies to find the ones that match closest to your Ideal Customer Profile.
Understand and Reach Every Potential Customer
TAM refers to your Total Addressable Market, or in other words - all opportunities to create revenue within your active market.
Vainu’s comprehensive database of over 45 million companies worldwide combines static data with insights from dynamic, open data. Our proprietary web-indexing technology searches millions of websites every day to collect information about the demographics, tech stack, location, common keywords, and headcount for each company, then ties this information to the correct legal entity in our database.
Understand the Trends and Tendencies in Your Space
In order to have more insightful conversations tailored to your targeted companies, you have to not only understand their business, but also their industry, their challenges, and the problems that might keep them up at night. Reason typically resonates with people - make sure to give them some good ones.
Say, for example, you offer Recruitment Services. You use Vainu to find out how many companies in your market are looking for .Net Developers right now. You dig deeper, and see what percentage of these companies have more than 100 employees. Use this information in your pitch: “Did you know that 2400 companies in Manhattan look for a .NET developer? The competition over the best talent is huge, let us help you find the right candidate.”
Create Smart Short-Lists
While needs vary from market to market, the type of organization that has a need for your product are likely very similar. Finding lookalike accounts (or companies that are similar to your existing customers) and reaching out to them is a smart shortcut to your company’s first milestone of 10 customers in your new market.
Use a dynamic company database like Vainu to filter companies with a specific set of characteristics matching your ideal customer profile. Tailor your marketing and sales efforts for your shortlisted accounts.
Act on buying signals
Be agile. While you don’t have to have a well-known name or a huge customer base to prove your value, you do have to be smarter than the competition. Track buying signals from your target companies and act on the events that indicate a window of opportunity for you as a Salesperson is about to open up. For example - if you offer transportation services, reach out to the companies who have recently initiated a new construction project, or even opened a new factory in your region. They are likely to need your services soon.