New Products to New Markets

Sometimes launching a new product in a new market makes you feel like a fish out of water

We’ve helped hundreds of companies take new products into new markets and when I say new products, I don’t mean a slightly better ‘me too’ product, but ones that completely change the way things have been done up till then. This includes tomato bio-char, de-pyrolysis of used tires, smart home grids, GPS farming, and many more. 

The standard features, advantages, benefits sales approach doesn’t work in these situations. You need to really understand the potential users who could benefit from what you are offering. They may not neatly fit into a recognized vertical market – you could need to create a whole new segment eg Digital Farmers, Off-road generators, or mining tire recycling.  New products are not sold en masse but rather to early adopters who share your vision.  The trick is finding these precious people. 

We recently spoke to home builders around North America about an energy management system for new homes. Most of them were uninterested in adopting a new approach to electrification (too hard, too expensive, no one is asking for it, our trades don’t understand it). But we did find one that got it; this company (which builds 13,000 homes a year) has a VP of Sustainability and even has test developments where they try new things on a regular basis. He agreed to consider a trial. Perfect. 

These early adopters exist in every market. Finding them is not always easy but here are two ways to find them. Simply to ask other companies in that area, “Who tries all the new stuff”, “Which firm is always testing”? Or another way to break through is to avoid purchasing, engineering, or manufacturing departments, and approach the people on the revenue generating side of the prospect; VP marketing ,VP sales, VP services, etc. Then show how your product or service will help them to make more money.  Increased margin and revenues are always a stronger story than reduced expenses. 

Entering new markets with new products is not easy but with an objective assessment of the market and locating those passionate change makers, it can be done quite efficiently. Launching something new?  

Call us, we’d love to help. 

Andrew