March 2

Sales Logic- Opening New Marketing

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Meridith:

Hey, this is Meredith Elliot at Powell. And welcome it is 9:00 AM Eastern. Um, mark and I are in, I gotta check that time zone. We are on the road this week. We are actually at the national speakers association, winter conference, but still coming live to you with, uh, with sales logic. So mark, this conference opened yesterday. What have you thought so far? Oh, all

Mark:

I’ve thought because a it’s a chance for me to connect with you. We actually get to do sales, logic live in person, but it’s a connect. It’s a time to connect with old friends and make new friends. And that’s really what sales is all about. It’s about relationships, so that’s

Meridith:

Good. Yeah. And this conference is all about building, uh, your business. And we really focus on some innovative things yesterday. And maybe we’ll get a chance to talk about if you, but probably need to dive in and kick off this episode, get the, uh, get the chat going. And, uh, we’ve got a good episode this week. So see you in a moment,

Speaker 3:

Prospect with integrity, we will get customers who have integrity. Integrity is the foundation from which everything is built on.

Speaker 4:

You

Speaker 5:

Better understand

Meridith:

Value,

Speaker 5:

But at the end of the day, sales is a relationship business. It is a people business. It is emotional business.

Speaker 6:

This is saves logic.

Meridith:

All right, Mark Hunter, we are back time for another episode

Mark:

I’m sitting right next to you. You don’t have to use my last name, hunter. I mean, come on Meredith

Meridith:

Time for another or episode of a sales logic. Now, before Mark Hunter outlines everything that we’ve got going on in this show today, I’m gonna tell you how the show works. We start off every week with a question from you, the audience. So if you ever wanna participate in this podcast, just send a question to sales, logic, podcast.com or just reach out to either mark or I would love to have you featured, uh, on the show. We cover a hot topic. We even cover a book and because we want you to get return on investment, you leave with a lightning round, a set of strategies, things that you can put into place. First thing the next day, Sunday morning, when you’re selling, all right, looks like we’ve got a good audience this morning.

Mark:

Hey, it is a great audience. Meredith L Powell, here you go. Hey, the topic we’re gonna be talking about this morning is opening new markets. That’s what we’re gonna be talking about. And the question comes to us today from Luigi in Milan Italy. These last two years have been tough. We sell into few markets that continue to be challenged, and we are not sure we’re going to recover from COVID. I need you to diversify our revenue streams and open up new markets. What are the best ways to choose which markets to sell into and what is the best way to structure my sales team sell into these industries? Do we have four hours?

Meridith:

Yeah, I know cuz this is, this is a big question. It is. But you know, when I saw this on the agenda, uh, today I love this question because I think it’s something that every single one of us need to be asking ourselves, whether we’re in a large company and we have a full sales force or whether you run more like mark and I run, and it’s a small operation. Now we’re live in a hotel here today. So watch for little action to come here. Uh, come here behind us. Think they’re setting up the breakfast, uh, buffet or something. But anyway, you need to be asking yourself, are the markets that you’re in still full of opportunity or do you need to open up some new markets? And I think the answer to that question is everybody needs to be looking at opening up two Mar new markets if 2020 taught us nothing else. It’s how important diversification is. So I would say start by looking around and thinking about just getting either your sales team together or a few people together and asking yourself what markets don’t we sell into and where would our product really work?

Mark:

I’m gonna run a little counter to you. Oh,

Meridith:

I love it. I, I, I,

Mark:

Cause I’m gonna challenge that. We can’t just give up on a market because it got tough for a little bit. You know, COVID did create a lot of happen. You and I, and I respective businesses. Wow. Suddenly the in-person engagement kind of disappeared for a while, but we didn’t give up on it and it’s come back. So just because you’re having a D time don’t mean what I do think you can do look to your existing customers, because again, the best place to get new business is from your existing customers. Where are they going? Where are they pivoting? Can you help them pivot into new industries? Can you help them pivot? And so being, then you get to go along with them and suddenly you’re in that new market too.

Meridith:

Yeah. And I’m gonna run counter to you. Oh

Mark:

Cause wow. We got counter, you know, we may never do a live event again too. Cuz this could come to blows here in a few

Meridith:

Minutes. Well, because I think that, you know, we didn’t give up on the live uh, market, but if we hadn’t looked to different ways of doing this, we never would’ve survived. And when I saw during COVID what I see some now is that people holding on to a market that just isn’t viable. It’s gonna take a while to come back. And while you may not wanna give up on it, having your, um, income streams diversified would is really smart because you never know how anything’s going to be impacted. So let’s talk about the question. How do you open up a new market? Let’s just assume we’re not gonna give up, but we’re gonna open a new market. How would you suggest that a company go about opening a new

Mark:

Market? It goes back to what I said first. Cause it was best. No, no. Anyway, this is great to be able to do this live. We get to get punchy. It’s finding out where your cus customers having to pivot to, because again, your objective is to help your customers. Where are they having to pivot to? Which is really what kind of you and I did. Right? We work with companies, we work with associations over. We found out where they were going and we helped them get there. So talk to your existing customers. Cause that’s where your knowledge base is. The more you can stay in your own industry. Sure. You can run over and chase something new, but that’s a shiny object in and can get us into trouble. Yeah. Be careful. Look to your existing customers.

Meridith:

You know, who I think really does this, um, incredibly well is if you look at attorneys and the thing I’m gonna say about new markets is look at balance markets, attorneys do this so well. They’re heavily into real estate and they’ll have all the junior attorneys working to support, um, the, you know, the experienced long term, uh, attorneys that work in real estate. And then they balance that with bankruptcy. It’s also another area that they’re in because when the real estate market tanks, the bankruptcy and the credit industries take off. So start to think about where the balance industries, um, are for, for your market. Like when this particular market you sell into isn’t doing well and it doesn’t have to be that they tag, it can even be seasonal. You know, maybe you sell into the travel and tourism industry and there’s certain times of the year of the, that it does incredibly well. You might wanna balance. I saw this a lot when I was a bankers that I would work with, um, companies that were in heating and oil and they would, and they would balance it with construction because typically when the construction industry was doing well would be in the summer or in the spring when you weren’t selling as much own heating oil. So look for a balance,

Mark:

You know, easiest way to look at it is if you’re a restaurant at dinnertime, you have a dinner menu and at breakfast you have a breakfast menu. Okay. I mean, I just kind of dumb it down. Yeah. But really it is because if you think about the, uh, corporation mentality of the seventies and the eighties, it was, how do I create a conglomerate of companies that there’s always somebody jet Welch was a master that yes, when he created GE he always made sure that there were businesses that were excelling and to offset those that were struggling. So he always kept that positive balance sheet. And I think that’s what we have to look, look for in

Meridith:

Businesses. I, I would agree. So, so, you know, so what you wanna do Luigi is basically look at the current markets that you’re in and take Mark’s suggestion there and think, who else are your customers selling to? Would there be another natural sister-in-law or brother-in-law, that would be good. And then also start to look at some it’s a balance. So what I love about this question is don’t just blindly start to sell into another market, really start to think about where will you be a good for fit and where could you really add value?

Mark:

Well, let’s run with that. Don’t blindly sell it. It is so easy to, oh, you got this incoming lead or you got this opportunity and then suddenly you start scratching it and you think that’s gonna be, be careful because when times get tough and Luigi, I think you’re in kind of a tough time. It’s easy to get sucked into bad, bad moves. I mean, you and I have seen this so many with some of our friends, fellow business owners, people we’ve worked with, you gotta stay focused. And remember you have to ask yourself this question, what value can you bring to this niche? What is the unique need that you can help satisfy? And oh, by the way, it is not price.

Meridith:

Yeah. So let’s start to talk about the second part of this question is how do you then pivot again, whether you’re like Luigi and you have a big sales team, or whether you’re a smaller operational one or a two man operation, you need to begin to, um, to make this switch. So, so what are your, some suggestions on the, how

Mark:

Well the, how is you, first of all, I have to understand what are your competencies? You know, what, what do you do best? And then say, how do I build on that? And then where can I find that niche of customers? And, and if you stop and think about this, it is so important to segment segment segment. We’ve talked about, I CCP, ideal customer profile. Yeah. You’re going into a new market. You better have an ideal customer profile of that new market. Yeah. Don’t venture out. And then the other piece is who can be your lead horse? Who is the customer or the company that can begin to lead you down that path? Yeah. Cause if I can kind of go to school on them, we were, were talking beforehand. We were talking about SAS software as a service and I’m doing a lot of work in, in SAS. And it’s because there was a lead company that kind of took me there and then boom, boom, boom, boom, boom, boom, boom, boom.

Meridith:

Yeah. Social proof is such a great way to get in there. If you can just get in with your six degrees of separation, find that one company or that one prospect that you can move, you can then leverage that prospect by doing an incredible, um, uh, job of bringing them in. If you do have a sales team and you’re like Luigi, though, it’s really important to focus on the why you wanna help the team, understand why you’re asking them to diversify, uh, you know, their, their market niche, why you’re encouraging them to get in, um, into new markets.

Mark:

And it’s not copying somebody else. This is what I see happening. So often what happens is people will copy what other people are doing. No, no, no. What is your unique position? If you can’t deliver a unique position, you don’t have a right to be in that market. Now, what does that mean? That means segmenting even tighter. And you have to be willing to be patient going into a new market. I I’ll go back. Like when you and I began sales, logic podcast, there were already thousands of podcasts out there. Yeah. But you and I decided, you know what, we’re not gonna have the typical interview style. It’s gonna be you and I about a common topic, a, a sales issue. Boom. We stuck with it and it’s worked very, very well. So we played within this big industry, but we created a specialized message within it.

Meridith:

Yeah. I love what, um, I love what Spencer, uh, Ripley had to say here too. He said, could it not help to sell up selling, forget about outcome and become a consultant. Absolutely. When you go into a new market, you really don’t wanna be thinking about yourself. It’s just like with any other sales, you know, strategy that you do you wanna think about, how could we really help the market? And with that, Spencer, I wanna draw the, the piece that you don’t have to run away from the fact that maybe you don’t have experience in that market because taking the stories of how you’ve helped another market and draw some of the similarities. You can even use some case studies and some social proof from the other markets that you’ve had and said, I know that the construction is industry is different from the, you know, home heating oil. However, there are some similarities that the teams face, and these are the challenges that I know that you’ve had in this industry, which also leads to the fact that don’t go into a new industry, unless you have done your research and you’ve done your homework. You better understand who you’re selling to and the nuances of that

Mark:

Industry. You know, I’m sure you saw that in your background in banking, you, you saw a lot of business owners coming to you and saying, they gotta pivot. I’m gonna go back to my own career. I began what’s called consumer package goods. Yeah. We were basically selling stuff to stuff, selling stuff to stores that sold it to consumers. And I spent a number of years with craft corporation and that whole CPG industry has just virtually collapsed, has virtually collapsed. But what I found was the expertise in the skillset of account management, managing and so forth, applies to many other industries. So fine. I was just able to pivot and go into, so take the expertise that you have just as you’ve done with banking, you know, you, you you’ve taken that expertise and you’ve just parlayed that other into other industries.

Meridith:

Yeah, absolutely. The legendary Ford sake has joined us. Uh, this morning. I just wanna say Ford. I hope your ears were burning. Cuz we were talking about you at breakfast. I’m coming your way. Nobody knows more about the sales world. I swear than, uh, than Ford’s in up than Fort sakes. Does banking is such a great example though. I mean, I, I think of the fact of why I had to have a diversified market because I would be selling to retail and then the economy would go down or something would happen with gas prices. And the retail industry would really be impacted if I didn’t have it balanced with manufacturing and in other areas, being able to move into those other arenas. And I really wanna stress that. I think 2020 has taught us that if you’re too dependent on one or two industries, take this podcast as a chance to start to think, I’m just gonna start to dabble in another industry. Just start to get my toes in the water while I have time. That way you can start to diversify your revenue streams.

Mark:

Well, that comes back to this whole thing that I don’t care. What type of business, what you sell. You have to have a diversity of customers. I mean, how many times have we seen sales people? Uh, wow. I’ve got this great book of business. Well it’s really it’s two customers. Yeah. And then, right, right, right. I mean I had a manager that used to tell me, yeah, if you have two customers, what happens is if they get, if they get a head cold, you get pneumonia and die. Right. Right. And that’s what happens. And that that’s what happens. So regardless you have to make sure that you have a diversification in your portfolio of business, whatever it is, customers, what you sell, how you sell, where you sell all these various pieces. Cuz otherwise think, think about your business as a mutual fund as your investment portfolio. Yeah. You have, you have a broad plethora of investment vehicles that you’re at. Why? Because it allows you to really minimize the risk and maximize the opportunities. Yeah.

Meridith:

Um, mark, mark Bregman has such a great comment here. He says, this is a project that requires more than just sales, um, involvement alone. It’s a whole company affair and he’s so right. Mark is always so right. But in this one,

Mark:

He really is that mark and me mark,

Meridith:

Which? Oh, I’m definitely talking about

Mark:

That one.

Meridith:

Oh thanks. Yeah. This

Mark:

Is, this will be the last time that we ever do a live program together. Okay. Just saying

Meridith:

Just no, no, no, no, no, no. Anyway, um, he he’s right. I mean, you really need to bring the whole company into it. Everybody needs to understand why you’re going after these, um, markets and mark, I’m gonna put some words in your mouth is to their role in it because customer service has gotta understand this, that they’re not gonna treat a manufacturing client the same way they would treat an it client. So absolutely such great points.

Mark:

Well that, that is so key because there are so many people in your organization and here’s the other piece. Let’s look at it from a marketing standpoint, Ford, I’m calling you out cause you are a marketing mask. You gotta think about this. You may want to be in this niche, but how do you create a marketing message that will be relevant in that market? And you know, you can be the greatest of anything, but if nobody knows you’re the greatest, how will you really become the greatest? You’ve got to be able to find a way to communicate that message relevant.

Meridith:

Yeah. You know, there’s so much to be said for being an, an expert in a certain industry or in a certain market, but there’s also so much value to understanding diverse markets and being able to bring a perspective into like I know when I work in with my healthcare clients, a lot of times there’s a lot of expertise that I bring in from other industries, you know, that I, that I work in just because it’s a different perspective, same problem, but a different way they go about

Mark:

It. You know, think about it. We’re here at this conference, the national speakers association, there’s a number of speakers who are talking on topics that aren’t necessarily our topics. Yeah. But why are we here? Because we’re learning and we’re always keeping our ears and our eyes open. And for sales managers out they’re businesses, business owners and so forth, this is one reason why you network. This is one reason why you attend other conferences and other events, cuz you’re always gotta be smelling what’s happening out there. What, what are the trends you and I both have a common friend Dr. Mary Kelly. Yeah. Incredible brilliance. Andre. We can lean to her to say, okay, which way is the wind blowing a year from now, six months from now or what we’re living in right now tomorrow. Right,

Meridith:

Right. Um, you know, I think the biggest thing to take from this topic today and what you wanna focus on is the fact that if you are open to the idea, it’s time to think about diversifying your market, do it long before you need to do it, choose a market that, um, is, is a good balance or has some kind of connection to your, to your current market and then develop your ideal customer profile. Think about where they go for information, how you can find them, get in front of them and get involved in them. But if you don’t have that set right now, go ahead and, um, and dip your toes in the water because you’re gonna be a lot happier when this marketplace shifts again, if you’ve got a little bit diversification

Mark:

And when you put your toes in the water, you’re in a lifeboat, make sure there are other people in the lifeboat with you. Okay. We’ll have a better chance of surviving. I’m not meaning to paint a dark picture, but have other people around you. You and I, we communicate continuously on ideas and so wide because we are collaborating with each other. You and I are part of a mastermind group. Again, we’re collaborating. We have peers. The idea is you’re much better off sales is not solo activity. Sales is a team sport who is on your team and they will help you. And one final piece. And I love about this. Go back and talk to some of your old customers. Yeah, we were, we had breakfast together. We were talking about this and talking about old people. And so not old, not old people. Wow. I’m gonna get in trouble. I say anyway anyway, but go back and talk to people who you used to do business with. Yeah. What are they telling you? What are they saying? It’s we all have a bigger, uh, earpiece than we give ourselves credit for use

Meridith:

It. I, I agree. Listening is such a huge skill. Listen. Um, David horse outer has joined us and mark, I got to see David on, uh, stage yesterday. Amazing. The foremost authority on trust and trust plays a big part of this. I mean, we should have David on here to talk about if you’re gonna break and do a new market, why trust matters in sales? And he talked so much about that, um, on stage yesterday, but you’ve gotta build credibility. You’ve gotta build trust, um, in, into that. And one thing that David talked about yesterday that I really took was simplicity of message. And um, you know, really taking, taking away the complex. So if you’re gonna sell into a new market, taking a little bit of advice from David and thinking about, you know, how can I make the message easy to understand real clarity around it so that this new market can understand how I can add value to them.

Mark:

David, if you’re in the building and you are in the building, get down here real quick. Cause we still got about six minutes to show time and we’ll get you on. But you know what? That’s gonna take us to the book of the week. And what’s funny is we didn’t have a book of the week until 10 seconds ago, but we’re gonna recommend right now trusted edge. Aren’t we? Yes. By David horse,

Meridith:

You know,

Mark:

See, see David, this really pays to chime in on the show,

Meridith:

But I’d also say, you know, we recommended, um, when he came out with a trusted leader, we recommended that one, but you need to back up and read trusted edge because David talked a lot yesterday from the stage about the role that trust plays in sales. And in fact, I think we ought to do a whole show dedicated to that, but it really fits into this piece that if you are going to enter a new market, you wanna think about how am I gonna create that credibility and how am I gonna create trust? And David lays it out in the trust

Mark:

Is because nobody’s going to enter a new market. No nobody’s gonna buy from you in a new market unless they trust you. So you, you trust has to be and trust. Isn’t something you market trust is something you do, right. You have to earn you, you can’t market your way to trust. You have to do it. And that’s what it’s all about. So anyway, Hey, um, but so have David Hauer books, Brett, he’s got two books out there. Great.

Meridith:

And we’ll have that all in the show notes.

Mark:

Yeah, we will make sure. But we are also gonna talk today about our respective podcast cuz you’ve got thrive. Right. Which is an absolutely outstanding book and podcast.

Meridith:

Yeah. So we talk all about how to basically turn uncertainty into competitive advantage. That show really focuses. My podcast focuses on why all this uncertainty and change can be your greatest opportunity. It’s the fact that you’ve got to change the mindset around that, which is the perfect lead into your podcast.

Mark:

My podcast appropriately named the sales hunter podcast. So anyway, so anyway, and of course Meredith was guest number one. So I, anyway, but in that podcast we talk about sales strategies and we really drill down into a, we’re talking a lot right now about trust, but we’re talking also about prospecting and guess what you can’t prospect with trust. Yeah. Those are not

Meridith:

Separate at all. So anyway, speaking about prospecting, it’s time for the lightning round. Yes.

Mark:

Lightning round

Meridith:

And uh, top 10 ways to, uh, back into a new market drum roll, cuz this is where you get your return on investment. Are

Mark:

You ready? Understand first what your current customer’s needs are.

Meridith:

Excellent. Do your ideal customer profile. When you think about the new market that you want to target into, who are you going after? News slash not everybody wants to do business with you. You don’t wanna do business with every, anybody,

Mark:

Look at your competencies. What are the competencies that you can provide and how can they help expand out into something else?

Meridith:

Do your research, do your homework know more about that new market than they even know about themselves.

Mark:

Tap into your expanded network, who are the people that go beyond your customers to others that you, you can begin to learn and listen from?

Meridith:

Yeah, I would say start on a listening tour. Begin the first maybe 20 or 30 calls you make with no thought of selling whatsoever. You’re just out there to more intimately learn and understand, uh, the marketplace

Mark:

Do not enter a new market unless you can provide a niche. Something that is not being currently provided today.

Meridith:

Social proof, social proof, social proof, even if it’s from a market that you’ve, um, you’ve already done business in, go in there with a customer saying how you have added value. You Don, do you do one more and I’ll do one more. We’ll be at 10.

Mark:

You cannot create a new market. If you’re selling on price, it must be because of the value you create.

Meridith:

Well, I couldn’t talk about a new market unless I talk about follow up cuz you know, my passion is sales follow up. So don’t go into a new market thinking this is gonna be easy. It’s gonna take a little bit longer to close the sale. So follow up, follow up, follow up.

Mark:

All right. And with that we say thank you for listening to sales logic this week. If something we’ve said has earned you a single dollar, consider telling a friend, Hey, we also ask you to subscribe, rate and review the show on your favorite podcast app. Because remember what is sales logic it’s really about helping you grow. I’m Mark Hunter

Meridith:

And I’m Meredith Elliott Powell.

Mark:

Remember when you sell with confidence and integrity,

Meridith:

Uncertainty suddenly becomes your competitive advantage

Mark:

And the sale becomes logical.

Meridith:

All right, we will see you right back here next week 9:00 AM Eastern with another episode, please remember you guys are an awesome audience. I cannot get over how active you are. If you, you have questions, please reach out. We are here for you to try to help you sell more effectively and efficiently. So reach out with your questions. We’ll see you next week and together. I hope you have a successful sales week. We

Mark:

Wont be. We won’t be here, but we’ll be online. Yes

Meridith:

That’s all right. See you next week.]

Meridith Elliott Powell


Voted one of the Top 15 Business Growth Experts to watch by Currency Fair, highly engaging corporate motivational keynote speaker Meridith Elliott Powell delivers a cutting-edge message, rooted in real-life examples and real-world knowledge. Meridith’s presentations are full of powerful content, highly interactive, and fun. She helps her clients learn the leadership development, sales and business growth strategies to turn uncertainty to competitive advantage.

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