The specifics of selling in a new market

Most business positions exist within markets and business fields that are already established. But there are sectors (and there are quite a lot of them at the present time, which is defined by fast-developing technology) which clients are not used to and require a new approach. There are brand new business models and products attached to these sectors, and the sales processes are therefore very specific, and in many ways, different from the old ones. Here are the specifics of trading in new markets and tips on how to do sales in these sectors.

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Creating urgency

Doing business in old markets and with classic products and commodities is predictable. Most companies already have pre-defined processes of purchasing these products, and they also have the budgets. When it comes to new products and models, the processes have not been set up, and one method of engaging the client and getting them to cooperate with you is creating a sense of urgency.

Mention that now is their only chance to join the project, that fast developments will follow and the prospect should be part of it, that the product will be much more expensive, that many people will have it soon and that it simply presents a unique and limited opportunity.

Comparison with other products

In contrast to established products, new concepts require an explanation of new processes and models. People often tend to distrust new and unproven business models, so you want to help them understand the whole system by providing parallels with already existing systems. It doesn't have to be just business models – you can compare your model to sitautions in nature, in movies, in science, etc.

Knowledge of the market

More than in any other case, doing business in new markets is defined by the necessity of having thorough knowledge of the specifics of the market. There can't be a competitor you don't know about.  If someone has already tried something similar, you have to know how everything worked out and what mistakes were made so that the model has not become established. Your arguments must be supported by specific data and in-depth knowledge of the field.

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Article source Inc.com - a U.S. magazine and web focused on starting businesses
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