Successful businesses are creative in identifying new markets and employ a systematic approach to achieve early dominance. A well-executed “stepping stone” strategy can often build a commanding industry position without attracting early response from more established competitors. However, there are several risks. The most common is premature commitment to a market which everyone agrees “ought” to pay off, without gathering factual information. In reality, several new markets will most likely have to be probed before identifying one with with an acceptable expected payoff. Another danger is to attempt to penetrate the new market without adequate commitment to invest in meeting its specific needs.

Ignyt helps its clients design and implement successful new market penetration initiatives without committing in-house sales, marketing and business development teams until the new target markets have been proven. Each client solution is tailored to specific strategic objectives and industry characteristics. But broadly speaking, we deploy a 4-step process:

Plan:

In the planning stage, we work with our client to define the strategic goals to be achieved from new market entry. Together, we establish a list of candidate markets. Then, we carry out first-hand research to quantify the potential, assess the competition and develop a short-list of potential early adopters in each market. Then we help management select a short-list for further development.

Prepare:

Next, we need to establish the resources the Company will need to deploy immediately to enter the new markets, as well as the resources that will be required later (at 6 months, 12 months etc.) in the event that performance meets expectations. On this basis, we work out an implementation plan and help the client to allocate resources.

Prototype:

Generally, entering a new market will require certain modifications or tailoring of the core product or service offered, or even the development of an entirely new application based on the client’s core technologies. Working with the client’s product and marketing teams, as well as with interested early adopter prospects, Ignyt helps deliver a solution with ready market acceptance and reproducibility.

Rollout:

Finally, Ignyt will support the client’s sales and marketing team through a first phase rollout to our short-list of early adopter prospects. An evaluation of this test marketing may lead to further refinement of the product, market penetration strategies or sales approach. At that point, Ignyt can assist the client firm to design a full-scale prospecting approach to the new market segment and hand off full ownership to the client’s sales and marketing team.