{"id":4503,"date":"2017-10-09T00:17:22","date_gmt":"2017-10-09T00:17:22","guid":{"rendered":"http:\/\/somametrics.com\/clone\/?p=4503"},"modified":"2020-06-08T19:48:43","modified_gmt":"2020-06-08T19:48:43","slug":"develop-new-business","status":"publish","type":"post","link":"http:\/\/somametrics.com\/clone\/develop-new-business\/","title":{"rendered":"Developing New Business (Quadrant 4)"},"content":{"rendered":"\t\t
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“How to Develop New Business and Break Into New Industry Sectors” is part of our “Four Quadrants for High Growth Quick Start Guide”.\u00a0 To access the full series click here<\/a><\/strong><\/em><\/h3>
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Quadrant 4: Develop New Business Outside your Industry<\/h2>

Overall Goal: Find a new customer type for each new product every two years, thereby increasing sales by product by another 10%-20% every two years.<\/b><\/p>

\"SOMAmetrics-Quadrant-4\"
Four Quadrants – Quadrant 4<\/figcaption><\/figure>

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By now, it may be apparent that the first three quadrants are very similar to each other. Quadrants <\/span>2<\/b><\/a> and <\/span>3<\/b><\/a> are closely related \u00a0since they consist of your existing customers, and Quadrant <\/span>1<\/b><\/a> addresses the same industry as your existing customers.<\/span><\/p>

Quadrant 4, however, is different. It consists of non-customers from different industry sectors than those you normally market to. It is actually an exercise in new business development.<\/span><\/p>

The right approach to developing Quadrant 4 is to follow Geoffrey Moore\u2019s advice in <\/span>Crossing the Chasm<\/b><\/a> and first establish a beachhead. \u00a0Assemble a team of your best people to target a few selected accounts that will generate key wins for you within the new industry, allowing you to establish credibility early on. Your team members should be highly entrepreneurial and have a very strong \u201cwhatever it takes\u2019\u2019 attitude to winning these new customer types in an industry that no one in your company is familiar with.<\/span><\/p>

In Quadrant 4, your objective to sell a product you first developed for a different market segment, with some modification and customization. You have some idea of what that customization might look like, but in truth you won\u2019t really know until you are trying to make your first sale in that segment. This is more like a custom project, which is why you need a team that is highly entrepreneurial\u2014 capable of building something from the ground up and finding \u00a0solutions for problems that you have never really addressed before.<\/span><\/p>

Below you will find a Best Practices checklist for optimizing high growth within Quadrant 4 for Marketing, Sales, Customer Service, and Innovation.<\/span><\/p><\/div><\/div><\/div>

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Marketing Checklist<\/b><\/h3>
GOAL<\/b><\/h6>

Identify other market segments similar enough to your current market segment so you will be able to leverage many of the capabilities you already have.<\/span><\/p>

KEY OPTIMIZATION ACTION ITEMS<\/b><\/h6>