Finding new markets

May 05, 2023

One of the greatest obstacles for small businesses is access to markets and getting the proverbial foot in the door. Companies get sent from pillar to post and there are gatekeepers at every portal (whether in-person, telephonic, or email). In this blog, Tushiyah will be sharing "Access to Markets" tips.

Tip 1: Navigating the world of corporate procurement can be tricky, especially if you’re trying to get your foot in the door with a big client. Many of these businesses have a system in place to streamline the process. Rather than relying on traditional cold calls or meetings, many of these corporations have a link on their website where you can register your business. Once registered, you’ll receive invites to respond to RFQs and RFPs that match the categories your business falls under.

Tip 2: We encourage you to identify companies that you wish to engage. You can access their websites for published opportunities for their RFQs and RFPs. Often these websites and portals offer a free registration process, allowing you to sign up and start browsing the available tenders and projects.

Tip 3: Let's discuss partnering with clients. Companies seeking to establish themselves in the market often try to position themselves as a one-stop shop for all needs, from construction to catering and everything in between. However, this approach can actually dilute the credibility of the business. Instead, it‘s important to focus on your one or two (related) areas of expertise and build a unique value proposition that sets you apart from the competition. Once you‘ve established yourself as a specialist in your chosen field, you can then work to build trust in your brand and establish yourself as a reliable and trustworthy partner.

Tip 4: After discussing partnering with clients, we should focus on networking. Networking is a powerful tool for business growth, but it‘s easy to get caught up in the hype without understanding the true value of building strong relationships. At its core, networking is all about building trust and understanding the needs of others, rather than just trying to sell your products or services.

The key to successful networking is to take the time to do your research, listen to your potential clients, and make genuine connections, and you may be surprised at what you learn. 

Tip 5: Research is also a key component of establishing connections with current and potential clients. Imagine being able to discuss several pertinent business topics – as these relate specifically to your potential clients - with them at networking events, and asking thoughtful questions based on the research you‘ve completed. This can be done by utilizing Market Intelligence and following potential clients on Facebook, LinkedIn, and other social media channels. However, this can be time-consuming. To support businesses, many short-term interns are being hired to help with Market Research. This is a great way to gain valuable experience in the field, while also helping businesses access valuable information and increasing their potential for success. Your business will contribute to the skills development of the country!

Tip 6: Find opportunities to partner with other companies, and not only bigger ones. Indeed, collaboration with other smaller enterprises, even if they are competitors, can be a smart and powerful way to increase your reach, knowledge, and potential revenue, as well as help save on costs and shared resources, such as sharing personnel, when practical.

In this uncertain economy, it just makes sense to share resources and pool expertise to stay competitive and deliver high-quality work. Additionally, collaborating with other companies can help you build a more extensive portfolio of work to showcase your abilities and professionalism, which can open new opportunities and expand your network of clients. Remember, the power of working together is often greater than the sum of its parts. 

Tip 7: Testimonials from satisfied customers are a great way to market your business and increase customer engagement. By collecting and sharing positive feedback from your clients, you can build trust and establish yourself as a reliable and trustworthy provider in your industry. It is a good idea to ask your clients to provide customer testimonials about their experience with your product or service.

Testimonials should be part of your marketing strategy, and having a marketing strategy is essential to growing your business, so it is important to consider what resources you have to create one and decide about what tools you need to track your efforts. By setting up a solid marketing strategy, you can increase your brand awareness and attract new customers to your business.

To learn more about marketing tools and how to build a unique value proposition for your business, visit our website and take the free business health assessment. Alternatively, you can join our forum today to discuss the topic further with other entrepreneurs and industry experts. Tushiyah Website | Exchange Village