Breaking Into New Markets: Prototyping, Messaging, and Managing Risk

If you're a well-established industrial brand in a specific vertical, it can be tempting to launch your products in a completely different sector. But there is a lot that goes into making the decision to launch into a new market and even when you do make the decision, it can take years and many trial and errors to gain market share. That's why I had John Schober, founder of Sorian, on the podcast this week. John has decades of experience consulting for businesses who are interested in launching into new markets. He shares insights on entering new markets, emphasizing the importance of experimentation, understanding customer needs, and developing a strong value proposition.

He discusses the iterative process of prototyping and feedback, risk management, and the necessity of collaboration across teams. Additionally, he highlights effective marketing strategies and the role of technical marketing in successfully penetrating new markets.

Takeaways

Experimentation is crucial when entering new markets.
Understanding customer needs is essential for success.
Prototyping can help capture customer interest and feedback.
Collaboration between R&D, marketing, and sales is vital.
Unlearning previous assumptions is necessary when entering new markets.
Iterative processes lead to better market fit and product success.