Positioning yourself as an expert in new markets and understanding how best to diversify into new markets is vital for continued success. In our last article, we explored the 5 key considerations for diversifying into new markets but what’s the next step from there?
Uncovering Your First Client
Once you’ve chosen a market to enter, the next step is to identify your target clients by working out which companies are likely to be hiring right now
When choosing your market you’ll have to spend time mapping the key businesses within that space and equally important, identify the companies that you want to work with and are currently looking to hire.
The biggest businesses in the market probably aren’t going to be your best bet at this stage. Their hiring process is almost certainly too lengthy and well-guarded for what you need right now. It’s worth keeping them in your pipeline of companies, but expecting that this will likely be a longer play.
There will of course be situations where you can break into a larger company quickly, but in most cases, the internal talent teams, stricter PSLs, and longer buying cycles are all reasons why going for the SMEs is often a more productive bet in the short term.
Instead, focus on discovering the hot sectors where there is a current high demand for top talent. Sectors like Fintech and EdTech are typically a good bet as both tend to be well-funded and have an ongoing need for talent.
Find Low-Barrier Entry Companies
By leveraging data on investment rounds or lists of the ‘fastest growing’ and ‘award-winning’ organisations, you can swiftly pinpoint companies that are experiencing upward growth. Smaller firms that have secured ample funding and are rapidly expanding are more likely to have consistent and substantial recruitment needs, with fewer hurdles to entry.
These companies also have an alluring reputation, making them a preferred choice for job seekers, as they showcase their potential as budding businesses. What’s more, companies that are under time pressure and seeking to fill a position urgently will generally have fewer steps in their recruitment process, reducing the lag time between placement and remuneration.
Once you have compiled a list of prospective clients, it’s imperative to position yourself as a specialist in their respective industries to establish the trust necessary to secure their business.
Position Yourself as an Expert In New Markets
Strategise on how to portray yourself as the ideal ally to your prospective client. By inspiring them to view you in this light, your chances of securing them as clients are significantly higher as they’ll trust your ability to secure relevant, high-value talent.
It’s important to note an uninformed cold call or a generic email lacks finesse and is not a wise approach. Any hiring manager can quickly spot a call that is inadequately prepared or a bland email.
That’s why it’s crucial to conduct thorough research before engaging with potential clients and tailor your communication to align with their business, as a single opportunity can make all the difference.
Fortifying Your Approach with Company Insights
Before reaching out, arm yourself with thorough knowledge of the company. What recent projects have they undertaken? Have they received any recent accolades? What challenges are they facing? Who are their key rivals or businesses they aspire to emulate? Are there any relevant blog posts you can reference?
Gaining this information doesn’t have to be a drawn-out process and can often be accomplished with a quick review of the prospect’s website or Twitter page.
By conducting research and having a well-defined reason for your outreach, your prospective client will be more receptive to your approach as it demonstrates genuine interest and a comprehensive understanding of their business.
This wealth of knowledge will distinguish you from your competitors, showcase your expertise, and position you as a subject matter expert. Using this approach will facilitate a consultative conversation rather than a mere sales pitch, affording you a stronger position to sell from and leading to more favourable outcomes.
Ready to Reposition?
Expanding into new markets and identifying new clients is essential for the growth and success of any recruitment agency. By positioning yourself as an expert in your field and having a thorough understanding of the companies you wish to partner with, you are better equipped to build relationships and secure business.
With a thorough understanding of industry trends, average salaries, and funding data, you will be in a stronger position to engage in consultative conversations and ultimately secure more clients.
That’s because being well-prepared and knowledgeable about your prospects can greatly enhance your chances of success when diversifying into new markets.
TL;DR Key Takeaways
- To enter a new market, identify target clients and focus on hot sectors with high demand for talent.
- Look for smaller firms experiencing upward growth, with ample funding and fewer hurdles to entry.
- Position yourself as an expert in the industry of your prospective clients to establish trust and increase your chances of securing their business.
- Conduct thorough research on the company before engaging with potential clients, and use that knowledge to facilitate a consultative conversation rather than a sales pitch.
- Being well-prepared and knowledgeable about your prospects can greatly enhance your chances of success when diversifying into new markets.