Channel Coaching - Top 3 ways to capture new markets
- 20 January, 2017 08:00
Historically, long-standing business success stories in Australia have stemmed from a company’s ability to capture new markets.
In realising the potential of emerging business approaches through new products, customers or vertical specialisation, partners can first remain relevant, and then crucially stimulate long-term growth.
By winning in new markets, the channel can generate additional sources of profit, while bolstering market-share in an often saturated and competitive environment, which in turn helps builds customer loyalty.
HTG Peer Group manager for Asia-Pacific, Stuart Applegate said by winning in new markets, companies can generate additional sources of profit, bolster market-share in an often saturated, competitive environment and build customer loyalty.
“Ultimately, it’s relationships that must underpin a business expansion strategy,” HTG Peer Group general manager of Asia Pacific, Stuart Applegate, said.
“I think relationships open doors on markets. Whether that is a vendor relationship or relationships with other partners. Relationship building at events is also key as well as with customers.”
As a result, Applegate offered three key tips for partners to win in new markets through leveraging relationships;
Leverage vendor networks
From a channel perspective, Applegate believes a reseller’s relationship with a vendor continues to form an “absolutely critical” part of the equation.
“At HTG, it’s the relationship culture we emphasise,” he explained. “We try to instil that personal relationships between partners and vendors are mandatory.”
If a partner is trying to expand business opportunities, Applegate believes value can be found through planning such a strategy with appropriate vendor parties.
“If a partner is trying to expand into a new market such as Wifi for example, the first place they should look is the vendor at that level, go through their business plan together and share who they are trying to target in that new market,” he said.
“That demonstrates a committed partner to the vendor and vice versa. They will walk hand in hand together as a result of that.”
Meanwhile, for partners expanding into new markets geographically, once again, the local vendor relationship remains key.
“Nothing works as well as local vendor reps walking in with you and supporting you,” he explained.
Collaborate with other partners
Applegate believes partner-to-partner collaboration is a powerful mechanism that can enable a business to transcend markets from both a geographical and vertical perspective.
“We see partner to partner collaboration everyday in HTG,” he said. “Through putting a traditional managed services provider in the room with a traditional managed print provider, they share best practices and ideas.
“These are two guys that are technically competing, but the sharing pays off for both.”
Similarly, in Applegate’s experience of managing a partner peer group that brings together partners from different areas, collaboration between businesses in various areas, allows local insights that can be applied to aid expansion strategy from one city base to another.
Every customer is essentially part of a community and if partners have presence, new networks and relationships can be formed as a result.
Applegate has witnessed many partners succeed in transcending new markets by continuing to be active in their respective communities.
“Industry events are very effective to learn the possibilities of new markets,” he added.
“Partners should utilise vendor networks to discover when things are happening in certain places. They should also leverage tech media to tap into new communities.”
This article originally appeared in the November issue of ARN magazine - to subscribe, please click here