How to tap into new markets? The right approach

Are you trying to break into a new niche? Or launch a new service? Whilst you know you might be able to deliver the advice and support needed, do you know how to market this new offering to existing and new clients?

Providing a new service to your clients can not only increase revenue but also strengthen client relationships by providing additional value and setting you apart from your competitors.

Identifying opportunities

The first step towards launching a new service is identifying a genuine need in the market. Firms should conduct thorough market research, including client surveys and industry trend analysis, to pinpoint areas where clients are underserved or facing emerging challenges.

The easiest way to get to the crux of your clients’ needs is to directly engage with them (by picking up the phone, asking them at meetings, sending them an email, etc) to understand their key pain points or desires.

These chats can help to highlight opportunities for your firm to add value beyond your current offerings.

These kinds of conversations can be part of your marketing practices but should also be encouraged across the firm as part of the regular feedback process.

Equally, you should be regularly assessing your competitor’s areas of weakness to see if there is an area where you can deliver a new or enhanced service above what they offer.

Crafting your new service

So, you have identified a new need for your clients and the wider market. Firms must ensure the proposed solution aligns with their strengths and capabilities.

Developing a new service often involves assembling a dedicated team with the right mix of skills and expertise to refine the concept, test its viability, and ensure it meets the market’s needs effectively.

Involving your marketing team in this process early on is critical to crafting a solution that has the appeal to draw in new enquiries and instructions.

Depending on the type of service you decide to launch and how it interacts with your current offering, it may be worth exploring new sub-brands, with their own unique identities that you can build upon.

Marketing and launch

Once your service is developed, the target market understood, and pricing and packaging strategies set, the next crucial step is to begin marketing your offering.

Launching a service might seem straightforward if it were in isolation. However, the market for professional services remains highly competitive.

To secure new clients and projects, you should consider adopting various strategic roles in your marketing approach:

  • The Teacher: Educate potential clients about the benefits and detailed aspects of your new service. Explain how it can address their specific business needs and add value.
  • The Sharer: Keep your clients well-informed with the latest updates relevant to your service. This includes changes in legislation, new funding opportunities, and industry trends that could impact their decisions.
  • The Campaigner: Use case studies and success stories to showcase the tangible benefits your service has delivered to similar businesses. Highlight your firm’s expertise and the positive outcomes achieved.
  • The Mentor: Offer tailored advice that aligns with the unique needs and strategies of each client. Guide them through the complexities of the service to help them make informed decisions.

It is crucial to perform each of these roles effectively within your marketing strategy to build trust and engage potential clients.

By demonstrating your expertise and the distinct advantages of your service, you can distinguish your firm in a bustling market and attract more business.

Time to promote your new service

By this stage, you need to start considering exactly how and where you will push people back to your offering.

It’s crucial to have a presence across multiple channels to reach and engage your target audience effectively:

  • Advertising: Paid advertising, both digital and traditional, can help increase your visibility and attract new clients. Digital ads can be finely targeted to your ideal demographics.
  • Publications and Press: Being featured in industry publications can significantly enhance your firm’s credibility. Regular press releases and opinion pieces help establish your firm as a leader.
  • Social Media: Different platforms serve various purposes:
    • TikTok, though less traditional for firms, offers a unique way to share quick tips and advice.
    • Facebook and Instagram (the Meta suite) are excellent for storytelling and showcasing your firm’s personality.
    • LinkedIn is perfect for professional networking and sharing industry insights.
    • X (Twitter) allows real-time engagement with clients and industry updates.
  • Webinars and Seminars: Hosting these events can demonstrate your expertise and engage with an interested audience in real time. They provide a platform to explore complex topics in depth and address potential client concerns directly.
  • Website: Often the first point of contact with potential clients, your website should be professional, user-friendly, and search engine optimised to draw and retain visitors. It should clearly communicate your firm’s expertise and include calls to action, such as scheduling consultations or downloading resources.

Support and guidance

For professional service firms, launching new service offerings is not just about expansion but also about adaptation and innovation in a dynamic market.

Achieving the creation and launch of new services on your own is achievable, but it can be time-consuming and may not consider every aspect required to reach the full audience potential.

That is where seeking the advice of an experienced marketing agency can help you to launch your new service with maximum impact.

We have helped a wide range of firms and businesses launch new services and products, helping them to create effective promotional plans and deliver them to the right audience.

What our clients have to say…

“JE Consulting has helped to play an instrumental role in unlocking the full potential of our niche services; helping our solicitors to become recognised experts globally and supporting our firm’s growth thanks to the reputation they have cultivated among key stakeholders in these industries.”

Nigel Rowley, Senior Partner at Mackrell.Solicitors discussing our launch of their award-winning cannabis law services.

To find out more about how we can help you to cultivate and launch new services, please get in touch.

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