If you’re a small business, keen to find a new market for your products, you know that it is difficult to build a business expansion strategy that works. We discovered this pain while charting the global expansion strategy for a 250 Cr business that we are proud to work with. The industry is pegged to increase their exports at 25% CAGR in the next 5 years, and our client intends to ride the wave.
They faced a major constraint in identifying the right channel partners who could help the business connect with prospects in new markets in a few target geographies. Over the last 2 months, we helped them penetrate 6 new regions across South East Asia, Africa & Latin America, leveraging LinkedIn. Here’s how we made it possible.
Why did the client need a new market?
The client unraveled this unique opportunity to grow the exports arm of their business, thanks to their design partner, a large consulting engineering group involved in large scale projects internationally. The group implored the client to seek new market for their products, internationally, and share the expansion plan with them. Sookshm had helped the client realize massive improvements in their business operations, and the client trusted us with the responsibility to come up with the new market expansion plan.
How did we find a new market for the client?
Based on the history of their transactions, we created an expansion landscape across 3 key geographies in the world – Latin America (LatAm), Europe Middle East & Africa (EMEA), Asia Pacific (APAC). We segregated target geographies in two types of regions – one where the client already had leads, the other which the client was interested to develop. While the former required a market penetration strategy, the latter needed a market development strategy.
We used LinkedIn to foster old ties in existing markets, and build partnerships in the new markets. People who are well established in the industry and are looking to use their experience in freelance projects formed the initial target. This is how we went about the process:
- Create a LinkedIn Sales Navigator account
- Search relevant people based on location, industry, sector, years of experience or any other specific keyword.
- Connect to the identified relevant people in LinkedIn and inmail them briefly about the requirement asking them about their interest.
- If mutual interest is established, approach them through the conventional media like mail, tele conference, video conference etc.
What results did the client see?
We sent out 21 highly targeted inMails to partners who could possibly help the client expand in 17 countries. 12 of these inmails received a positive response. 5 of these converted into partnership proposals spanning 12 different countries. Eventually, 2 of these 5 are currently being considered, which will help the client expand in 6 new geographies.
Why we recommend LinkedIn for business development
- LinkedIn offers accurate information for business contacts as opposed to collecting information from business directories or other websites
- For high-stake connections, LinkedIn profile for you as well as the business partner, can be used to learn a lot about each other’s interests as well as background.
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