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FINDING NEW MARKETS
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Business New Haven
10/9/1995
By: BNH
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Identifying, penetrating and cultivating new markets is a continuing challenge for growth-minded businesses. And like most worthwhile destinations, there are several roads you can take to get there.
Networking
Savvy business people in both large and small firms know the value of contacts. Recognition that networking works is evidenced by the number of gatherings in and around New Haven. Chambers of commerce, regional business councils, women's business associations and social and community centers all host “after hours” and “business card exchange” events or luncheons regularly. Watch for announcements of these opportunities in this publication, or contact organizations directly. Even if you don't meet someone directly who wants to buy what you sell, it is often the case that you will meet someone whose former colleague or sister-in-law works for a company that matches your prospect profile.
Trade Associations
Trade shows are a fine way to break into new geographic markets that would ordinarily be out of reach. The best way to find out about trade shows in your industry is by joining trade associations or organizations. Most area libraries have the 1996 Encyclopedia of Associations in their reference section. By calling the listed headquarters of the association, you can quickly get a number for the nearest chapter.
Trade associations can provide information on upcoming trade shows, conferences, educational seminars, as well as offer consulting or referral services. Their purpose is to help members not only operate their businesses but seek out new gateways to growth.
Marketing Contractors
Well-designed and -targeted advertising can stir up new business, but for specialized companies or those with specific market niches a more strategic marketing plan may be necessary.
Many companies that lack an in-house marketing team or require particular market or product expertise outsource their marketing function to independent consultants or marketing/advertising firms. Smaller marketing research or marketing services tend to be specialized by industry or medium, while larger full-service agencies offer an array of related services such as research, advertising and public relations. One company, the Hamden-based New People of America, for example, offers a range of marketing expertise and advertising media such as broadcast, direct mail, mail order and the design of promotional consumer goods. Its subsidiary, New Ideas, focuses on locating the most suitable markets for new products and new inventions.
Other firms specialize in particular strategies or techniques such as telemarketing. Marketing Concepts in New Haven's Science Park concentrates on mass marketing new or existing products via the credit-card industry. Says president Marion Coleman: “The banks and credit card companies we do business with are very particular about who they partner with. The key is to bring an enhanced service for their credit card users.” That market's sheer enormity - 200 million users in the U.S. alone - offers significant exposure for qualifying businesses.
There are also marketing consultants who specialize in brochures and merchandising displays, as well as growing numbers of companies which will put you on the World Wide Web with high-quality graphics. But before committing marketing dollars, it's a good idea not only to check with other clients of the firm or consultant you are interested in, but also to investigate through your network or trade affiliations whether a particular marketing vehicle, such as the Internet, is likely to yield a positive return on your investment.
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