We are the successful distributors of a well known brand in Engineering Design Automation and our products are accepted more in the markets at national level. We are in the process of building a team to create new markets for obvious reasons. We invite your creative/innovative suggestions on making this project more successful.

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Jay’s Answer: There are 2 main directions to go in: extending your existing market (by offering add-on products/services) or building new markets (by leveraging/repackaging existing products/services in new ways).

To extend your existing market: survey your users to find out what software/process they use before & after using your product/service. If there’s a common theme, consider either developing your own solution to that product/service or co-marketing with those companies to build the client base. Included in this strategy is offering classes/consulting for using/applying your tools.

In building new markets, this includes not only different niches, but different countries, and different computer hardware. Consider different industries, different sized companies, etc. Look for competitor companies, and see who their clients are. Might they be yours someday? If you’re planning to woo existing competitors’ clients to you, make sure your software stands up to a SWOT analysis and can import from their format. Don’t forget that localization can open up new markets through a simple process of translation of software.