From being well known in their locality to being a popular all over the city and then expanding their market reach further to all over the world. Almost every big brand has been through the similar journey. And almost every other businessperson has potential to make this happen for their business.
Your willingness to succeed coupled with your genuine efforts to implement strategies and tips mentioned in this article will definitely help you achieve a respectable place in the market.
You are wrong if you think that your business is doing satisfactorily and there is no need to expand the market reach. Regardless of its age, size and industry each business needs to understand their market reach and learn how to expand it.
The environment in your current market will keep changing and this will affect your stability and growth badly if you don’t have some alternate market already tapped in.
No matter how compelling your products, services or offers are there will emerge some competition to top that. To avoid adverse effects of such situation you need to keep expanding your audience.
Here are some tips to expand your market reach, if implemented in order would help you ensure continual growth of your business.
Understand your customer:
To develop any strategy to reach and influence new market, you first need to understand your current customer. If you are a new business then develop a buyer persona from your market research and start from there and if you are existing business then understand whom you are already selling to.
You need to understand why your customers buy from you, what is common denominator among most of your buyers. That will help you in developing a targeted approach to attack new market.
Understand your competition:
Before entering into the unknown waters it is better to know what you will be dealing with. List your competitors which are already in the market which you are trying to impregnate. Learn their position, who they are targeting, how much revenue they are generating from this market.
This information will help you in understanding the market potential and also aid you in planning your strategy.
Understand the new market:
Only because the audience share similar demographics to your existing customers doesn’t mean they will buy from you. You need to conduct a detailed analysis of their needs, culture, purchasing power and psychographics.
Once you have done your research about this new audience, you need to look for the channels to reach them. It is important that you choose the right touchpoints. We are listing few time-tested ways to reach your new audience.
Host and attend events:
If you are trying to expand your reach geographically in the area you have no presence previously then events might be a good place to start. You can host or if you are on low budget can attend events in the area to announce your arrival.
Even if you are trying to other age group than you are currently serving you can use events which are aimed at that particular age group.
Partner with business in target market:
Till date all your marketing efforts were focussed on the particular local area or the demography that you were serving. Your tie-ups would also be centred around the same.
Now it is time to partner up with the businesses that are already serving the new market where you are trying to reach.
Search for the businesses that compliment your business and team up. You can help each other to expand the market reach.
Optimise the website:
Since you are targeting the new audience now, you need to optimise your website for them. You need to add or modify the target keywords depending on new market.
You also might need to create new landing pages. If you wish to expand your reach to the audience that speak different language then you need to add an option to translate the complete website in their language.
It is better to take help of local digital marketing agencies in such cases.
Registering your business on the local Business listings in the target area is always beneficial for long term.
Doing so, not only helps you in letting people know that your services are available in their area but also help you rank better in local searches.
Invest in digital advertising:
As you are entering a new market, it will be difficult and time consuming for you to reach new audience organically. You should prepare a blend of brand awareness, engagement and conversion ads targeting the new audience.
You can use Facebook and Twitter ads for brand awareness and engagement. For conversion, you can utilise search engine marketing.
Social media presence:
It is pertinent to announce your arrival in the new segment of the market on all your social media channels. But all your social media followers might belong to the market segment that you were already serving.
Thus, you need to expand your social media presence too. You can achieve this by partnering with new influencers or social media ads.
Joining the Facebook groups in that are and engaging with the member will also help. You will also need to plan and create your content suitable for the new audience.
Every business must have a system for retaining their existing clients. As it is almost five times costlier to attract new customer than retaining an existing one.
But completely depending on the existing ones and never trying to acquire new customers will leave you vulnerable.
Same applies if you are dependent on the same market segment, same local area for long time. You need to keep expanding your market reach in order to stay relevant, competitive and to grow your business.
There are plenty of market reach strategies to help you expand your reach. The above tips are only a few of them. These are simple to understand and easier to apply. So, start working on them expand your reach in no time.