5 Ways To Expand Your Market

If you’re a business owner, you want your company to grow and hopefully expand into new markets. That growth won’t occur naturally, however. You must plan and work out ways to bring in more business.Expand your market

Expanding your market is crucial for growing your customer base so you can find new target audiences who will buy your products and services. Plus, when your business expands into new markets, you can take back the business other competitors have taken from you. Here are ways to expand your market.

1. Be Goal Oriented

Always have goals in mind and work out ways to achieve those goals.¬†Howard Mittman, CEO of 888 Holdings, believes that running a business without goals is like taking a trip without a road map. Think about the type of market you’d like to reach. Then come up with goals and mileposts to ensure you’re hitting those goals.

2. Look at What You’re Offering and Think of Ways to Improve It

Study the audience you’re trying to target. Are you offering the services or products they truly want? Talk to your customers to determine how happy they are with what you have to offer. Ask your clients to complete surveys. When they complain, listen carefully. Think of solutions that will solve the problems your customers have.

Look at your business model. Is it working as well as it should? Does your company have a decent profit margin? Are there ways you could be leaner and more efficient?

3. Look at What Your Competitors Are Doing

It’s vital to study your competitors as well. By taking a careful look at what they’re doing, you’ll gain better insight into what your customers expect. Are your competitors providing better service? Are they offering products at a lower price?

Studying the competition helps you see your own company’s weaknesses. Your competitor might be better at customer relations than you are, or maybe their products are better. Looking at how they operate and what they offer can help you improve.

4. Come Up With a Marketing Budget

When you consider expanding into new markets, it’s crucial to have a marketing budget. Unless you’re willing to put your money where your mouth is with marketing, you won’t see the returns you hope for.

The industry standard is to invest between 2% and 10% of your sales revenues in marketing. Look carefully at the return of every dollar that you invest. Look at ways you can improve your marketing techniques to gain a greater return.

5. Think of New Products and Services That You Can Offer

Think about what other products or services your customers would like to see. What do your customers need in connection with the products they buy from you? Are there other services or products that could make their lives easier?

Marketing is never a one-time task. It must be a weekly, if not daily job that you think about constantly. Work on bringing in new customers every day to ensure the revenues keep coming in.