How to Research and Break Into New Markets: The Steps for Success
If your business is stable and profitable, it’s time to grow your presence. When considering entering a new market, it’s crucial to invest in the proper tools, analyze your current client base and product offerings, and network with as many potential clients and partners as possible.
Expanding your commercial footprint has never been easier than in the digital age. Here’s your step-by-step guide to introducing your enterprise to a new consumer base.
Consider a virtual business address
Expanding your products, services, and client list requires developing your infrastructure.
With more and more contemporary businesses investing in remote work, you’ll likely discover that breaking into a new market requires buying into virtual working technologies. If you have any virtual work presence, a virtual business address like this is an excellent tool for maintaining streamlined communications wherever you—or your clients—call home.
With a virtual business address, you can manage company mail, correspond with future customers, and showcase your commitment to innovation and forward motion in the digital age. You can also lend yourself local credibility by choosing an address near your new target market.
Establish who’s missing from your client base
Consumers are branching out into new brand and product loyalties more than ever before in our current economy. The most crucial step to breaking into a new market is examining your existing clientele and determining who’s missing.
For instance, if you’re in the energy sector, which consumers are skipping out on your product in favor of a competitor, and why? By cataloging your current customer base trends, you can determine who you’re not serving and brainstorm new products, services, or marketing strategies to bring those future customers into the fold.
Before charging headlong into a new market, develop a theoretical profile of your ideal future client.
Create new offers
Even if your company’s current slate of products or services is far from stale, breaking into a new market often requires that you provide a fresh, new offer to that market.
Examine your target market, and ask yourself what they’re missing. Can you brainstorm ways to adapt something in your current product line to meet the needs of a different niche? Can you create a lower price tier with more limited or a la carte services?
When breaking into a new market, you need your product or service to be an offer that your future customers can’t refuse. Schedule some time in the war room, consult with your product and R&D experts, and find a solution to your prospective market’s problem.
Network, network, network
There’s no way around one of the most basic realities of commerce—it’s all about who you know.
Attnd network events, join online forums, and tune into virtual lectures to take a stab at adding new names to your contact list. Even if you don’t find a perfect new client, networking events are an excellent place to practice pitches or find new market allies.
Plus, you might just find a potential partner for your next market break-in venture in your networking efforts. At these connection-first events, everyone’s ears are open to new contacts and opportunities.
When you’re ready to break into a new niche, it’s crucial to invest in the proper tools, analyze your current client base, create a new offer that will solve your ideal market’s problems, and meet like-minded future clients and potential business partners.
With the tools above, you’ll achieve a strong presence in a new market in no time.