Expanding into new markets can be a very exciting and scary (but mainly exciting) time in any business. With so many opportunities to reach new markets and expand your offering it can be hard to sometimes know where to start… but that is where we come in! Below we have collated our top 9 tips to find new markets and increase your market share. Let’s get started!
TIP #1 Get Broadcasting
With the rise of social media and influencers it is not secret that video is one of the best ways to get in front of a worldwide audience quickly. By creating and building prominent profiles on social media sites such as Youtube, Facebook, Instagram, TikTok, LinkedIn, etc. you can create engagement, brand awareness, share tips and tricks and give product demonstrations to a whole new market at the push of a button.
TIP #2 Use Google Global Market
Think you are ready to branch into a global market? Well, Google’s Global Market Finder is an amazing tool that every business has available at their fingertips. Based on monthly keyword searches, Google Global Market Finder generates a spreadsheet that ranks to opportunities of doing business in certain geographical locations.
TIP #3 It’s All About Connections
Once you have built up a profile on social media sites such as Facebook and LinkedIn, you can then use your followers to find similar audiences that may be interested in your product or service. Not only is this a relatively cost effective option, but it also has incredible reach and is perfect for exploring new markets without fully committing.
TIP #4 Put Yourself Out There
Nothing quite beats making a face-to-face connection, or experiencing a product hands on; which is why exhibiting at industry trade events and conferences is the perfect way to expand into new markets. Not only will this help create awareness, but it also makes your brand and product, or service feel like a reality to potential consumers.
TIP #5 Investigate Your Location
While it is all very exciting expanding into a new market, it is important to do your research before diving in. Understand how feasible it is to successfully launch your brand, product or service into your chosen market and really understand what value it adds to your customers and your business.
TIP #6 Bid for Government Contracts
If your product or service falls into an industry that frequently releases tenders this could be a fantastic way to pick up some long term contracts and also secure a new market that you hadn’t considered before at the same time. While putting a tender together can be a daunting process, it can also be incredibly rewarding and boost your professional profile too.
TIP #7 Don’t Forget Wholesaling or Retailing
If you’re a wholesaler, you could consider opening a retail outlet to make your products potentially more readily available, which could increase market share. On the flip side, if you only sell through retail channels, you could investigate entering the wholesale industry to give your product a broader reach.
TIP #8 Engage Sales Reps
Hiring sales reps in a different region to where you are currently operating is a fantastic way to branch out into new markets. Using tactics such as commission is a great way to drive results and it is perfect for you to test the waters without making a significant financial commitment.
TIP #9 Consider Exporting
If you are considering taking your brand global, it is a good idea to explore exporting. By creating an export plan, you can identify if this is in fact a feasible option and all the legalities and actions you will need to take in order to put this plan into action.
While expanding into new markets is one of the most exciting times for any business, the most important thing to remember is to do your research. By following the above tips, you will set your business up for the best chance at success in new markets. And of course, if you want to talk through the financial obligations of expanding into new markets, we are only ever a phone call away.