There is more than one way to expand your business’ market; launching a new product, finding new investors, mergers & acquisitions, or expanding your product or service into a new geographic market.
The last type of expansion is not as simple as picking a nearby city or deciding which state has the best weather; it requires targeted planning and on-point research. Access/Information has helped hundreds of businesses with their market expansion plans and execution.
There are several proven methods for gaining market share in unfamiliar territory:
• Locate strategic partners: Find someone else who is passionate and is already well-connected in your space in that city, and partner with them. In order to scale your company, you should work through other people who already have the relationships.
• Ask for customer referrals: Ask the people you have already served successfully if they would be willing to introduce you to people in other cities.
• Search engine marketing is key: With search engine marketing and social media advertising you can target by very tight localities, with a message that can make you feel very homegrown and local, even though it is a market that you have not yet penetrated.
• Hit the conference circuit: Association conferences are great ways to get new business. They’re great because decision makers from all across the country gather in one place.
• Cater to an overlooked, underserved slice of the market: Look for the slice of the market that’s not getting enough attention — and find the best way to fill the need.
Access/Information’s market research can provide concrete information to inform your decision by helping to identify potential business partners in your target market, provide area information, demographics, and trends, as well as tell you who and where your competitors are in the new market space.
Because a move into a new geography comes with the possibility of both risk and reward, our targeted research can aid in minimizing risk, increasing predictable outcomes, and help your business prepare for any weather. Looking for more information, download our whitepaper: Considering Market Expansion? or contact us.