If you're looking to expand your business, you will likely
understand how stressful and daunting it can be. You might be tempted to dive
right in when you've identified opportunities in a new state, country or
industry. However, it's important to do your due diligence so you can ensure
your product or service will be well-received in this new market. To make the
process easier, we share some of the steps you should take before expanding
into your new target market.
Start building connections in the market
Build a network to gather industry information, increase brand
awareness, and generate a buzz. Dedicate time in the new market to meeting new
people, join relevant organizations, attend their events, and gather info about
competitors and client opportunities. By leveraging your current network, the
news will spread quickly and you will be able to get in the door much more
quickly.
Know your unique value
Be sure to understand the unique value your product or service
will bring to the market. This will help drive strategic decision-making and
enable effective tactical execution.
Be grounded in your main market
It is very important for you to be grounded in your main market
before you expand to a new market. You must have made substantial sales and
people know about your product or services before you start thinking of
expanding.
Understand the local competition
Before expanding into a new market, it is imperative to
thoroughly understand the competitive landscape. There are a lot of factors
that will determine how receptive customers will be to your product or service,
and a key one is how you position it relative to competitive offerings.
Understanding your competition allows you to frame your product or service in
the most commercially viable way.
Get the right team in place
Expanding into a new market is extremely challenging. A great
way to increase your chances of success is by hiring an extremely experienced
manager who has deeply rooted relationships and understands the demographics of
the market. If possible, find a candidate who comes from a similar industry as
well.
Do a soft launch first
It is important you test the market before any brand or product
launch. By doing so, and by testing launches with soft and then hard launches,
you have an opportunity to build momentum, which then makes a splash.
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