If you’re running a company, then there’s no doubt that you’re always looking for new and innovative ways to grow it. And while there are plenty of tried-and-true methods for doing so (like adding more products or expanding internationally) one way that has proven especially effective in recent years is tapping into new markets. But what does it mean to tap into these markets? And once you’ve identified them, how do go about reaching those consumers
Tapping into the potential of new markets is one of the keys to growing your business. There are many ways to do this. In this article, you’ll learn five tips on how you can increase your market share by targeting new customers and utilizing unique selling points.
1. Target new customers
One of the best ways to grow your business is by tapping into new markets. But what does it mean to tap into these markets? And once you’ve identified them, how do go about reaching those consumers? Here are a few tips on how to tap into new markets and grow your business:
- Identify underserved populations: The first step in tapping into new markets is identifying underserved populations within your industry. This might require doing some research on market demographics, but it’s also a good idea to talk to people in the field. Reach out to other business owners or professionals that are already working with these groups, and try to find out what makes them unique as consumers.
- Identify opportunities: Once you’ve identified an underserved population, the next step is to determine how your business can benefit that specific demographic. Use what you already know about selling goods or services to existing markets and think of ways in which this knowledge can apply to the new market you’re targeting.
- Identify needs vs. wants: Before you dive into selling to this new market, it’s crucial to identify their needs versus wants. While people in underserved populations might have the same basic requirements as consumers in other markets, you want to be sensitive to what they need versus what they want. People struggling economically are more likely to prioritize functionality over luxury, so that should play a part in how you market your products or services.
2. Utilize Unique Selling Points
To appeal to customers, you have to use what makes your business different from the competition. For example, suppose you’re a restaurant owner looking to tap into a new market consisting of people without reliable transportation. You might think about offering a take-out service or even free delivery. You can also sell your products or services on convenience or affordability—two factors that are especially important to this group.
Always remember that the more relevant market data you have, the better equipped you’ll be to reach out to new customers who can benefit from what your company has to offer.
3. Invest in technology
One of the best ways to increase your market share is investing in technology. This can be anything from buying new equipment for your company’s manufacturing facility to upgrading your computer systems and mobile devices. You might even consider utilizing 3D printing or other emerging technologies to make yourself more appealing to customers. You’ll also want to rank higher than your competition on search engine results pages (SERPs). As such, you’ll need to refine your website so it complies with current search engine optimization (SEO) trends.
You can work with a digital marketing company to help you with the best SEO practices to increase the reach of your website. You should remember that search engine algorithms change regularly, and using the best practices is the best way for you to connect with potential customers online.
4. Keep your marketing and messaging fresh and relevant
You should always keep your marketing and messaging fresh and relevant. This means staying up-to-date on best practices in your industry and making changes to your website and social media pages accordingly. You might also want to look into purchasing ads or working with professionals who can help you reach a wider audience online or develop the best marketing campaigns. That way, you can take advantage of new market opportunities.
Suppose you’re looking for ways to grow your business. In that case, it’s important to tap into new markets and utilize technology in the process. By identifying underserved populations within your industry and reaching out to them with relevant messaging, you can establish a loyal customer base. This practice will help you expand your business over time.
5. Harness the Power of Social Media
Social media is a great way to reach out to potential customers – whether you’re a social media novice or a seasoned pro. Best of all, Facebook and Twitter make it easy for businesses to interact with their customers online. You can also advertise your products or services on these platforms and others like LinkedIn and Instagram.
This can be anything from running social media contests to offering discounts on your products or services. You should also encourage customers to share their positive experiences with your business online, which will serve as free advertising for you and your company. Always remember that the more you engage with customers on social media, the greater chance there is of them purchasing from you down the road.
Growing a business is never easy, but it’s especially tough in today’s competitive market. Fortunately, there are several things you can do to make this process easier.
