The first step when expanding your business into a new market is to complete research to verify the decision is viable. Once you have completed the research and verified the decision there are a number of ways to begin marketing your product or service to customers in this new market.
Google Adwords enables businesses to display ads to users in the Google search results. Advertisers can target their ads based on the users search phrase and user location. This enables businesses to target users in a new geographic location who are searching for phrases relating to their product or service.
Social Media Ads
The enormous amount of personal data that social media platforms have enables advertisers to market to real people. On Twitter, Facebook & LinkedIn advertisers can target users by their location, job and interests. When expanding into a new geographical market businesses can target their customer demographic using data such as job, age and gender in the locations they are expanding to.
Geographic markets are shaped by a local community of businesses and customers. There are often websites where the community can engage with each other. When expanding to a new market search for niche websites for the geographic location and look at how you can participate in the community.
Local Culture & Language
Every area has it’s own culture and language and if ignored by businesses this can create a gap between what the business is selling and what the customer is looking for. Speak to people in the area to understand how they look for goods in the market. Include anything you learn in your marketing messages and website content when targeting the new market.
Research the most popular payment options for the new market. When selling goods or services in a new market you should research the most common payment methods and provide these for customers. This usually isn’t a problem when expanding to new domestic markets, but when targeting international markets this can become an issue and not providing convenient methods for payment is a sure fire way to frustrate customers.
Often overlooked by businesses logistics is key to success in a new market. When entering a new market ensure you can supply the customers with products or services. For markets outside your current delivery radius you can use a service like niparcels.com to deliver products at an affordable cost through their courier network.
Partnering with companies who have a following from your target audience in the new market can be a great way to gain publicity at an affordable cost. First identify a list of potential partners based on the size of their audience and the relevance to your product or service. This can be done by using BuzzSumo Influencer search. Search for keywords relating to your product or service and filter the results for the target location and for companies. This will reveal the most influential companies on social media in the new market you are targeting. Next look at how you could partner with each company to provide a mutual benefit. For example you could provide an exclusive discount for their audience or a gift for their staff so they will tell their audience about the product or service.
Written by Richard Megaw. As part of ‘Use Small Business Can as a Channel’, we have an exclusive discount code for Small Business Can users that will provide you with a 10% discount on your first order. For more information visit http://niparcels.com.