Transitioning into a new market can be challenging for any business. In this video, Dawn Wagenaar, Principal of Ingenuity Marketing Group, goes over some of the key factors to consider when exploring a new market base.
One of the most important preparation steps is market research. It is crucial to know who your competitors are as well as how your competitors are doing in the market space. Are there things that your competitors are doing (or not doing) that your company can highlight as strengths?
Now that you’ve researched your competition, it’s time to identify your target audience. Are they attending events? Are they involved in organizations? If so, is there a way to get your company’s name in front of these potential leads as part of your marketing strategy?
Market research is multi-faceted and can be confusing even if you’ve done it before. When you need assistance into a new market, contact us at Ingenuity!
If you prefer to read this content, the video transcript is below.
When reaching out to a new customer base, it can seem daunting at first, but trust me, you can win over a new market. But first, where do you begin?
Do your market research. Is this new vertical growing or is it stagnant? What are the top industries in that market? What is the labor market like? How can your firm grow in this market?
Then you need to identify your competitors. What are they doing right? Look at the areas that you can compete on based on what they are doing or not doing.
This is the stage in the process when you need to identify your target audience. Research their demographics. Determine what events they attend or organizations they are a part of. Will you need to hire additional team members or can your existing team develop these new relationships or can your current clients give you referrals into this new market? Be sure to incorporate in-person networking and sponsorship opportunities into your strategy.
The last thing to do before branching out is to identify barriers to overcome and define clear goals to measure your progress.
It’s a marathon and not a sprint when building new relationships and visibility in a new market or city.
Let me know if I can help. Good luck!
