10 Great Ways To Discover New Markets! |
Posted: April 18, 2012 |
A man never stops. It’s quiet natural that we all would like to take the success that we now have and discover other market areas in which we will have similar achievement. But before putting the step ahead, we need to understand the characteristics of the markets in which we have left the mark. So, now the question arises, from where do you need to start if you are looking for new markets? Thus, here are the 10 quick tips or strategies that will help you to find new markets. 1. Understand your target audiences Before you are trying to commence a new market and looking for new customers to increase your sales, the first thing is to understand your customers. There should be proper study on the product and service that you provide, and what are the needs of the customers or what are the complaints that your fellow competitors are facing. To be précised, if you want to attract new customers then you must need to listen their demands and problems. 2. Expand your existing product in to new geographical markets This is the best and quickest way to expand your market. As the product/service is being tested and has gained word or mouth, it will definitely make a good mark in the new market. Just it needs a minimal investment on exporting with a little planning of market development. This practice will be beneficial for both international company and small regional companies. However, it’s more important to find new geographical markets. It’s better to start with the government’s information resources. In the U.S., the Department of Commerce, the U.S. Commercial Service or the U.S. Small Business Administration will give you the idea and the design to find new markets. 3. Go through emerging markets If you want a long term relationship with your customers then it’s always better to expand in those countries which are on a growing and emerging state. You should not wait to get through in the countries like India and China, where the market is rapidly growing. The work should begin now, so as to avail maximum advantage when these markets explode. 4. Globalize your business by forming worldwide product groups by function Try to expand the channels of your service. Your design can be done in New York, your manufacturing can take place in China, and your distribution might start in India. This enables a wide range to understand the markets and thus helps you to build strong global network. 5. Establishing a Strategic Global Alliance (SGA) An SGA is a business relationship collaborated by two or more companies to cooperate out of basic needs and to share risk in achieving a common goal. By amalgamating the responsibility of two or more companies, it will able to provide some extra value to the customers. 6. Take your market to the buyers If you are unable to woo or attract them, then it’s best to join them where they have been located by setting up a local shop in that country, where you wish to do business. 7. Advertising Typical business is encouraged to spend 3 to 5 percent of their revenue on advertisement. If the buyers are not aware of the details of your product, then try to make them understand about the product and its advantage. If your targeting an old audience then newspaper advertise would be sufficient, but if you target the (Gen x) or (Gen y), then it’s better to go for online or TV medium to advertise. 8. Leverage your website In an era of web, you can drive potential new customers to your website. Search Engine Optimization (SEO) – using key words and other techniques will be very advantageous to make your site appear on the first page of listings on search engines. 9. Give free Samples This is one of the oldest modes to hit upon the new markets. You can provide them free samples of your products, so as they will get the idea of the product. By this, you should try to convince them to share the product with their fellow friends and relatives. Ask them to give feedback and by this you can create a preliminary platform to understand the market. 10. Assemble your product with the service You can assemble a few products with your service, and that is too in quiet cheaper rates, so as to attract a new market. Creating market is not very easy, especially on its early phase, for this you need to do some out of the box work, which can gather a volume of consumers. Nothing is more important for any enterprise than to find and exploit new market opportunities. After all, market is all about of “the more you sell, the more you get".
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