[This article was written by Anica Oaks.]
Expanding into new markets is an exciting time for any business. You may have tremendous hopes to bolster profits, increase market share, and achieve other significant results from your efforts. As beneficial as this opportunity may be, the challenge of connecting with new customers must be overcome before you can achieve the lofty goals that you have established. These are some of the essential steps that you should take to identify and reach those potential customers effectively.
Conduct Market Research
Before you can accurately determine the most direct methods to reach your new target audience, you must know more about them. Their age, income level, gender, interests, education level, and many other factors my help you to identify if you should spend money on direct mail campaigns, TV and radio spots, social media marketing, or other methods. Some of this research may have been completed before you decided to enter a new territory, but you may need to expand on it at this time.
Encourage Direct Referrals and Testimonials
If your current client or customer base is connected to your new target audience, encouraging direct referrals and testimonials can be cost-effective. For example, you may offer an incentive to your loyal customers for them referring a customer directly to your business. You may also offer a discount for their testimonial about your company’s products or services on their social media page.
Identify Direct Marketing Methods
The best way to reach new customers in many cases is through direct methods. This requires you to specifically identify who they are or to at least dramatically narrow down the scope of your efforts. Social media platforms offer excellent marketing opportunities that enable you to home in on specific geographic areas, genders, age groups, and more.
Utilize Advanced Marketing Solutions
Marketing solutions are highly advanced, and these solutions may work in your favor. For example, some solutions offer name matching services based on machine learning to eliminate duplicates or to avoid eliminating targets erroneously. They may provide deep social media analysis, relationship analysis, sentiment analysis, and more. This additional information may enable you to craft a more direct, tailored message.
When you are expanding your reach into a new geographic market or targeting a different market segment, you cannot leave anything to chance. With more detailed information about the people who you are trying to reach, you can make well-informed decisions. You may also achieve superior results and save money in the process. As you plan for your upcoming expansion, keep these steps in mind.