3 Step Plan For Breaking Into A New Market

When you launch a new business, you need to identify who your target demographic are going to be and focus your marketing efforts on them. But that does bring some limitations. A year or two down the line, if your marketing strategy is a success, you will have sold products to a vast chunk of that target demographic and you might see sales start to slow. If you’re going to maintain that momentum, you need to start looking outside of your original target market and appeal to some new demographics that wouldn’t previously have bought your products. It’s often difficult to break into those new markets but follow this advice and you’ll see an increase in sales in no time.  3-Step-Plan-For-Breaking-Into-A-New-Market

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Rebranding

Rebranding is the most important step because all of your current branding is designed with a specific type of person in mind. It won’t appeal to your new target market and so you need to go through a rebranding process and alter all of your marketing materials with your new target demographic in mind. It’s a fairly expensive process so make sure that you’ve got enough funding to see it through to the end. Before you start the rebrand, you need to work out who you’re trying to appeal to and understand that market.

Choose A Target Market

It’s not enough to just say, we’re making plenty of sales to middle aged men, for example, let’s try to sell to everybody else. You need to think about your product and which other groups might have use for it. If you’re selling beard trimmers to older men, for example, you won’t get far trying to appeal to a female market. However, you might be able to sell to younger men if you change the branding in a way that appeals to them. If you did want to sell to women, you could consider creating a new version of the product.

A good way of working out which target markets are likely to buy your products is to look into the analytics on your social media profiles and your website. You can see which searches people are making in relation to your products. By doing that, you’ll often notice where there are gaps in your offerings that you can then fill. When you’re choosing a new market to break into, always ensure that it makes logical sense and those customers will actually have a use for your product.

Understand Their Mindset

When you’re trying to reach a different type of person, you need to understand their mindset and what they respond well to. The same techniques that you use to appeal to the older generation aren’t going to work with millennials. You need to spend some time researching that market and looking at what other successful companies are doing. That doesn’t mean simply imitating the marketing strategies of others, it means looking at the ways in which they relate to their customers on their level.  

Follow these 3 steps and you’ll be able to tap into a new market and continue expanding your company.

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