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.

Are You Failing Your Company?

This is a pretty serious and intimidating question to be asking yourself. But if you think long and hard about it, are you failing your company? A lot of business owners actually are, and that’s the main reason why we’ve seen so many big companies fall as of late. There’s so many balls being dropped by company executives that it begs the question of why nothing is being noticed before it all goes horribly wrong. So, to make sure you’re not failing your company, or to put yourself back on the right track if you are, here’s how you might be failing your company.

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Lack Of Marketing

Marketing is one of the biggest things a company should be doing. Without marketing a company may as well not exist outside of their local area. Word of mouth alone is not enough to gain the exposure needed to rise to success. One company you should check out if you know you need to improve your marketing efforts is Ignite Digital. They know some great techniques such as SEO, one that pretty much every company should be trying. You should always make sure you’re varying what techniques you use to make sure you’re getting the most exposure possible. Big companies like to use things such as TV advertising, which is fine for you to also try. But you have to make sure it’s professional and whatever you do don’t create a jingle that’ll put people off your company rather than making them want to spend money. The British banking company Nationwide have learnt the hard way with that.

Lack Of Team Spirit

A lack of team spirit is powerful enough to bring any company down. Well, sort of, it definitely does have the power to slow any company down. The last thing you want is a reputation for a high turnover of staff. You want to make sure you’re keeping your employees happy and well gelled as much as you can. One of the best ways of doing so is through team building events that you’re involved with. If they see the company owner giving it a go, they’re much more likely to be engaged themselves. Always make sure you’re staying on top of any issues, and include things like monthly bonuses to perk people up. If you don’t have a HR department to deal with employee issues, make sure you or the managers you’ve employed are always approachable and staying on the ball with issues.

Lack Of Financial Management

The main reason why so many companies fail is because their management isn’t handling the finances properly. It’s common for big businesses to have big debts, and for small businesses to have their own to deal with. But letting these mount up is the last thing you want to be doing. Make sure you have a solid financial team on your side to manage everything, from your loses to your profits. You might also benefit from a business advisor coming in from the outside to oversee everything you’re doing for a while. They’ll then be able to make many recommendations to help further improve your business, which should in turn boost finances.

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Business Problems: How to Solve Your Company’s Issues Before They Begin

Business Problems: How to Solve Your Company’s Issues Before They Begin

In day to day business life, problems can creep up unnoticed. For you and your company, problems could be brewing in the background, building in size until they’re a near-ruinous disaster. In life and in business, we learn as we go–but whenever possible, you should avoid taking the hard hits that unchecked problems bring. Business Problems How to Solve Your Company’s Issues Before They Begin

While some problems, like communication issues, could go untreated without financial loss, other issues, like legal and IT problems, could become a disaster. There are some simple ways to solve your company’s problems before they begin, and a simple series of steps for getting there. If you want to stay ahead, stay strong, and keep your company from dealing with a serious blow, consider these tips for tackling company problems.

Find the Root

Before a problem actually blows up, it will start showing small signs throughout the company. The numbers might be a little off. Things may not go the way they should have. Instead of passing these discrepancies on to someone else’s eye, look at them more carefully. Often, these discrepancies can be a sign that something else is going wrong, deeper in the company. Do some detective work and get to the root of this issue. Identifying where the signs are coming from should lead you straight to the developing issue.

Remember What’s Happened Before

You can get clues on business problems, not just from the present, but from the past as well. As you try to identify what might be causing issues, think back on problems your company has already faced. Is there a weakness in your accounting department? Are you understaffed in HR? Even if you’re not actively looking for a problem, stay on track of past issues and make sure they don’t happen again. A ounce of prevention is worth a pound of cure, and past issues might be a sign that your company is poorly-structured in a certain area–and prone to a problem in that area again.

Find the Right Solution

Once you’ve identified the problem, work at getting a solid, time-efficient, and cost-effective solution. Do you need to hire a new member of the accounting team? Or do you merely need to consult an accountant? Remember to stay on top of potential threats, as well, even if there’s no trace of a current issue. Stay-up-to-date on the Anti Money Laundering Act and keep your business risk-free. The solution should present itself as soon as the problem does. If you need a team of minds to better tackle the problem, get a team together and hash out a solution. You’ll be much better off solving this problem now, when it’s practically invisible, than later, when it’s done its damage.

Taking care of your company entails many things. Problems are only a small aspect of day to day business life, and you have a lot on your plate. Don’t let other issues always overshadow potential threats, however. Take time to identify and solve emerging problems.

If you do need to seek professional help on finding the right solution, Fortress Accounts pride themselves on taking the `worry’ out of accounting

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5 Online Businesses You Can Start With No Money

5 Online Businesses You Can Start With No Money The internet has profoundly changed the way we live and work. In the context of the latter, it has certainly leveled the playing field. Anyone with a computer and an internet connection can go online and start making money right off the bat. There is no shortage of opportunities that do not require an upfront investment, prior experience, or advanced technical skills. You can be your own boss and work from anywhere you want.

Of course, in practice, things are seldom as simple. You need to commit to something that allows you to make the best use of your time.

Blogging Blogging

Setting up a blog is a great way to get your content in front of people and build a strong personal brand. You have a chance to establish the reputation of an expert and go-to source in your niche. Rest assured that such a position can bring lucrative rewards. Namely, there are various tactics to monetize your blog, from featuring other people’s products and content, to selling ad space. The beauty of it is that you can use versatile platforms like WordPress to create and update your website, nice and easy. Earning money writing about your passions and interest– sounds quite tempting, does it not?

Paid surveys  Paid surveys

This one is as straightforward as it gets. You fill in information online or via email and receive a small payment on your credit card or PayPal in return. Still, when doing paid surveys online, you need to take time and do your homework because there are many scams out there. Also, bear in mind that sometimes you are asked to give away personal info. So, gather as much information about the companies as you can. Opt for trusted websites with positive user rates and sign up with them. Doing surveys will not make you rich, but you can get a nice supplementary source of income.

Affiliate marketing  Affiliate marketing

Affiliate marketing is one of the most popular no-fuss online career paths. It requires you to pick a specific niche and connect with affiliate partners who have products they want to promote. The products range from digital information in the form of e-books to physical goods. What you need to do is feature them in your digital real estate. When customers click on the affiliate link, you earn a commission. You do not have to maintain inventories of your own products and pay for storage space. Thus, affiliate marketing is a great alternative to fully-fledged e-commerce.

Selling stuff Selling stuff

If you do want to sell your own stuff, you absolutely can. You can offer basically anything you have lying around. Likewise, it is possible to sell your finds from flea markets, garage sales and thrift shops and do it all for a nice profit. Finally, in case you want to take on DIY projects, you can sell your arts and crafts on sites like Etsy. In its infancy, this business idea does not seem like much, but note that it can turn into a very lucrative endeavor. Some people have managed to earn hundreds of thousands of dollars and create their own stores down the line. As an example you can visit Oberlo and learn how to set up a store, add products and sell

Online videos Online videos

Internet is a highly visual medium. Booming hubs like YouTube attract over billion users and many content creators. Viral videos are all the rage, but you should start small and play it smart. Put a strategy in place to drive views and profit on them. To make it happen, you have to focus on quality, educational content or fun, light-hearted videos. You also need to upload on a regular basis. The main way to generate revenue is via ads on platforms like AdSense. That being said, your newly gained popularity will open up other monetization opportunities.

Striking gold online
Striking gold online 

Online technology is the great equalizer in the job market. It is a democratic medium that anyone can utilize. It has spawned a slew of work-from-home ideas that work well in practice. So, it is high time to take advantage of free services and platforms out there to get your operations up and running. Some businesses promise greater profits than others, so weigh your decisions carefully. Enjoy the perks and make the most of your newly found flexibility. Follow what you like and things you are skilled for, not just the money. Launch your online business idea without having to go out of your way and break the bank.

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