Last month we bought you an article on how to retain your clients and increase your customers.
We looked at ways to retain and engage existing customers along with finding new customers.
This month, let’s talk about how to find entirely new markets.
How to find new markets
Building your market share will help to grow your business and if selling, fetch a greater price.
Top 8 ways to find new markets and grow your business
Get on YouTube
There is nothing like YouTube as a way to expand your market share to a global level. No matter your industry, YouTube is the ideal way to showcase your skills, services and products to a worldwide audience. Share tips, how-to guides, before and afters – the sky is the limit.
Try Google Global Market Finder
Google Global Market Finder is a free tool to identify new potential markets, with helpful operational information to sell to customers at home and around the world. Google’s Global Market Finder generates a spreadsheet based on monthly keyword searches that ranks the opportunities of doing business in certain geographical locations.
Grow connections on Socials
Use Facebook and LinkedIn to grow your connections and then piggyback off their networks to find those interested in your service offerings. Your local Facebook community group is a great place to start.
Exhibit at trade events or conferences
Whilst many trade events may be on hold at the moment, consider demonstrating at upcoming events, or even virtual trade events. These events will help to build connections, demonstrate new products and develop stronger relationships with new markets.
Consider branching out to new locations
Is there potential to branch out to other locations? Is it feasible to expand your physical stores?
Bid for Government contracts
Government contracts are the ideal way to land ongoing, dependable work. If your products or services are suitable, keep an eye out for government agencies, departments or larger corporates that release tenders for work. This can open up an entirely new market for your business. Services such as IT, Marketing, Business Development, Graphic Design are often put out to tender.
Wholesaling vs retail
If you’re a wholesaler, consider opening a retail outlet and vice-versa. Check out the Australian Government information on the wholesale and retail industry for more info.
Hire sales reps
If you are looking to expand your market share to other areas, consider hiring sales reps to help get the word out, acquire new business and expand your client base.
If you’d like to chat to us about expanding your market share and brainstorming ideas for your business, give our friendly team a call.