In order to expand into new markets, it’s essential to think strategically and creatively about your marketing strategy. You need to determine whether your target market is stable, growing or declining, and to develop a unique brand personality that fits your new market. Then, you need to adapt your business model, and create complementary products and services that appeal to your new customers.
Diversify your offerings to complement each other
If you want to expand into new markets, one of the most important things to keep in mind is diversification. This is a strategy that can help you build strong brands and increase your profits. You can do this by expanding your product lines and introducing new products to your current customer base. Whether you diversify independently or through acquisitions, you need to make sure that you have the right product for the market.
One of the best ways to diversify your offerings is to offer several variations of the same item. Companies might decide to introduce a repackaged version of a product with a different design or added features. Another common diversification method is to offer a product in a different size. These changes can help companies attract consumers who are looking for an attractive package or who appreciate advanced features.
Adapt your brand personality as you enter new markets
The latest big dog in the race is WeChat, China’s social network of choice. With more than a billion users, a well-timed ad on WeChat can be a goldmine. This is not to mention the plethora of ecommerce sites hopping on the bandwagon. To succeed in this market, a brand needs to understand its target demographic. A little research can go a long way.
To get your feet wet, start by learning your audience’s likes and dislikes. Once you know what you’re working with, you can devise a strategy to achieve the elusive win. It’s all about identifying your market’s top drivers and addressing their biggest pain points. You could do this with a little help from a local market expert, but you’ll be better off trying on your own.
Analyze the market sectors with the strongest growth potential
If you’re looking to enter the market of the future, one of the best first steps is to figure out which sectors are the best bets. The hottest sectors include health care, energy and biotechnology, according to a recent survey by the Boston Consulting Group (BCG). Having an idea of which sectors are the most promising is a great starting point for your stock selection strategy.
The BCG has put together a matrix with four quadrants, or groups, that represent each sector. For example, in the energy sector, you have independent power producers, gas and water utility companies, and electric utility companies. The quadrants are named for their characteristics. Similarly, the best sector for your company might be based on the size of its market.