If you want to expand your business, you have two options; you can create new products to sell to your existing audience or you could sell existing products to a new audience. The second option is often more cost-effective because product development is expensive. However, getting a totally new demographic interested in your product can be a challenge and if you miss the mark with your marketing campaigns, you could waste a lot of money. This guide will give you some tips on the best strategies for breaking into a new market with an existing product.
Understand What Makes Your Product Successful
The first step to successfully breaking into a new market is to understand what it is about your product that has made it successful in the past. This will help you identify potential new markets for your product and also give you some ideas on how to market your product to this new audience. For example, if your product is successful because it is affordable, you need to target a market that is price-sensitive.
It often helps to think about the problem that your product solves, and then consider what other groups of people have the same problem. By understanding what people like about the product, you make it a lot easier to choose the right target market.
Know Your New Audience
Once you have chosen a new audience, you need to know them inside out. This means understanding their demographics, their interests, and what motivates them to make a purchase. This research can be done in a number of ways, including online surveys, focus groups, and interviews.
Creating personas for your target market is also a helpful way to get to know them better. Personas are fictional characters that represent your ideal customer. By creating personas, you can think about what your target market would want from your product and how they would use it.
This research is important because it will help you create campaigns that are relevant to your target market and that will resonate with them.
Invest In Your Sales Team
Your sales team is going to be key to your success in breaking into a new market. They are the ones who will be on the front line, talking to potential customers and closing deals. It’s important to invest in training for your sales team so that they understand the needs of your target market and can effectively sell to them. You should also consider sales outsourcing to boost your output. This is a flexible option that allows you to scale back if things don’t work out. However, if you hire lots of full-time sales staff, you can easily lose control of your overheads.
Host Events To Generate Leads
One of the best ways to generate leads in a new market is to host events. This could be anything from a lunch and learn to a trade show. Events are a great way to get your product in front of potential customers and start generating interest.
Make sure you have a clear objective for each event you host, such as generating leads or selling a certain number of products. This will help you measure your success and determine whether events are a good strategy for breaking into your chosen market.
These are all excellent strategies to help you reach a new audience. Just remember that you still need to focus on your old customers because if you neglect them, you will lose them!