It’s safe to assume that every business owner wants to be able to expand their market share and grow their business. But growing a business does not happen overnight, regardless of how good your products or services are. It requires a sound strategy with a lot of work. While you’ll want to expand your business market to grow your brand, it’s important to do so with your customers in focus. This way, you wouldn’t lose your business profitability while chasing market expansion. If you’re looking to expand your market reach, these four strategies can help. 

 

Look out for acquisition opportunities

 

 

One of the easiest ways of expanding your market share is by acquiring the markets you want. But this option is also usually the most expensive one. You can look for acquisition opportunities if your business has the needed financial resources. Instead of putting in extra effort to develop new products and services, find smaller businesses that already have the market you need but lack the finances and acquire them. You’ll find a perfect example of acquisition in the way KNOWiNK acquired South Dakota’s BPro to expand in election technology. An advantage of acquisition is that it helps keep your competitors at bay. 

An acquisition is a great way to develop your business. If you need more support in growing your business and knowing what strategy is best for you and will drive the most growth and profits, you can work with a professional such as David Shulick. A professional will have experience in a range of business development activities in a variety of industries. When you seek the right support, you will find that your business growth is significant.

 

Conduct an extensive market research

 

Research is crucial to helping you understand your current market better. Extensive market research should tell you all you need to know about your current customer base, their demographics, what makes your product or service appealing to them, and what issues they face. Your research should tell you who your most cherished customers are, why they choose to buy from you, and what common characteristics connect them. A simple way to conduct extensive market research is to distribute surveys to your most cherished customers or ask them for direct feedback. Aside from your customers, try conducting a SWOT analysis of each potential customer or prospect before selling to them. Don’t just assume that a prospect will purchase from you. 

 

Discover your unreachables

 

Regardless of how good your product or services are, it’s almost impossible to appeal to every target customer. People will choose to purchase from other companies for different reasons, and sometimes, those reasons could be emotional and have nothing to do with your product quality. But, armed with your market research, you should be able to identify potential unreached within your target market. These are potential customers that aren’t yet aware of your products or services. You should differentiate them from target customers who already know your products but purchase from a competitor. 

 

Look for new distribution channels

 

 

Efficient distribution is one of the major driving forces of market expansion. The faster and more efficiently you get your products to your customers, the easier it’ll be to grow your customer reach and expand your market share. Start by identifying all the proper distribution channels for your business. Next, find out if those channels are capable of selling your products directly to your target market. Retailers, wholesalers, shipping companies, etc., are essential elements in any distribution channel. So, identify those experienced in reaching out to your target market and find ways to strike healthy partnerships with them.