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Ways to Break into New Markets

written by Editor, 22 April 2016

Guest blog by, Lauren Coates, Inside Sales Representative

New markets

Knowing your audience is one of the first key steps to creating a marketing strategy for your business. Once you have successfully made your mark on that audience it can then be tempting to start looking for new areas to penetrate. Expanding your target market is key to continuous growth but it must be done wisely.

If you want to hold onto the credibility you have spent so long building, you have to learn the market you wish to enter. It is more common than not that some businesses can become comfortable in their approach. I mean why wouldn’t you relax once you have been running a successful strategy for years? But, changing your current pattern is key to breaking into new markets.

One must be open to putting on the shoes of another and investigating how they work. For example, if your existing clients have always preferred to be contacted via post, you must be open to the idea of emails. If your current target market only specialises in catering, but you want to take on a car dealership, you must enter the mind of a car salesman.

In relation to tax and accounting, the cloud is a big conversation starter in the industry at the moment. It has been exciting for some yet daunting for others. However, by entering a new market you may encounter this way of working. As there are an increasing amount of practices solely working in the cloud, you need to be open to this idea to tackle your competitors. In short, you must learn how the different markets work.

New markets

One of the most recognized ways to enter new markets is social media. Platforms such as LinkedIn, Twitter and Facebook are a great research tool to find potential clients. However, it is important to realise which platform to use.

LinkedIn is known for working professionals and is an amazing platform to network. You can search for a company and drill down on the directors. By following that company you are showing your interest and by connecting directly with the directors, you are opening up the opportunity to communicate. LinkedIn is designed so that you can penetrate new markets and network with likeminded professionals. If you haven’t already, develop your presence on LinkedIn!

Other platforms such as Facebook and Twitter could be used too. However, this is a very different audience to that on LinkedIn. These are active platforms who are taking a more relaxed approach to their networking.

Another way that is commonly used by many is to seek referrals from your existing client base. A really good way to achieve this is to offer an incentive. Many offer money off, a percentage discount, or even a free one off service. Referrals can be a really powerful way of breaking into new markets. You are not only encouraging the “word of mouth” effect but also incentivizing your already happy customers.

Look at your current strategy and see how you can implement ways to stand out from the crowd and enter a new market with confidence.


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