Market in a New Place
One of the most common questions we receive is “What is the first thing I should do when I try to break in to a new market?” The answer is very simple.. ALL OF THE ABOVE!! . In all seriousness, it really depends on a multitude of factors. The most prominent ones are the market conditions your moving into and the state of your business. In this blog post we will dissect our top recommendations no matter what market you are moving into. Please keep in mind these suggestions are not in any type of numeric order:
- Network– This one is the most obvious but is the most overlooked. Often people think you have to be in your new market to network. We call that one big EXCUSE!! If you have a cell phone and email you can start to network. Research and reach out to other business owners who look like they would serve your ideal client and start a dialogue. Skype or Face time calls can go a long way in building relationships.
- Blog– Your blog is your chance to communicate to everyone your thoughts, feelings, ideas, and inspiration. When you are trying to market to a new area you have to blog about it. This will boost the SEO on your site and give you presence in the new area to local clients and vendors. If you don’t blog, start now and make the time to blog at least once a week.
- Get out of the house and explore– In other words GET OFF THE COUCH!! Even though our society is heavily dependent on technology and social media, face to face interaction and personal explorations are still the best ways to get to know a new area. Where do you explore? Go to tourist destinations, food places, or landmarks. Go to any place that will help to get you to know the culture and people within the market.
- Create events if there aren’t any– This is a big one to help define your position in an area. In stagnant markets, no one wants to hold creative sessions (aka styled shoots) or educational workshops. The vendors may have become complacent and have lost that drive to always learn, innovate, and grow. This gives you a competitive edge because newer businesses are hungry for anyone who will give them information. If you fill that void in the market you will officially become a market disruptor and gain competitive advantage over other vendors. Styled shoots are one way but make sure you think outside the box such as branding shoots, vendor get togethers, or hosting workshops.
- Go where your ideal clients are- In order to do this you have to know who your ideal client is. When you are trying to break into a new market, part of the process is to reassess your ideal client to see if their profile fits your area demographic. If you really get into it you will find yourself naming your profile. We always joke that our third partner in our business is “Catherine”. Once you have your ideal client, look at the stores in the area to see where your client would shop. Don’t be vague about this such as “they shop at high end stores”, really be as specific as possible such as Walmart, Target, or J. Crew just to name a few.
These five tips are just the start. To see the other five tips sign up for our newsletter below . . .
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I hope you have enjoyed this post. Do you want to dive deeper into how to be successful in new markets or are relocating your business and need some help? Come join our course Break into a New Market.
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