Market Expansion & Business Growth Strategies

Expanding into a new market gives a business the opportunity to introduce its products or services to new customers, industries or geographic areas. A successful expansion requires more than simply reaching a larger audience. Your marketing should clearly communicate who you are, what you offer and why your business is relevant to the customers you want to reach.

Identify the Audience You Want to Reach

Market expansion begins with understanding the new audience. A company may be entering a new geographic area, targeting another industry, introducing products to a different customer group or expanding services for existing customers.

Consider the needs and interests of that audience before deciding how to promote your business. Marketing that works well with existing customers may need to be adjusted when you are introducing the company to people who are unfamiliar with your brand.

Introduce Your Brand Clearly

New customers may have little or no previous experience with your company. Your website, sales materials, advertising, promotional products and other communications should provide a consistent introduction to the business.

Keep the message straightforward. Explain what your company offers and emphasize the qualities that are most relevant to the market you are entering.

Adapt Your Marketing to the New Market

Expanding your reach does not necessarily mean using the same campaign everywhere. Different industries, communities and customer groups may respond to different messages, products and methods of communication.

Review your marketing materials from the perspective of the new audience. Images, terminology, product selections and promotional offers should make sense for the people you are trying to reach while remaining consistent with your overall brand.

Use Promotional Products to Introduce Your Business

Promotional products can support an expansion campaign by providing new prospects with a tangible introduction to your company. They may be distributed at trade shows, community events, sales presentations, grand openings, direct-mail campaigns or other marketing activities.

Choose products based on the audience and purpose of the campaign. Useful items such as drinkware, bags, pens, notebooks, desk accessories and other branded merchandise can help carry your company name beyond the initial introduction.

Look for Opportunities Within Existing Relationships

Business growth does not always require entering an entirely new market. Existing customers may have additional needs, locations, departments or contacts that provide opportunities to introduce other products or services.

Customer appreciation programs, referral programs and regular communication can help keep your company connected with the people and organizations you already serve while creating opportunities for new introductions.

Support Local and Industry Outreach

Trade shows, conferences, community events, professional organizations and industry meetings can provide opportunities to introduce a business to new audiences. Branded materials and promotional products can be incorporated into these activities as part of a coordinated marketing program.

The products you choose should fit the setting. An item intended for a professional conference may be different from one selected for a community event, customer visit or grand opening.

Keep Your Brand Consistent as You Grow

Growth can introduce new products, locations, employees and marketing channels, making brand consistency increasingly important. Logos, colors, messaging and promotional materials should continue to present a recognizable company identity.

Maintaining consistency helps connect new marketing efforts with the reputation and identity the business has already established.

Review Results and Adjust Your Approach

Market expansion is an ongoing process. Track where inquiries and new customers come from, which campaigns generate responses and which audiences show interest in your products or services.

Reviewing the results can help you decide where to continue investing your marketing resources and where a different approach may be appropriate.

Support Growth With Coordinated Promotional Products

Promotional products can be one part of a larger growth strategy that includes advertising, sales outreach, events, customer relationships and consistent brand communication. The most appropriate products are those selected for a specific audience and marketing purpose.

Garrett Specialties can help you select promotional products for new-market introductions, trade shows, grand openings, sales campaigns, customer outreach and other business promotions. For assistance, call 1-800-320-1510.