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A Business Owner’s Guide to Breaking Into New Markets: 6 Keys to Success

So your business is growing at the speed of light, and you want to share it with the world. How do you break into new markets, particularly ones far from where you live? 

If you’re looking to grow your business’s reach from coast to coast, look no further. Here are six keys to success to help you break into new markets and achieve national brand recognition. 

Conduct competitor research

Savvy business owners can piggyback off the leg work of their competitors with a keen enough eye. If there’s a market that none of your competitors will touch, it might be because your competition did their market research and didn’t like what they found.  

On the flip side, if there’s a new market reach that your competitors executed recently with great success, you can learn from their methods. Analyze their approach and their advertising style. How did other entrepreneurs connect with the locals? What strategies did they use to build trust? 

This research should also give you a good idea of your market-worthiness. If you don’t feel quite ready to take on the opposition, set your sights somewhere else for the time being. 

Establish a business presence in a new U.S. city

In today’s digitized world, you can crush miles and sales goals in one fell swoop. The information superhighway makes it easier than ever to introduce your enterprise to new cities and states. That said, there’s still some red tape to cut through on your way.  

For example, expanding your company into a different state typically requires some sort of registration with the new secretary of state. Check with each locality’s regulations. You might simply need to file your current LLC as a foreign entity in the new area. 

Using a virtual office is one clever way to establish your company’s presence in a new U.S. city without as much headache. Because the virtual office comes with a local address, you can register your LLC and save on renting a physical office space. You can also use this address to make your Google My Business listing, building trust with locals. 

Virtual offices intercept mail, faxes, and phone calls on your behalf so that you can stay plugged into your new market growth from anywhere in the world. 

Gain a complete understanding of customer needs

Take time to understand customer needs by setting up focus groups. You want to be sure that you can fill a gap for these new consumers, and you need intel to do so. Use surveys, for example, to gather feedback from your target audience and tailor your marketing and product adjustments. 

Use best practices with your marketing

Use your survey information to set up ad campaigns that speak to your best-fit customers’ wants, needs, and desires more than competitors already advertising in the new market. Use an omnichannel approach so that customers experience your brand by visiting your website, social media accounts, and potentially a new retail outlet.  

Consult with a brand expert

While you’re trying to tailor yourself to a new consumer base, losing sight of your brand’s core identity can be easy. Avoid this mistake by using a brand consultant to help your team maintain your overall mission and brand values during the expansion. 

Optimize your website

You won’t get very far if your new customers come running only to discover an unusable website. 

Headlines, sub-headlines, and website copy must discuss this new audience’s specific problems and showcase your solutions. Give them enticing reasons to opt-in and become email subscribers. Offer subscribers follow-up messages with special discounts, free shipping, and other sales conversion techniques. 

Wrap up

Breaking into new markets is hard work, but it’s far from impossible. By doing your research, using some clever tech tools, and taking advantage of your marketing team, you’ll be breaking bread and breaking into new markets in no time. 

Read More:   Best Payroll Software For Small Business 2020

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