On the Road to Expansion
Looking to expand your business without necessarily building up and out? Try going around...and follow these four important tips while seeking that different niche:
- Retool your product or service to meet the needs of your new target audience by focusing on the product and service variations your company might offer.
- Research potential markets, looking at everything from the size of each market to the buying preferences and expectations of the target audience to potential new competitors.
- Develop your strategy with a marketing plan, including the message points and media you plan to use to support your entry into the new arena.
- Test the waters by approaching focus groups or test-marketing to a small segment of your new target audience via direct mail, before plunging ahead.
Excerpted from Entrepreneur magazine, June 2001