On the Road to Expansion
4 tips to help you do it right
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