According to the ever-so-important framework for business marketing, market expansion is one of the four quadrants that ensure your B2B business performs well. The other three quadrants are:
When a business considers expanding its reach, it tries to increase its addressable market size. This concept means that because you’re catering to a bigger audience now, the chances of you increasing business revenue are high. But with that said, increased revenues are just one of the benefits of market expansion. Your business’s products will also start to stabilize, and you’ll be exposed to different markets, which will increase your visibility.
But with that said, how do you know which market is feasible for expansion? Here’s Harvard’s answer:
Now that you’ve understood which market you need to expand in, you need to know when it’s time to expand.
Do you have to continuously pitch your product or service to your customers to ensure they buy from you? Or do they come to you easily, even with a minimal marketing budget? We don’t feel the need to explain that without your customers, there would be no business.
That is why for every business, a strong ability to convert leads into sales is a pre-requisite for market expansion. Once you’ve owned the ground you started on, start venturing into different countries.
For businesses that have been able to find success in the market they initially started operating in, a market expansion strategy can make sense. Not only do these companies have the base required to take this lunge, but it is also an important decision for their stability.
With that said, before you decide to enter a new market, ensure you carry out thorough research of the existing conditions.
How fierce is the competition?
Can you offer something new?
Any governmental restrictions?
Doing your research ensures that you continue to win.
If your cash flow seems to be running tight, delay the market expansion decision until you’re certain the required resources are available. Moreover, if the execution goes wrong and your business isn’t able to make the most of it, you might lose more than what you planned to earn in the first place.
According to research, 82% of all small scale businesses fail due to a lack of resources.
Don’t be a statistic!
Regardless of how you choose to go about the market expansion procedure, there are certain risks involved. To ensure your market expansion strategy goes well, you’re going to have to make some complex considerations to succeed. Luckily for you, professionals at Salesgig have been helping businesses expand for a long time. Contact us today to know how we can help you grow.
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