Everything you need to know about expansion marketing
If you're looking to take your business to the next level, expansion marketing is the way to do it. You get to discover new sectors and understand the value your product or service provide.
There’s no one fixed rule to expanding your business, but it’s important to know why you are doing it and what you expect to achieve - yet be open minded to what lies ahead.
We’ve compiled a guide to get you started on building your plan of attack.
What is a marketing expansion?
How do you assess market expansion?
Why is market expansion important?
What is expansion marketing and what are its benefits for businesses?
Expansion marketing is a type of marketing strategy that helps businesses grow and expand into new markets. This type of marketing can help businesses reach new customers, enter new markets, and increase sales. There are many benefits that expansion marketing can offer businesses, such as increased sales, brand awareness, and customer loyalty.
It’s important to be clear with your business objectives and goals and how the expansion will further support growth in a cost-beneficial way. Expansion marketing will take focus and dedication on the new audiences and the benefits your product can offer. As you move territories or buyer audiences you may notice how your product can be applied differently or learn alternative pain points your product solves.
Within the mix will be profitable and expensive markets, so it’s important to manage risk.
How can you create a successful expansion marketing campaign for your business?
There are a few key things that you'll need to do in order to create a successful expansion marketing campaign for your business. First, you'll need to research your target market and identify any potential new markets that you could enter. The more you understand the nuances of the new market and comparisons with your existing market you can appropriate the messages more effectively.
Next, you'll need to create a marketing plan that outlines how you're going to reach these new markets. It’s worth being thorough with your investigation or work with an expert with experience building a new market, specialist sectors can really help with speed to market and appropriate use of budgets and time.
Finally, you'll need to implement your expansion marketing campaign and track its performance. Being agile will be important, because you still need to learn how to resonate with the market and buyers. It’s important to change tact if you’re not seeing the results.
What are some of the most common mistakes businesses make when expanding their reach through marketing efforts?
There are a few common mistakes that businesses make when expanding their reach through marketing efforts.
They may not research their target market properly and as a result, they miss out on potential new markets. While a market can be identified, very rarely has the research been undertaken to know where in the market are low hanging fruit and what needs to be done to build long term credibility.
They may create a marketing plan that is too aggressive or unrealistic, which can lead to wasted resources and money. This is all too common. Certain sectors have a different buying cycle or procurement process and this can apply to markets too. And sometimes competitors really dominate and so money and time is misspent in the wrong areas
They may not track the performance of their expansion marketing campaign, which can make it difficult to measure its success. All too often companies pull out of the market too soon because they don’t have the data behind them, or the metrics for success are misaligned to budget expenditure leading to a misrepresentation of acquisition cost.
How can you measure the success of your expansion marketing campaign and ensure that it is meeting your objectives?
When it comes to expansion marketing, it's important to set clear objectives and then measure your progress against those objectives. So how can you measure the success of your expansion marketing campaign?
One way is to track the number of new contacts and connections you acquire as a result of the campaign. This will give you a good idea of whether or not your campaign is reaching its target audience.
Another way to measure success is to track changes in brand awareness through the level of mentions within the industry. The most challenging way to measure success in a new market is product sales, particularly if you are chasing high-value contracts that tend to have a long-sales cycle.
When it comes to making sales a key metric, be sure to quantify what type of sale looks like - what size or volume of business is needed to make the campaign successful.
How can you ensure that your brand remains relevant and differentiated in an ever-changing market?
In today's fast-paced world, it can be difficult to keep up with the latest trends. As a result, many businesses find themselves struggling to remain relevant and differentiated in an ever-changing market.
However, there are a few things you can do to ensure that your brand remains top of mind with consumers. First, make sure that you are constantly innovating and bringing new products or services to market. This will help to ensure that your brand is always at the forefront of the latest trends. It can be as simple as new features, or new processes and ways of working. Also find ways to present your product.
Second, make sure that your marketing efforts are targeted and relevant to your target audience. Define all your stakeholder audiences and have a communications framework to share content and information that provides value in their roles or in their business decisions.
Finally, make sure that your brand is built on a strong foundation of core values that remain constant regardless of market conditions. This will help buyers understand your business and its proposition, the level of support you provide that builds the confidence in selecting your business as a partner.
The more your teams and marketing communicate your mission in a unified message, the stronger the impact you can make in the sector.