Getting a greater slice of the market means more income for you now, plus a higher sale value in the future when you decide to exit your business.
We plan to promote four articles full of ideas to help you grow your business.
The four key areas are:
- Increase your customers;
- Find new markets – using your existing products or services;
- Develop new products or services – to help open new markets;
- Improve profits
This is the second area… How to find new markets through the promotion of your existing products or services.
How to find new markets
Create a video channel to increase your profile
If you want to get your services and products in front of a global audience, think about creating a YouTube channel for your business. Social media is a fantastic way to demonstrate products or share tips with your customers. For example, if you have a carpentry background and operate a small business that creates wooden furniture, promote some of your products on YouTube to help gain a following.
Use Google Global Market Finder to identify customers in similar markets
Look for customers you’re interested in targeting in markets that are similar to yours. Google’s Global Market Finder generates a spreadsheet based on monthly keyword searches that ranks the opportunities of doing business in specific geographical locations.
Use Facebook and LinkedIn to grow your connections
Once you’ve connected with your customers on Facebook or LinkedIn, find people in their networks who are interested in what you offer. For example, if you’re starting up a small business making jewellery from your garage, a Facebook page showing your offerings is a logical and cheap place to start advertising. Find out how to market on Facebook.
Exhibit at trade events or conferences
Build connections, demonstrate new products and develop stronger relationships with new markets by presenting your business at trade shows. Research what trade events are on in Australia over the coming months.
Investigate opening in a new location
Research the feasibility of successfully opening a new store, office or branch. For example, if you own a successful wholesale outlet on the western side of your city, think about the value of opening another on the east.
Bid for Government contracts to secure long term sales
If your products or services are suitable for government agencies, departments or larger corporates that release tenders for work, you might be able to find a new market you hadn’t considered before. For example, if you run an IT company that looks after the electronic data and security of small businesses, are there opportunities to tender for government work? Please contact us if you need assistance to bid for Government contracts.
Investigate wholesaling and retailing
If you’re a wholesaler, consider opening a retail outlet. Or if you only sell through retail channels, investigate entering the wholesale industry. Take a look at https://www.business.gov.au/Planning/Industry-information/Retail-and-wholesale-trade-industry
Hire sales reps
Hire sales reps in other regions of Australia to help your business branch out into different markets. If they’re only on commission, it’s a results-driven tactic. For example, if you have a growing business in Sydney that manufactures and leases vending machines, is it worth hiring some sales reps in other cities to broaden your potential client base.
Export out of Australia
Develop an export plan to identify the feasibility of selling outside Australia. For example, you might cure meats and distribute them around Australia to various supermarkets. Have you considered exporting your cured meats to parts of Asia?
Why not contact us to Join the conversation, discuss the above ideas and start creating a customised Action Plan to help you increase your customers and get a bigger slice of the market – leading to more profits for you and increasing the value of your business.