Expanding Your Business into New Markets
DTG’s CEO and Co-Founder, Steve Shaheen recently shared some valuable insights in a Forbes Business Council post, about what’s next after achieving success in your initial target market. How do you ensure continued growth for your company?Businesses have a natural tendency to grow and go through similar life cycles: start-up, growth or scale-up, maturity, and exit. Sooner or later, owners must confront the advantages and disadvantages of expanding a business. It can be an exciting journey… if you navigate it properly.
When considering a move into a new market, ask yourself these five questions:
1. What are the key challenges facing customers in this market?
Find well-informed sources, ask questions, and learn your customers' pain points.
2. How are customers currently meeting their needs?
Have they developed a "homegrown" solution to solve a problem or meet a need? Is there a solution in place that is addressing only part of a challenge?
3. How would your solutions meet those needs and why are they better?
Answer this question for yourself and proactively share those insights with your prospect.
4. Who is your competition?
Are there other companies that have come to the same conclusion you have? How are they approaching it? Why is your solution better?
5. What is the buying process in this market?
Understand the steps in the decision-making process for your prospect in this new market. What are the pricing thresholds? Proactively anticipate the questions you will be asked.A well-researched, planned and executed entry into new markets can have a profound positive impact on your business, minimize economic risk and bring innovative solutions to new markets that need them.