Let’s say you’re a successful business and have been selling your products or services in the area for a few years. After finding out that your competition has been expanding its target marketing, you decide you want to expand yours too – but how do you do it?
You can’t just pick a market and jump into it. You have to do some research to find out who is already interested in your business and which demographic would be most likely to benefit from your products or services. Using analytics tools, you can spend some time tracking the people who visit your website. When you find out where they live and what they’re searching for, you can get a better idea of how to market to them.
Creating a Tactic
The new audience that you want to target may be similar to your current market or they may be different. If they’re similar, use your current market for inspiration and focus on why your product or service is beneficial. If they’re different, try out a new digital marketing tactic. For example: If your new target market is a younger audience, focus on how your product or service can help them in the long run. Also take into consideration which advertising medium you want to use. Some audiences may spend most of their time on social media while others watch television.
The only way to find out if your new target market is interested in your business and what you’re offering is to test out your tactic. Try investing in a paid search management campaign and creating ads that target only your new potential market. Then, use web analytics to see how successful your campaign is. Or, create a television commercial and have it air during a show your audience would be watching. If your tactic is successful, put some more time, effort, and money into reaching out to your new audience and expanding your market.
In addition to creating your own tactic, you can also contact another business (either in your industry or one that complements what you offer) and ask them to promote your products or services to their target market. In return, you can do the same for them. This way, you’ll get (potentially) double the exposure.
Contact the experts at Prager today. We can help you create a plan to expand your target market.