Businesses are always looking for ways to diversify and increase their market reach and potential. For some companies, it’s easier than others. It depends on the function of the company. Ones that are providing a service have to think about who their services are geared to. Those providing products have the same concerns, but overall, businesses have to always be inventing new ways to make whatever it is they’re offering accessible to different kinds of people. The wider your market reach, the more money comes in the doors.
If you’re a small business that is looking to diversify and increase your reach with new and existing markets, here are 3 things you can do to make that a reality. Let’s get started:
Offer and Advertise Variety
People are so drastically different from one another. Upbringings and locations where people were raised have a great effect on the tastes and desires of an individual. If you want to be a business that is accessible to people from all walks of life, you have to bring variety to your table and you have to let the world know that you have variety.
This can look like many different things. If you’re a rehab clinic, for example, you’ll want to offer variety in the programs that you offer, such as 12 step programs. If you’re a shop that sells scented candles that are homemade from fairtrade and organic ingredients, you’ll want to create variety within your niche and advertise that variety.
Target Niche Markets
It might sound a bit contradictory to the idea of expanding your market reach when we talk about niche markets, but listen to this. People love to feel like their specific wants and desires are being paid attention to. A niche market, when honed correctly can make a business boom. If you’re struggling to get people in the doors because you’re a cookie cutter shop that looks like everything else out there, try your hand at adjusting the business to appeal to a specific people group. Printed banners are a great way to attract new customers.
The musical Kinky Boots gives a great example of this. The story is about a son who takes over his father’s shoe business, but the kind of shoe they’ve made for years has become irrelevant in society. He decides to embrace a niche market and ends up making shoes for a fabulous group of drag queens. It transforms his life and business. Take this example and how you can apply it to expand your own market reach.
Change Up Your Advertising
Advertising and marketing are fields that change pretty much on the daily. With the way technology is evolving, staying stuck in old ways of doing things can kill your business. If you want to increase your market reach, reach the market in a different way. Simply said, not so simply done…but that’s why you’re in business. You’re an innovator. Can do.