New Markets

You may have reached a point where you have explored all the possibilities of your current market or, in the case of the individual, your current employer.  So it may be time to go boldly where you have not gone before and examine new markets or employers.  Here are some tips to help you explore.

Tip 1:  Volunteer.  A great way to meet people with different backgrounds and careers.  The possibilities are endless.  Volunteering can be within your current industry or in your local community.  Ask around and see where you can get involved.  Take it a step further and assume a leadership position on a committee.  Talk to all the other volunteers, you never know who you might meet.

Tip 2:  Best customers.  Identify who your best customers are, those that pay on time, love your products and tell all their friends about you.  Profile who they are, where they are, what they do and anything else you can find out about them.  Explore other locations and markets where those that are like them might be.

Tip 3:  Partnerships.  Are there others that offer complementary products to yours?  There are several ways to use partnerships to mutual advantage.  You can offer discounts to each other’s customers when they buy from the other.  You can package your services together, making it transparent to the customer.  You can market and sell each other’s products – a great way to expand your product offering.  You can create a referral program giving a commission to the referrer.

Tip 4:  Test.  There is a quote at my gym – “You don’t have to be GREAT to START, you do have to START to be GREAT.”  Test the new market that you’re thinking of going into before spending a lot of capital (time and money).  Testing can take on many forms.  Advertise in the local paper or online in the local community PATCH (patch.com for more information).  Attend community events such as chamber of commerce meetings – you don’t have to be a member to attend.  Talk to your target audience to gauge the demand.  Be visible any way you can.

Tip 5:  Repackage.  When you are selling your current services to a new customer base, consider changing the packaging.  This can be in the form of the physical package your product comes in – change the color, print font, etc.  Appeal to your new market by using their words to describe your services – what solutions do you offer to meet their needs, how can you help them reach their goals.

Tip 6:  Individual.  In addition to tip #1 above, exploring new employers can be done using some of the principles of the other tips.

Sub-tip 2: Find out what are some of the best companies to work for.  Set up an informational interview in those companies (with human resources or other employees you can be referred to through your network) and find out what makes them the best, what opportunities there may be and what they might be looking for.

Sub-tip 3:  Ask for referrals and introductions from others and do the same for them.

Sub-tip 4:  “You don’t have to be GREAT to START, you do have to START to be GREAT.”  Be visible any way you can.

Sub-tip 5:  Repackage yourself.  Look at your skill set objectively; better yet, ask a friend what they would consider your greatest strengths.  Identify these skills apart from your current job; rather than being a good lending officer, your skill may be that of a great analyst.  Great analysts are needed in more companies than lending officers.

Sub-tip 5a:  Repackage yourself.  Look at what others are looking at – hair, wardrobe, etc.  Does your appearance reflect where you are or where you want to be.

Do you have any tips for exploring new markets?  What have I missed?  Leave your comments below.

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