Operating Strategies – Expanding Your Market

Champion Assistant Virtual Business Team

Champion Assistant Virtual Business Team

The first three articles in this series spoke about your current business practices and ways to increase their productivity. Now we are going to change gears a bit and ponder a bit on expanding as a way to increase your potential. Yes, even in a time of recession there are ways to expand your reach and your business. Considering a new market is a good way to refine how you reach your current market as well as increase your pool of available customers. Expanding does not have to mean spreading yourself thin or revamping your entire company ideal. In fact it should be more about refining that ideal and finding other avenues to accomplish your goals.

Do you sell overseas? Have you thought about it? It doesn’t take much to market to an international market, but it does take planning. Consider contacting some of the expat communities around the globe. Even if you don’t market all out, this is a great base to make aware of your offerings. Expats living in foreign language countries still buy in their mother language and often want products that are familiar to them. You don’t need to translate everything in order to deal internationally. You just have to know the rules. Be aware of customs fees and regulations before you begin to market yourself abroad. Customs fees vary by country, but it makes sense to look into that and if the barrier to export is low, take advantage of the opportunity!

If you don’t want to expand internationally, consider what other markets in your area might have an interest in your products or services. Talk with online and offline communities to get their reactions and ideas. Expanding interest in your products/services does take effort and research. Before making any changes do your homework and talk with other business owners catering to the markets you are considering expanding into. Use their knowledge to decide what avenue is best for your company.

The last article in this series will be on the human connection and how it affects your business and how you reach your goals.

Kristi

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