If you’re running a business than expansion has to be on your agenda – if you don’t have plans to develop your business, then it’s likely you’ll be overtaken by hungrier, more motivated competitors. Expansion can take many forms, and they won’t all be equally right for you. Today we’re taking a look at the different ways you can expand the scope of your business, to help you make plans for the future you can rely on.
If the demand for your business in your home market is fully tapped, the next step is to look abroad for more potential customers, and more revenue. This isn’t a guaranteed path to success – you need to plan carefully to ensure you’re ready for this kind of expansion.
People in the new market you’re targeting may not share the values of your home customers. You can’t expect your marketing or your products to appeal in exactly the same way – learning about the motivations of the new customers you’re targeting allows you to optimise how you communicate your offering for the best return on your investment.
The quality of your international research could be the difference between success and failure so it’s well worth investing in good data and insights. Finding the right market research team with an international scope should be an important part of your strategy.
Another way to boost your revenue is to add new products to your lineup. This isn’t solely a tactic that’s available to traditional retail businesses: a product is simply a package customers can pay for. A new way of packaging your services is a new product, so it may be worth looking at how you allocate the time of your consultants, the licenses available on your software, and otherwise finding a new way and more tempting way to allow people to pay you for what you have to offer.
This can open you up to more customers in your home market, meaning you can increase your revenue without increasing the size of your organisation, and incurring the costs of renting new premises, but again it requires careful research. New product development isn’t easy and requires a detailed understanding of the consumers out there in your market, and what motivates them to part with their money.
The lesson here is that when you’re considering your expansion plans, one of the most important things you can do is find a market research agency who fits your needs and develop a partnership with them that can stand the test of time.