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Grow your business through new market development

Don't put all of your eggs in one basket.  To grow your business consider building your audience within new markets
Don't put all of your eggs in one basket. To grow your business consider building your audience within new markets

Grow your business through new market development

When you set up your business, you’d have taken the time to define your target market/s. Since then have you reviewed whether these people or businesses are still as relevant today or if there are new markets that could help you achieve your growth aspirations?

From a young age we’ve all been taught not to put all of our eggs in one basket and this has never been a truer statement than in the changing world that we’re currently living in.

Planning and implementing a growth strategy to develop new markets and expand your business before your current market flattens will not only help your business survive through tough times, it could also give you considerable edge on the competition.

Identifying and targeting a new customer doesn’t mean that you have to change your product or service, it more often than not means that the only thing that has to adapt is your communication.  Some new markets may require a business to evolve their operational management processes and these cases will require a full internal review and senior management focus to make it happen. 

At Approach Direct we apply a systematic approach, alongside our trusted marketing framework tools to identify new markets for our clients that don’t need extensive operational considerations.  This gives them the ability to expand quickly and effectively. 

This process starts with a full marketing review

This ‘audit’ provides a snapshot of the current situation and includes a systematic examination of every marketing activity (past and present) and achievements to-date to determine how well and cost-effectively each element helped to reach goals.

Using SOSTAC and our own ‘Review, Reach Respond, Retain’ marketing framework, we provide answers to the following questions which form the basis of the overall strategy

SITUATION Where are you now?  From market trends and competitor analysis through to internal capabilities.

Have you had enquiries or worked with clients from sectors that fall outside of your traditional target market?

Which sectors do other businesses with similar products or services target?

Is there a big enough opportunity to target some of these new sectors?

Are there any relevant sectors that are currently experiencing growth or are predicted to do so in the near future?

OBJECTIVES Where do you want to be? What are your customer acquisition targets, your customer satisfaction aspirations and what is your unique point of difference?

Strategy and Planning

STRATEGY & TACTICS Once we’ve identified new markets for your business we’d work with you to build a profile of your new ‘Ideal Client’, alongside a bespoke marketing strategy and plan to maximise the opportunity.  The plan could include any or all of the following:-

  • A dedicated telesales campaign to identify key decision makers, with a view to providing qualified leads to your sales team through to actively setting sales appointments.
  • A series of communication tools to reinforce your new ‘Ideal Clients’ e.g. social media posts, blogs, dedicated website landing pages, direct mail, a PR campaign,..

ACTION We’d work with you to establish who’s going to be doing what and when, including the allocation of internal and external resources.

CONTROL And finally we’d ensure that there are processes in place to fully monitor and review the success of the campaign

In the business world, change may be inevitable, but growth isn’t. Business growth depends on the strategies and the actions that you take to make it happen. Regardless of the degree of market growth required to meet your particular business goals and objectives, the need for growth and a plan to accomplish it is fundamental to future proofing your business.

Whether your growth requirements are needs or aspirations, give us a call today as we’d love to support you in building your business for the future.

About the author

Tracy Marshall Dip DigM

Tracy Marshall Dip DigM

Director at Approach Direct Marketing providing Marketing and Telemarketing services for SMEs, predominately in the East Anglia region.

Over 30 years in a wide variety of industries, both in the private and public sector, instrumental in setting up Telemarketing Departments back in the 1980-1990s and further developed her career by holding various internal & external Sales & Marketing management roles.

In 2007, launched own telemarketing business primarily focussing on the B2B sector. For almost 10 years, the company built up a solid reputation for providing excellent results in all telemarketing services, from cold calling, list building, database management, market research & in-house telemarketing training.

In 2015, gained the IDM (Institute of Digital & Direct Marketing) Professional Diploma in Digital and Direct Marketing qualification and expanded Approach Direct Marketing services to include creating marketing strategy, writing implementing marketing plans through targeted marketing campaigns.

Developed own Marketing Planning Tool 4R's - 'Review, Reach, Respond and Retain' - which works alongside other Marketing Frameworks like SOSTAC to assist clients in actively engaging with their customers, face-to-face.

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