How to Find New Markets
Ways to Increase Markets
New markets can mean customers in a new location or country. However, on a more practical level, a new market is simply a set of customers who have not purchased from you before. This means that a new market could be customers in a different part of town, country or industry. New markets can be offering your current customers new products.
To be successful, all businesses must constantly work to get new customers to:
- increase sales volume
- reduce the dependency placed on a few of your existing customers for total revenue
- replace customers who are not currently buying from you
- build a customer base for a new product or service
- create a new business model to have more diversity to prevent peaks and valleys in the revenue stream
Creating a More Stable Business
Many businesses fail because they become dependent on a limited number of customers who are in the same industry. If there is a weakening in that industry sector, your business could be at risk. Many businesses have an outdated sales model where they following the 80/20 rule. This is where 80% of the company time and resources are invested in 20% of the customers. To avoid the problems that come with this model, invest a little time researching your customer base. Prepare a thorough assessment of the following topics.
Assess These Topics
- First separate your customers into industry groups, then into buying history; then into what they are buying and their purchase frequency.
- Define methods of communication with customers.
- List the percentage of total sales from each customer.
- Define the amount of time spent with the 80% of customers who are not 'worked.'
- Define the amount of time getting new customers.
If you find that your sales efforts are limited to a few customers, take the steps now to expand into more markets. Start with your existing customers and bring them back with exceptional customer service and promotions. For additional assistance in this area, contact Sales Creators today.
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