Finding a New Market for Your Merchandise
You know what you sell and you know how to sell it. You know your market intimately. You know how to reach them, and most of them are loyal to you and your company. And this, my friends, is the entrepreneurial plateau. This is the comfort level where growth stops. The real question is, do you want to break the barriers of the status quo?
Some business owners are just fine with a steady dribble. The ideal business, to them, keeps the bills paid and allows for some spending cash…along with a few points in the retirement fund each month.
But most of us are constantly searching for ways to expand our markets. And the key to that is specializing. Not so much in finding new specialty products, but in finding specialty markets that will tie in with your products. And then shaping your ads to fit that market like a glove.
For example, disposable cameras are already big with tourists and wedding planners. The huge markets justify spent advertising money. But the competition knows this too, and they’re spending money on the same market. So you divide the money in three ways. General disposable camera ads, ads focusing on tourists, and ads focusing on wedding planners (for the guests to use during receptions).
But what about creating an ad that speaks specifically to construction companies? It could mention the fact that using a disposable camera on a construction site instead of a digital or Polaroid one could save the company from an expensive accident. It could point to the fact that construction sites create a harmful environment for optical equipment. It might explain the benefits of sending the camera out, and having the pictures delivered directly to a corporate headquarters.
It’s true that such an ad would target a much smaller market…but the ad would have virtually no competition. Because of this, the ad would generate a much higher return. And besides, trade magazines might be cheaper to advertise in than wedding directories and tourism magazines.
The lack of competition isn’t the only reason to target such small markets. The closer you are to the target (the more an ad speaks directly to their situation) the higher your conversion rates will be.
Consider setting up a website specifically to cater to a small market. One that might keep them informed on related issues. Add a forum to the site where such prospects can connect together. This will keep them in constant contact with your company. And this kind of contact is more than just a foot in the door. Your company builds credibility before even making the first sale.
The next time you’re trying to think of a new market to tap into, think small for high return. And let me help you come up with the perfect ad to capture them.
Finding a New Market for Your Merchandise |
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