By Terry Corbell
The Biz Coach
Strategies, Precautions When Expanding into a New Market
So you see opportunities by expanding into a new market. Whether you’re expanding across town or into a different region, there are risks to anticipate in alleviating any uncertainty.
Even it doesn’t seem risky, due diligence is required and certain precautions are imperative for success.
Here are key reminders to keep in mind:
Do your research. Investigate the culture and buying habits of the prospective customers you desire. Study the competition, local customer sentiments and learn how to attract the best local talent.
Don’t make assumptions without facts. Start by querying anyone you know and trust. Ask for referrals to others with whom to chat.
Repeatedly –test, test and test. Consider all ideas. Examine all nuances in the new market and take precautions to minimize negative surprises.
Create your plan. Develop and implement a strategic action plan.
Keep an open mind. What has worked for you before might not be appropriate now. Instead of starting from scratch, it might be best to acquire an existing business.
Hire local talent. They will know more than you about the market.
Consider legal ramifications. That might include registering your business with taxing authorities, adhering to the regulatory requirements, and complying with environmental factors.
Use an integrated approach. That means local advertising in broadcasting, the Internet, newspapers, public relations and social media. Be sure to identify and partner with community influencers.
Listen. Peter Drucker provided great wisdom: “Arrogance is being proud of ignorance.” Listening is the first step in developing great relationships.
Look for speaking opportunities. Here’s how to get more opportunities as a guest speaker. And be sure to obtain the most profit from speaking opportunities.
Brand your key representatives. Remember fans and customers are greatly influenced by what they perceive about spokespersons and employees.
Remember community involvement. You’ll increase your chances to create fans with community service and participation. Cause-related marketing pays dividends.
Stay focused. Concentrate on your core strengths. When necessary continue to fine tune your approach.
“Stay committed to your decisions, but stay flexible in your approach.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.