Knowing Which Market is the Right One for You
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Finding the right market for your company can be a very difficult task.
If you aren't doing the right amount of research than you're potentially putting yourself in a position where you try to expand into a market that just isn't right for your company.
There are a number of reasons why this might be the case. The first is because the market might just be too saturated with other companies, or another large company has managed to largely dominate the marketplace.
In a case like this if people are perfectly fine and happy with the company in control you might be hard pressed to make a name for yourself, and your resources could potentially be wasted if you put too much of a investment into expanding your name into that particular market.
If you want to avoid a fate like this there are two specific things you can do.
The first is obviously research. Whatever market you're looking at do the most thorough research you can. Find out every major company that is competing for customers and focus on what kind of approaches those companies take to get sales.
Something else to do is focus on doing interviews or talking to the customers in this market as well. Ask them what they like about the various companies and what they would like to see improved upon. If you get a lot of people complaining that the customer service isn't that great in a lot of these companies you now know what to focus on with your marketing.
Once you have this information gained your next step should be a more tentative move into the market. Custom greeting cards work very well for companies trying to test out the waters in a market.
Get your greeting card printing done and focus on whatever area it is that you think you can improve upon in the market, and mail these custom greeting cards out to as many customers as you can. Keep your message simple and focused on the ways your company can help them.
I would send out a few waves of these greeting cards to see what kinds of responses you get. If you have a lot of enthusiasm in the responses and your business starts to pick up you know you've hit on the right message and can start with other advertising like postcards or posters. If you get hardly any responses you might want to try out a different market.
Every time you expand into another market you have to deal with certain risks, but if you keep yourself focused, you can be certain that you don't have anything to worry about. Avoid the costly mistakes of advertising heavily in a market you aren't going to succeed in. All it takes is a little research.
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