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If you’ve exhausted the growth opportunities in your existing market, or your existing market feels flat, finding a new market vertical may be the way forward.
Is where you look at your supply chain to determine if there is an opportunity to be more involved in your industry, for example:
Any activity where you expand and find new markets by investing in the infrastructure of your industry.
Is where you find new markets by opening new businesses in different areas, for example:
Finding a new market could be replicating what you’re already doing somewhere else.
It may be possible to find new markets by adopting new business models such as:
If you provide services, can you introduce fixed-rate service agreements rather than charging fees by the hour? The fixed-rate business model aims for predictable cash flow in advance. Customers paying by direct debit (you pull payments from their bank accounts automatically through your bank) eliminate invoicing costs and debt collection issues.
Some examples include:
Try to identify possibilities for charging fixed monthly service levels.
Overseas markets offer opportunities to expand your business, but there’s a lot to consider. Exporting can be both risky and highly rewarding, making research crucial.
Conduct high quality, on-the-ground research in the countries you’re considering. Make sure to find out what regulations, tariffs, and business risks are present in your new target market.
If you’ve built a business with a focus on selling to consumers (B2C), consider whether your goods or services would be of use to other businesses (B2B). Perhaps the government or education sectors have opportunities to explore.
In either case, you may need to tweak your business slightly to appeal to the new market. For example, while your existing products or services may be useful to both B2B and B2C markets, businesses and consumers have different pain points, problems to solve and priorities.
You may need to adjust your marketing and pricing to address these differences and position your business as the solution.
Finding new customers and markets could open the door to business growth, but it requires foresight and action.
Note that the resources listed here are meant solely as overviews and helpful information. Please consult experts regarding your specific security needs for your business.
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