According to the Bureau of Labor Statistics, about 20 percent of businesses couldn’t make it past their first year. The main reason for this significant failure rate is that many entrepreneurs couldn’t find enough customers, or they couldn’t keep the ones they had.
Struggling to expand or maintain your market reach could be a death sentence for your business. After all, if you’re not bringing in enough customers, you won’t be able to generate enough revenue to sustain your operations. That’s why it’s essential to focus on strategies to help you expand your market reach. So, which methods should you use to widen your market reach?
Go Global
With today’s technology, it’s not as complex or expensive to do business internationally as it once was. You can now sell your products and services to customers worldwide with just a few clicks.
The internet is a vast marketplace that provides endless opportunities for businesses to expand their reach. Especially in countries like the Philippines, online shopping has grown exponentially over the past years. So if you’re not selling your products or services online, you’re missing out on a huge opportunity. By getting a hold of international customers, you can significantly grow your business.
But how can you ship your products to customers and ensure that they’ll receive them on time? Suppose your business is based in Singapore. In that case, you can work with a reliable shipping provider to make international delivery easy and affordable. With fast and secure arrangements, a balikbayan box from Singapore to the Philippines takes only a few days. It’s a convenient way to get your products into the hands of international customers. Who knows, this strategy might even significantly increase your market reach and help you take your business to the next level.
Use influencers
Influencers are people with many followers on social media or other platforms. They have the power to influence the buying decisions of their followers. By collaborating with an influencer, you can tap into their audience and significantly grow your market reach.
Many businesses use this strategy to connect with more potential customers. For example, suppose you own a beauty salon. You can partner with a local Instagram influencer and offer them a discount on your services in exchange for them promoting your business to their followers.
Not only will this give you exposure to their audience, but it will also help build trust and credibility for your business. After all, followers are more likely to trust a recommendation from someone they follow and respect. So if you’re looking for an effective way to reach more people, consider working with an influencer in your industry.
Participate in tradeshows and events
Another excellent way to reach more people is by participating in tradeshows and events related to your industry. It will allow you to showcase your products or services to a broader audience.
For example, if you own a catering business, you can participate in food festivals and other events where you can serve your food to many people. This way, you’ll be able to let the guests know about your business and what you have to offer. It’s also an excellent opportunity to get feedback from potential customers so you can improve your products or services.
Participating in tradeshows and events enables you to reach more people and effectively promote your business. Be sure to add this to your marketing strategy if you’re looking to expand your market reach. This method can significantly widen your market reach and take your business to new heights.
Offer freebies and discounts
People want to get the best deals on products and services. So one surefire way to attract more customers is by offering freebies and discounts. Focusing on this strategy can help you reach a larger audience and convince them to try out your products or services.
You can offer a free trial of your product so people can see its value for themselves. Or you can give a discount on the first purchase to encourage people to buy from you. There are many ways to attract customers with freebies and deals. Be creative and find an approach that will work best for your business.
However, remember that offering freebies and discounts are just one part of the equation. Once you’ve got people’s attention, you need to deliver on your promise and provide them with an excellent experience. Otherwise, you’ll likely lose their business for good.
There are many ways to expand your market reach and grow your business. But which method is best for your business? With so many options, it can be challenging to decide. The best way to expand your market reach is by combining the strategies above. So, consider implementing these methods if you’re looking to boost your business’s success.
