Once a business has established itself in the market, the next natural step is to expand. Whether their goal is to grow their market share, enter a new market, or expand overseas, the objective is always the same – increase revenue.
77% of British businesses plan to expand internationally in the next two years - Truphone
Most businesses are aware of the need to create a concrete business plan before expanding. While they’re happy to conduct a SWOT analysis, many overlook the need for a solid marketing plan. There will always be unpredictable outcomes whenever a company moves into a new market, but a carefully planned marketing strategy can go a long way to increasing turnover and optimising the business’ chances of success in the new sector.
Retain a strong focus on ROI
Undoubtedly, when your company expands into a new market, things will get very busy, for everyone, very suddenly. A lot of your time will be consumed by strategic planning and coordinating your teams.
A common tactic is to take earlier marketing material that was used in the original sector and repurpose it for the new one, saving both time and resources. While there is nothing wrong with this approach (if it’s done right), it can be tempting to assume that because the material worked before it will work again. This isn’t always the case and whatever path you choose to take in terms of marketing your business in the new sector, remember to always measure, monitor and adjust.
Align sales and marketing
If your company is ready to take the leap into a new market, then you’re probably already aware of how important it is to align your sales and marketing teams in this digital age. But before you take the leap of faith into a new sector, have you considered how you’ll maintain this alignment with a new target market and maintain a strong brand image with consistent messaging?
It’s likely your sales and marketing teams have grown, they might have even been segmented into separate teams for each different market – all of whom will need to sing from the same hymn sheet.
Fortunately, improvements to research and technology means accomplishing this is easier than ever. Persona documents are a useful resource to help you build a single, clear vision of your ideal customer. And now, the recent boom in cloud-based technology means there are a number of services that will help you to align your teams - document management systems (DMS) in particular, are a good place to store files so that every team has real-time access to the most up-to-date versions of marketing materials.
If you want to find out more about aligning your sales and marketing teams…