Grow your market understanding to grow your business
Break out of your current market and into new ones with our guide to using business data analysis to maximise the potential of your business' bottom line.
Grow Your Market Understanding to Grow Your Business from Marketscan
Are you sitting comfortably?
Then maybe you have a problem...
... that your business, while successful, is too comfortable in its current position and not pushing out into new markets. Use the following tactics to get up off of those laurels and move your company up to the next level.
Do look back
We're told never to look back, to focus on the future, to keep moving forward. But pausing for a moment and taking stock can help spot new or emerging markets that could be vital to your company's continuing success:
- Analyse your current services and products
Could they be adapted or developed further for new markets?
- Look for insights into these potential markets
Are customers asking you for new products/services that you're in a position to exploit?
- Monitor your competitors
Are there areas that they have moved into that you haven't? If so, why haven't you?
- Be honest with yourself
Are your competitors winning business that you should be landing instead? Just why are customers choosing your rival over you?
I is SO approved
Customers prefer using companies that have received an official stamp of approval; it offers reassurance, while adding gravitas to the business.
Consider gaining an ISO certification. Globally recognised, it gives you a useful edge in the eyes of customers over any competitors without it and could make all the difference when they come to decide which company they want to do business with.
44% of companies that became ISO 9001-certified enjoyed increased revenue.
Link In with like-minded people
Identified a potential market but not sure how to proceed? Then get networking...
In this connected age, it's never been easier to source experts in particular markets. Use powerful social media platforms such as LinkedIn to approach professionals who could help your company move into a new market, either acting as a consultant or by joining your team.
Optimise to mobilise
Your online presence is a vital part of your business – or it should be.
Attract new customers by ensuring that your website is fully SEO-optimised – it needs to appear as high as possible in search results. Once the potential customer has landed on your webpage, ensure it is easy to navigate, error-free and inviting. Plus optimise your site for mobile platforms so it can be seen in all its glory, whatever the viewing platform.
Hiding in plain sight?
Your database could be hiding insights into the markets you should be expanding into.
Use a reputable data provider to carry out business data analysis on your records – they will be able to drill down into the database and supply new sales leads in markets that you may not have considered before, all based on your existing customers.
These leads can then be imported seamlessly into your company's CRM system, ready to be acted on.
Get your house in order
By carrying out business data analysis and optimising your database – removing gone-aways and errors and identifying your best customers – you can maximise your ROI on the markets you already operate in.
The net result? It frees up more revenue to invest in exploiting new markets.
Open your company up to new markets by:
• Looking at your current markets – and asking yourself if you are exploiting them to their full.
• Analysing your competitors and their market reach.
• Listening to customers – they could offer vital insights into new products and services that you can then pursue.
• Maximising your existing potential – from social media networking and ISO certification to a fully SEO-optimised, mobile-friendly website.
• Hiring a data provider to reveal the hidden potential of your database.
Uncover how data providers can help with business data analysis with our free eGuide 'The missing link - how data cleansing can get you more, higher quality leads'.