Techniques to Expand Marketing Strategy by Reaching New People
Sometimes you get to a point when a particular strategy’s efficiency starts waning. This is the time for brands to innovate their approach to marketing.
Reach New People
One of the methods to maintain your edge in the market is to reach new audiences. In terms of expanding your marketing strategy, it’s typically easier to add new promotional channels than it is new target audiences. While there are countless different advertising tactics, the number of groups that will be interested in your product will likely be much smaller.
Nonetheless, that doesn’t mean you shouldn’t try to target new groups. Here are three techniques for reaching new audiences:
New Approach to Geographic Targeting
Depending on the type of product you offer and how much your business activity depends on localization, expanding your marketing strategy may be as simple as targeting a neighboring city. If in your craft, serving a new city implies additional costs, make sure to account for the travel time and expenses.
If you have a product that is already available to consumers all over the country or even worldwide, you may try tweaking your marketing strategy with a localized focus. For instance you sell some type of software product that is online readily available. You may improve your conversion rates if you adjust your marketing efforts on select cities that have the demographics of your ideal customer, e.g. households with a certain median household income.
Target New Use Cases
In some cases, with some research and analysis you may find that you can target a whole new group of people with minor modifications to your product. This is especially beneficial for digital or software products. The underlying structure of a product may be useful for several audiences, while you are only serving a subset of the groups. With some tweaks to the interface, you could start targeting completely new industries and use cases.
Try a Small Pivot
In other cases, it may be necessary to do some development work to expand your reach. It’s possible that making a small investment into modifying your existing product to suit a new audience could become highly lucrative for the business. For instance you have a scheduling program that hotels and restaurants can use to monitor hourly workers into shifts. Another target group that deals with hourly worker shifts is the retailers. With some time and money committed to adjust the existing product, you open your business to new sales opportunities.