Operations >> Browse Articles >> Strategy

Operations >> Browse Articles >> Entrepreneurs


12 Ways To Expand Your Marketplace

12 Ways To Expand Your Marketplace

David Brydson

Exporting Goods or Services
Literally, there is a world of markets available to you if you are willing to learn how to get started. The U.S. Department of Commerce’s U.S. and Foreign Commercial Service and the U.S. Small Business Administration can help you explore potential foreign markets for your product or service.

Tourists’ Business
When you are looking for new customers, don’t ignore tourists who could be attracted to your area. Work with your local convention and visitors’ bureau to determine the impact if you cooperate with local tourist attractions or hotels and restaurants to get more people to visit and spend money in your community.

Franchising as a growth strategy offers advantages if you are short of expansion capital, yet have a concept that can be packaged and taught to people who wish to invest in a business. The legal problems can seem overwhelming, but with a good plan and competent advice, you can develop a franchise system that could prove extremely profitable.

License Agreements
If you have a technical process or service, you may be able to find people in other markets who would be willing to pay you a royalty for the rights to use your process. Perhaps you could You might also be able to sell raw materials, secret ingredients, special tooling or promotional materials to your license holders.

Direct Marketing
Selling directly to your customers is one of the oldest and most effective methods of marketing. Today, there are few door-to-door salespeople; most direct marketing is seen via direct sales companies, in party plan selling and through email, ‘snail’ mail, TV and magazines. Direct selling requires good selection and training techniques and a commission plan plus liberal incentives.

If you have a good list of prospective customers, telemarketing may be an effective method of informing them about your business, qualifying them for sales follow-up or selling your product or service to them. Professional firms can be used, or you can set up your own telephone room. Here again, recruiting and training are critical because only a few people can do telemarketing well.

Private Label
One method of reaching out to new markets is to sell your product under the name of your distributor or retailer. One drawback is: However, you cannot build customer or brand loyalty because the consumer does not know you are the producer. Another potential problem is that, should the owner of the label find a cheaper producer, you may be out of the business.

For more help implementing these ideas in your company, please contact David Brydson of BestFit Solutions at 503-206-0333.