Skip to main content

Five Tips For Expanding Your Business

By Alaa Aly

 Five Tips For Expanding Your Business

Market research can only tell you a very limited amount of information relevant to your specific business, and several other steps should be taken alongside this.

 https://www.entrepreneur.com/

 Market research can only tell you a very limited amount of information relevant to your specific business, and several other steps should be taken alongside this. Here are five tips for entrepreneurs ready to expand into new markets in 2020 and beyond.

  1. Market knowledge Developing a clear understanding and respect of the local culture of the market in which you want to expand is critical. This means becoming familiar with local customs, governance, and legislation, working practices, and the way in which business is conducted. The best way to do this is to physically spend time in the market or markets you have identified for growth.
  2. Understanding the opportunity Having acquired knowledge of a new market, you should be in a position to understand and identify the real opportunity for your company, based on the cultural and business mindset. This is the time to evaluate your product.
  3. Develop a network of influential decision-makers Securing the right partner or partners in your new market is important– chances are you can’t expand alone, and working with someone that has “been there, done that” could fast track your growth. You’ll also be wise to rely on local talent with knowledge and experience of your market. They can read between the lines of that culture, helping you once again with knowledge and understanding. Visibility is also important, via your involvement with local media, events, and business communities.
  4. Patience, patience, and more patience As all entrepreneurs know, growing your business is inextricably linked to having a clear vision, and committing to plans that directly support and achieve your goals. If expanding into new markets is an integral part of how you will deliver your vision, you will need to be steadfast, patient, and resilient.
  5. Show your long-term commitment to the market All of the above approaches combined will help to demonstrate an unwavering, long-term commitment to your target market. Successful expansion relies on the adequate allocation of time and budget to travel to the market, enabling you to get involved with the local business community.

Reference:-

https://ar.wikipedia.org/wiki/%D8%AA%D8%B3%D9%88%D9%8A%D9%82
https://www.entrepreneur.com/article/348388

Labels:

Popular posts from this blog

The Future of Marketing: Embracing Digital Transformation for Success

By Alaa Aly
How Businesses are Adapting to the Digital Age to Thrive in the Competitive Market In today's fast-paced and technology-driven world, the landscape of marketing is rapidly evolving. Traditional marketing methods are being replaced by digital strategies that leverage the power of technology and data. As businesses strive to stay ahead of the curve, embracing digital transformation has become crucial for success. Digital transformation in marketing involves leveraging digital channels, technologies, and data to connect with customers, drive engagement, and achieve business goals. It encompasses various aspects, including social media marketing, content marketing, search engine optimization, data analytics, and more. One of the key drivers behind the shift towards digital marketing is the increasing reliance on digital platforms by consumers. With the rise of smartphones, social media, and online shopping, businesses must adapt their marketing strategies to meet customers where they a...
Post a Comment
Read more

2021 Efficient Marketing Relationship Tactics

By Alaa Aly
Efficient Marketing Relationship Tactics If you want to develop long-term customer relationships as a brand, they have to build on confidence. Edelman said 81 percent agree that they have to trust a brand to do the right thing to make a purchase—not to mention to become a repeat customer. One of the best ways to gain confidence as a brand is to build on the power of marketing relationships. Instead of concentrating on short-term sales, relationship marketing involves nurturing clients for a long time, so that they continue to return to your brand. Start by implementing those four key marketing tactics in order to establish sustainable connections with the customers. Be there always for your clients Think of your personal connections. More times than not, what is one of the worst things you can do leads to a kind of conflict? If you've guessed people ghosting, you're on the spot. Likewise, customer unavailability can be harmful. People are busy, and when the business hours of a ...
Read more

5 Pillars Of A Holistic Marketing Measurement Plan

By
P illars of a holistic marketing measurement plan، and h ow to  create an excellent advertising marketing plan? As the digital marketing industry adapts to evolving consumer expectations, privacy will continue to be a key focus area for marketers by 2021. Increased privacy measures are not only important for people's protection, but they will also improve the industry's long- term health Improving customer protection would require new marketing measurement methods to be implemented, which can be a challenge to keep up with as the emphasis moves towards reaching your KPIs. But keeping on top of the latest developments in measurement solutions will help you better understand the efficacy of marketing and may even help you achieve your KPIs over the year. 5 pillars of a holistic marketing measurement plan 1. Exploiting the power of first-party data Direct consumer experiences with your company will teach you a lot about the needs of your customers and, as a result, help you make i...
Post a Comment
Read more