Market development is an expansion strategy that deals with the growth of a company by conquering new markets. That is, it is when an organization tries to insert its products into other niches or existing markets, different from those in which it generally operates Time to Expand .
Market expansion strategy may include creating new products or adapting what you already sell to a new target audience Time to Expand .
In addition to that, market development can also mean expanding existing teams and including new communication channels… In short, everything that represents growth in relation to the stage your company is currently at.
For example, a physical store that launches a virtual store is implementing market development.
For market development to be efficient
it is important to know the right time to start expanding. To guide you, we have prepared a list of 10 signs that it is time to expand your business and generate new opportunities.
1. When your earnings stabilize
Conducting a thorough analysis Time to Expand of profits over the past three years is very important. It is necessary to answer questions denmark telegram data such as: Has my company made a profit over the past three years,
If the answer is yes, despite adversity and seasoning, your company continues to make money, then that is a good indication. With stable income, you can consider entering new market niches without risking bankruptcy.
To evaluate the strengths and weaknesses of new opportunities, we recommend reading: How to do a SWOT analysis and how to determine customer acquisition cost? plan successful strategies for your business.
2. When the volume of support tickets increases
According to Zendesk’s 2021 Trends Report , the average weekly number of support requests has increased by 20% since the start of the pandemic.
To handle a larger number of support tickets and meet customer needs, companies must invest in market development.
In this case, management tool, where it is Time to Expand possible to manage and respond to queries from a single interface.
When customers ask you for it
The same trends study found that 6 out of 10 consumers want to buy from companies that make online transactions easy and fast.
In this case, market development may include creating aleart news a virtual store, optimizing the sales page, and simplifying the checkout process, for example.
4. When society changes
Market development is also about social demands. According to the Zendesk trends report we mentioned earlier, 54% of customers want Time to Expand to buy from companies that prioritize diversity, equality
In this case, the market development strategy could be the creation of a diversity committee or the opening of exclusive positions for minorities, for example.
