Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today is Strategic Tuesday and with the arrival of the new year I thought it would be a good idea to start thinking about strategy to develop new markets for your business.
What prompted me to address this topic today is a Wall Street Journal article I recently read regarding how Ethan Allen, a high-end US furniture manufacturer, is taking on the Chinese market by introducing their products into China.
China has a growing middle class that is affluent and is seeking goods that aren’t made in China. Ethan Allen is developing strategy to fit that demand.
Targeting a new market the way Ethan Allen is means you don’t have to change your product; you just have to find those new markets. Think about markets you haven’t tapped into. You might consider options that are around the corner or across the country.
Begin by creating awareness for your product; customers in new market probably don’t know about it. You may have to reposition the product just a little bit so it resonates with potential customers in the new market and they think it is something that really relates to them as opposed to your other audience.
You don’t have to go all the way to China to introduce your existing product to new markets. For me as That Branding Guy I have opportunities to share my consultancy with communities, small businesses & entrepreneurs and organizations. You just have to identify the right type of new market for your existing product.
Once a Day Marketing assists businesses to become #1 in the minds of their customers. Visit our website at www.onceadaymarketing.com. You may also contact James Glover at (505) 501-1330 or email glover@onceadaymarketing.com
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