If your small business has an established local market, you face unique challenges in your quest to increase sales and revenue. Once a business achieves market saturation in its own locale, the company can only experience increased growth by expanding its customer base or by tapping into the market share of its competitors. An important way to expand your customer base is by increasing the market reach of your business. Market reach is the approximate number of possible customers your business can reach with a promotional campaign or through a particular advertising medium.
How Market Share Differs From Market Reach
The market share of your business is its proportion of the total market for the goods or services that your company offers. There are many advantages of having a larger market share than your competitors, which may reinforce your companys status as the market leader, once it reaches that position. Your company’s market reach is the number of people who are likely to see the advertisements from your business. Improving your market reach can help increase your companys market share.
Local Marketing at Events
Marketing your business at local events, through sponsorship of charity events, athletic competitions and art fairs can expose your company to an expanded group of people. Taking advantage of an event sponsorship to offer free classes related to some of your company’s products or services can help increase the level of engagement that your target audience could experience with your business. Offering this instructive information for free on your company’s website provides an opportunity to get new potential customers on your mailing list.
Marketing Your Small Business at Trade Shows
Renting a booth at a trade show brings you the opportunity to make personal contact with potential customers. Research by the Association of Event Organizers indicates that more than 80% of trade show visitors are buyers who are responsible for sourcing and purchasing new products and services.
Extend Your Market Reach With Newspaper Ads
Placing ads in the newspapers of neighbouring communities is another way to extend your market reach beyond the locale of your business. Consider the advantages of encroaching on the market share of companies in nearby regions, when those companies offer the same products or services as your business. Although the newspaper industry is in a difficult transition period, a study conducted by Totem Research in January 2016 revealed that 87% of Canadians read a newspaper every week, in either print or digital format.
Networking With Other Small Businesses
Establishing a customer referral program with a network of other small businesses is another useful way to expand your market reach. Other businesses in your network might have longstanding relationships with customers who now reside a good distance from your locale, although those customers continue maintain strong ties with a business in your network. You can facilitate the success of such a networking program by treating all members of the group fairly and equally. Showing appreciation and courtesy to the other members while demonstrating a commitment to the effort can be worthwhile gestures toward maintaining a strong team. Although your efforts at extending your company’s market reach might seem harshly aggressive at times, belonging to a network of other small businesses for the purpose of sharing customers can be a positive, rewarding experience.