Opening a new market can be an effective way to grow your business. And when you have the right strategy in place, you’ll be able to accurately assess the potential of each growth opportunity. In this blog, we provide four tips to help you open new markets and predict business growth opportunities.
Tip #1 – Do Market Research and Identify Trends
One of the most important steps you must take if you want to open new markets and predict business growth is perform market research. By conducting market research using tools like Google Analytics, surveys, social media, Google’s Keywords tool, and more, you’ll be able to understand what your customers prefer and what your competitors are doing.
Moreover, by knowing more about your potential customer base and your competition, you’ll be able to identify your niche in this new market more easily. In fact, your findings may even help you to decide whether or not you should focus on this potential market. For example, the manufacturing company Spectroline, leader in ultraviolet equipment and fluorescent materials, predicts which products could become a bestseller, where specific industry and product trends are going thanks to Commercient SYNC. The SYNC integration of their ERP (Infor Visual) and Salesforce give them access to customer order history, analytics and other relevant data in real time.
Along with conducting market research, you should also identify market trends. Digital analytics can help you discover trends like cloud computing and IoT (Internet of Things), which are increasingly searched for by businesses and consumers online. For example, Google Trends displays a long-term overview of niche trends.
We also suggest that you advantage of industry research and trends reports and read through top blogs and publications in your industry every day. For example, on our weekly blog, we discuss topics surrounding the latest trends, like cloud computing and IoT.
The bottom line is, by using a variety of tools together (from Google to your CRM system), you’ll be able to track your customers’ behavior, any correlations among a specific audience, and your company’s performance.
Tip #2 – Rely On New Technology
If you want open new markets, consider tapping into the emerging technologies that are revolutionizing how customers adopt new products and services. Internet of Things technologies like Commercient IoT Pulse, which connects your ERP to over 815+ apps, can keep you connected to your customers 24/7 and help you gain better insights. This information, in return can be used to identify patterns and help you make better decisions about how to evolve a product or service over time. This will help your company to meet your customer’s needs.
By being technical savvy, you’ll be able to tap into different markets, tailor content and present products and services to markets locally and abroad. With Commercient SYNC, Dynojet Ressearch opened new markets by connecting their SYSPRO and Salesforce systems, along with Magento 2 eCommerce and SYSPRO. Before they were only in the B2B space, but with SYNC now they’re competing also in B2C, which helped to create new business growth opportunities.
Tip #3 – Listen To Your Customers
According to Richard Branson at Virgin, “Your education really begins on the day that you open the doors to customers.” When you listen to your customers, you’ll be able to mold and fine-tune your products and services and marketing to meet the needs and the expectations of your audience.
Spectroline uses customer order history, synced by Commercient, along with analytics and other data, to help with product forecasting. Sales now has a 360-degree view of their customers, including sales history, invoicing, inventory and more. Their profit margins have increased as a result.
Tip #4 – Drill Into Business Analytics To Predict Future Growth
To open new markets and predict future business growth, you should also drill into business and data analytics. This will help you reshape your interactions with customers, market more effectively, and ultimately drive more sales for your company.
In addition, you’ll be able to understand your customers’ behavior and predict how that behavior might change in the future. See how Commercient SYNC helped The Baker Company predict future growth.