Tips to improve it for your business
Maybe you own a salon, or a startup, or a Michelin-star restaurant, or maybe something else entirely. What unites them all in one category? That you all need clients.
Every business needs new customers to grow, it’s just the truth of the gospel!
When you have a tight budget for marketing and advertising, you need to make sure it is optimized to work! But what if you don’t have a huge audience to influence?
Let’s say you set up an amazing restaurant in the middle of your local hottest tourist spot, but it only seats 5 customers at a time.
It doesn’t sound so good anymore, does it?
The same is applicable to your marketing plans. When your market reach is not wide enough, there is no way your product can perform well or reap enough benefits.
You need to measure your markets and make sure your marketing plan attracts new audiences.
Go-to-market is one of those techniques that helps you review your marketing efforts in a measurable way.
It’s a great advertising metric that allows you to measure how many people saw your latest ad or marketing campaign.
Let’s learn a little more …
What is Market Reach? (Definition)
Simply put, market reach is the number of potential customers your marketing campaign can reach.
For example: if you were to show your ad in a magazine, your market reach would be equal to the number of people who buy that magazine.
But why do you need market reach? Because market reach will help you make more informed and robust marketing decisions.
Let’s talk about Starbucks and how it has become everyone’s favorite place. And they show no signs of stopping as they have started selling their coffee beans in grocery stores too! They couldn’t have done it without a go-to-market strategy!
Understanding the scope of your market helps you know whether or not your current marketing investment is worth it. One report suggests that 14% of startups die due to poor marketing. (Source) Therefore, not monitoring your reach in the market is a big mistake.
When you strategize and use new platforms that broaden your reach to the market, you not only end up saving a lot of money, but you also get better returns.
So let’s not waste any more time and dive into 7 accurate and reliable tips to improve your reach in the market.
7 effective tips to improve your reach in the market
1. Use social media
Today’s brands are riding the social media wave to optimize their reach. And works!
73% of marketers believe that their efforts directed through social media have been “somewhat effective” or “very effective” (Buffer)
Social media has provided a great platform for brands to connect with their consumers. And today’s consumer also loves social media:
- 66% of customers who use Facebook follow a brand on that platform. (Source)
- The average internet user had 3 social media accounts in 2012, and now the average is closer to 7 accounts. (Source)
Each type of content you share on social media will generate engagement, and you can measure the change in your reach with the insights these platforms offer. Just make sure your posts are insightful, catchy, and serve the interests of your audience, and you’ll do great!
Apart from that, you can also ask existing customers to tag your product on social media profiles and you can also repost them. It’s a great way to increase your market reach because the more content you post, the better your chances of increasing engagement.
Read more: Marketing channels you need to use this year.
2. Understand your current audience
Before you start looking for new markets to reach, you need to have a clear picture of who you are currently serving and what their preferences are. Ask yourself questions like:
- What unites all of your customers?
- Why do they buy from you?
- What platforms offer you the most interactions?
Let’s consider a scenario: Most of the people who signed up for emails responded better to a new discount offer than to new updates to their product. So that’s the type of offer you should be submitting more often.
Identify these trends and create personalized content that your existing customers love to attract new ones.
3. Free trials
Let’s face it, who doesn’t love free stuff? In fact, B2B companies that used free trials averaged 66 percent conversions among users. (Source)
When you help your customers with free trials or discounts, you foster a new relationship, one that is filled with trust. Sounds like a great way to expand your reach in the market!
You can also offer trials and discounts to social media influencers and bloggers, who could then squeeze out a good word for your brand and promote it for you.
4. References
Another similar way to build loyalty and anchor it to expand market reach is referrals. Simply, referrals are your customers who spread the word about your brand or services.
You can direct your customers to recommend you to their friends or colleagues, or simply do so by being carried away by the experience of your brand.
No one will recommend your brand if it is not good enough. But if you do, customers will go out of their way to make sure people know about it.
And don’t forget what Chip Bell said about loyal customers: “… they don’t just recommend you, they insist that their friends do business with you.”
It has been investigated that 84% of consumers trust the recommendations of friends, family or colleagues. (Source) We don’t think there is any plausible reason not to try!
5. Team up with startups
The audiences you serve are not unique to your company, but are run by companies that offer totally different products than yours.
That means you can partner with such companies to reach a target market that you have never tapped before.
And this is a tried and tested strategy: 57% of organizations confirm that they use partnerships to acquire new customers. (Source)
New partnerships, collaborations, and co-sponsored events are a great way to innovate and increase your exposure to the market.
Read more: Reasons why content marketing is effective for B2B companies!
6. Use multiple channels
Your audience wants you to be ubiquitous. They want you to be there online or offline. They want you to constantly try to get to know their needs and preferences.
This is where a multichannel or omnichannel strategy comes into play! The omnichannel marketing strategy is about resounding a unified message across a variety of channels.
This ensures that you not only expand your reach in the market by traveling between new channels, but also ensure that everyone is linked.
Sounds complicated?
Well, the payoff is enough to attract you directly: Businesses that use 3 or more channels (such as email newsletters, blogs, and social media) have a 90% higher retention rate than single-channel efforts. (Source)
All you do is bring your existing customers together while attracting new ones.
7. Add more images
If you really like to read, chances are you will easily get bored with large plain texts. But when the same is incorporated with graphics, gifs, videos, etc, it suddenly becomes much more interesting.
The same goes for your customers! When you’re trying to expand your market reach, it’s clear that you need more people to see what you have to offer!
This is why you need to add more visual elements to your marketing efforts.
- Images increase the desire to read content by 80% (Source)
- 91% of people like visual content over written content. (Source)
Regardless of the size of your company, visual marketing is the way to go and people agree. And we believe that you should make the most of it to expand your reach in the market!
Think outside the box!
Today’s most notable and trusted brands continue to challenge themselves and find new ways to innovate.
And every time they upset the norm, they sparked conversations among the masses that automatically took them to newer markets.
Expansion will never be unique. You will always need to find new ways to increase your reach in the market and stay afloat in any industry.
Always remember: “The only strategy that guarantees failure is not taking risks.”
Keep learning using the data you already have and always be on the lookout for new ways to improve your reach to market!
We support you and if you have any questions along the way let us know by tweeting @elink_io, we will be happy to help!
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