Whether you are established and looking to grow your business, or you are just starting to think about the future of your company, your market matters.
Regardless of your industry, your market needs to be big enough to support the health and wellbeing of your company. The larger your company, the larger your market needs to be (because you'll need more money to pay those bills!). Sometimes that means you'll need to broaden your audience and serve a different "slice of a slice" in order to get that market coverage. Apple started as a computer company and has diversified over the years into music and media to serve a larger market. You may not be the next Apple, but it might be time to broaden your market reach. If so, read on!
If you are keen to find a broader market for your business, here are a few ways to reach more people:
Widen Your Niche
I know. Business coaches like me tell you to "niche down" and focus on one thing (or one collection of things). That's to help you gain momentum and traction in a market. When you're clear on who you serve, it's easier to create marketing that resonates. But once you're established, or if you truly do have a wider market potential, it makes sense to open things up a bit and serve more people.
Here's a pretty basic example: I taught direct sellers for years. That was my niche. But folks that weren't direct sellers kept showing up to my training and, eventually, I had a throng of non-direct sales business owners that made up an entirely new market for me. Over time, I shifted almost completely away from direct sales-specific training, and had a wider focus on entrepreneurship for creative entrepreneurs. And even now, I'm shifting my focus again to micro business owners who know they want to be the celebrity in their niche. It's a wider audience than just creative entrepreneurs, even though it's a much more focused area of support.
Start to explore the sub-realms within or alongside your niche. Leverage the audience you already have, if possible. If you're a photographer, for example, maybe instead of doing just weddings, you'll also do boudoir. You're widening your offerings to attract a slightly different audience, but an audience that probably overlaps at least a little with the folks you already serve.
Bring In More (Web) Traffic
Whether you've got a brick and mortar location or you're solely online, having more of the right people coming through your "doors" means the potential for increased sales and repeat buyers.
Physical locations make a difference (location, location, location!), but so do the ways you invite people to those locations. What kind of attraction marketing are you doing? Are you partnering with nearby shops to capitalize on traffic already in the area? There are a variety of ways to bring more bodies into your establishment. What are you currently doing and what needs to change? Hiring a marketing agency or a business coach can help (ahem. hint hint, nudge, nudge!).
In the online world, you may want to use a professional SEO agency to help you to bring in more web traffic. You can also do your own bit towards increasing traffic - including creating compelling content that is going to draw people in.
With more web traffic comes a broader audience and greater opportunities for sales, so this is something that you will certainly find useful to focus on.
Partner Up
Sometimes, a very effective way for a business to broaden its market share is to actually partner up with another company. It goes without saying that this other company won’t be a direct competitor, but one that is working in a similar kind of area of work, and in such a way that you should be able to work together towards similar goals. Think: a tax accountant who has a referral relationship with a financial advisor. With the best partnerships, you end up in a situation where you are going to both benefit much more compared to being alone.
Be choosy about your partners and who they are, but it’s the kind of thing that can help grow a business more quickly because you're leveraging the power of the networks of TWO businesses, instead of one!
Sell A New Product
Like the Apple example above, sometimes it’s as simple as just trying to sell a new product and seeing how that fares. Don't spread yourself too thin - that's the issue that often happens when someone tries to sell a bunch of different offers right out of the gate in a new business! Instead, think of another offer you might sell that's a logical "next step" for your existing audience and start putting it out there. You might find that this is enough to start things growing again.