Breaking into new markets is a very significant step for any e-commerce business, as it will require a lot of planning, resources and research. When the process is executed correctly, breaking into new markets can skyrocket the success of your e-commerce store. To ensure that you are able to yield all potential success, you need to make sure that you are planning and using all of the right resources available to you.
Identifying The Right Market
The first step to breaking into new markets is, quite simply, to identify your new target market. There are a number of important considerations that you will need to make when you are deciding which market to break into. Firstly, you will need to consider the demand for the products and services you offer. If you are looking to expand internationally, you will need to complete research to find out what demands and level of competition already exists.
It is also important when you are looking to expand into new markets, that you do not dilute your brand image. You should make sure that you can execute the expansion without having to change your brand identity too much, otherwise you might experience negative consequences in your existing market.
If you are looking to expand your business internationally then it is vital that you have a system in place that helps you to manage all translation processes. As Smartling describes, not only will you need to translate your content but localize it too. Localizing your written content is key for ensuring that your brand voice sounds authentic, credible and trustworthy.
Creating A Marketing Strategy
Creating a digital marketing strategy is another critical step when it comes to expanding your e-commerce store in a brand new market. The first step to creating a marketing strategy for a new market is to research your target audience.
The overall demographic of your target audience will likely remain somewhat similar to your existing target market, but there will be some differences. For example, the way that people use the internet, in particular social media, differs from country to country. Finding out details about your new target audience is key to creating a successful digital marketing strategy.
Once you have researched your new target audience you can begin planning which marketing efforts you will use. You will likely be looking to use a combination of on-site and off-site marketing efforts, like on-site content and social media marketing. You should also look to use some paid advertisements to further expand your brand awareness in a new market.
Never Neglect Your Existing Customers
Breaking into a new market does not happen overnight, in fact, it will likely take some time before you see any real return on your expansion. This is why it is so vital that you do not neglect your existing audience in the expansion process. Before breaking into a new market you should make sure you have a plan in place that allows you to maintain relationships with existing customers.