How to penetrate new markets and expand your business online

How to penetrate new markets and expand your business online

A wise man once

said...

“without continual growth and progress, such words as

improvement, achievement, and success have no meaning”

Constraining your business potential to specified geographical areas,

impedes the growth and development opportunity of your product and company.

Utilizing tools that provide you with statistical facts about rising markets

and interest in your product,

Utilizing tools that provide you with statistical facts about rising markets

and interest in your product,

equips you with the ability to assess the sellability of your product to new

demographics.

It gives you insight to understand and shape the path of your company going forward.

Moreover, it defines your expansion strategy, either by identifying the need for global ontake or individual country-

based targets.

Tools that can assist you with the above, are as follows:

Google Analytics Data for specific view

Google Trends Data for an overall view

CrazyEgg (a heatmap tool for specific view)

Chart Beat for specific view

And even your very own live chat data!

On a smaller scale, your live chat data will not only show the percentage of website visitors and their nationalities, but the amount of interest shown by geographical area.

When planning to penetrate a new market, you need to consider the following:

The online browser dominance of the geographical area you want to target

Censorship in the geographical area you want to target

Censorship against your country/state

Applicable consumer laws in the geographical area you want to target

The translatability of your product/website

The economical strength of the geographical area you want to target

The difference in currency

Censorship on payment methods in the geographical area you want to target

The culture of the audience in the geographical area you want to target

Your research should include preferred means of purchase

and communication

marketing channels

available and uncensored

in the geographical

area you want to target

and the need of your product to the applicable audiences

Would you sellumbrellas in the desert?

If implemented strategically,

If implemented strategically,based on a well-researched

plan,

expanding your product to new locations...

has the potential of drastically increasing your profits.

In the words of Benjamin Franklin

“an investment in knowledge pays the best

interest”