How to penetrate new markets and expand your business online

by August 11, 2016 Leave your thoughts

 

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, 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 (initiating a live chat conveys a true interest in your product).

 

Introducing survey integration in the near future, WP Live Chat Support equipts you will with the ability to gain voice of customer insight and so understand the needs and desires of your website visitors. If you have a growing number of Chinese visitors on your website, it expresses the need for a translated product or website.

 

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

 

It may even be necessary to consult the audience you are targeting (which is conveniently possible with WP Live Chat Support’s new survey integration).

 

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 (compared to local competitor legacy, costs and trust).

 

If implemented strategically, based on a well-researched plan, expanding your product to new locations has the potential of drastically increasing your profits. According to Internet World Statistics, online usage increases with every passing year and has now only reached 50% of the world’s population, which means there is incredible growth potential still ahead.

Again, in the words of Benjamin Franklin, an investment in knowledge pays the best interest.

 

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