Is it time to expand your B2B to the next level? From leveraging your network to niche marketing, all your business expansion thus far has been focused on data, segmentation and meeting KPIs. Now it’s time to analyse your sales, systems and potential.
We have some tips that can help you expand into new markets, locally and internationally, and take your business from small to medium.
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Top and Tail
First, you need to segment your customers into those who are top-tail customers, meaning those who were with you from the start and are your largest customers, and your long-tail customers, or those who were attracted to you and adapted your concept or product to suit their needs.
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ID High-Profile Markets
Examine your long-tail customers. Segment them based on your market needs – such as by country, or by-product, then evaluate the value they provide. You can measure value by:
- Revenue
- Lifetime value
- Size
- Channel
- Acquisition cost
This analysis process requires you to have optimism, not blind optimism, but at least a positive attitude about the potential of your expansion.
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Get Validation
It is time to test your product or service again. Run validation tests for new markets and clients so you know if you are needed. This guide will help you make real decisions about investing in the market/s with the most potential.
You will need to update your sales strategy for different markets. What works in France might not work in Hong Kong. Accepting that you need to be flexible and adaptable to numerous markets will see you find greater success than forcing your approach onto others.
As you expand your customer base and plant roots internationally, remember the only thing that matters to your business: your customers. In every expansion focus on customer relations and the business will follow. Don’t allow your business to become overwhelmed by the sheer number of clients you now have and start treating them as a herd. Always have your customer at the core of your business and you will always remember who took your startup from its first sale to 100k clients.
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Thanks for connecting with us and we look forward to bringing you our next industry update.
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