Maybe you own a salon, or a start-up, or a Michelin star restaurant, or maybe something entirely different. What ties you all in one category? That all of you need customers.
Every business needs new customers to grow – it’s just the gospel truth!
When you have a restricted budget for marketing and advertising, you need to make sure that it’s optimized to rock! But what if you don’t have a big audience to influence?
Let’s say you established an amazing restaurant in the middle of the hottest tourist spot in your locale, but it can only seat 5 customers at a time.
Sounds not so great anymore right?
The same is applicable to your marketing plans. When your market reach is not expansive enough, there is no way your product can perform well or reap enough benefits.
You need to measure your markets and make sure that your marketing plan will rope in new audiences.
Market reach is one such technique that helps you review your marketing efforts in a quantifiable manner.
It is a great advertising metric that allows you to measure how many people viewed your latest ad or marketing campaign.
Let’s learn a little more…
What is Market Reach? (Definition)
Simply put, market reach is the number of potential customers your marketing campaign can reach.
For example: If you were to display your ad in a magazine, your market reach would be equivalent to the number of people who buy that magazine.
But why do you need market reach? Because market reach will help you make more informed and sound marketing decisions.
Let’s just talk about Starbucks and how it’s become everyone’s go-to coffee place. And they show no signs of stopping, as they’ve started selling their coffee beans in grocery stores too now! They couldn’t have achieved this without a market reach strategy!
Understanding your market reach helps you know if your current marketing expenditure is worth it or not. A report suggests that 14% of startups die due to poor marketing. (Source) Thus, not keeping an eye on your market reach is a big mistake.
When you strategize and use new platforms that amplify your market reach, you not only end up saving big bucks but also gain better returns.
So let’s not waste any more time and dive straight into 7 spot-on and reliable tips to improve your market reach
7 Effective Tips to Improve your Market Reach
1. Use Social Media
Brands today are riding the social media wave to optimize their reach. And it works!
73% of marketers believe that their efforts directed through social media have been “somewhat effective” or “very effective” (Buffer)
Social media has provided a great platform for brands to connect with their consumers. And today’s consumer also loves social media:
- 66% of customers that use Facebook follow a brand on that platform. (Source)
- The average internet user had 3 social media accounts in 2012, and now the average is closer to 7 accounts (Source)
Every kind of content that you share on social media will generate engagement and you can measure the change in your reach with the insights these platforms offer. Just make sure your posts are insightful, catchy, and something that serves your audience’s interest and you’ll do great!
Other than that, you can also ask existing customers to tag your product on social media profiles and you can repost those too. It’s a great way to increase your market reach because the more content you post, the better your chances at increasing engagement.
2. Understand Your Current Audience
Before you start scavenging for new markets to reach, you need to get a clear image of who you’re currently serving and what their preferences are. Ask yourself questions like:
- What ties all your customers together?
- Why do they buy from you?
- Which platforms are offering you the most engagements?
Let’s consider a scenario: most people who signed up for emails responded better to a new discount offer than new upgrades in your product. Then that’s the kind of offers you should be presenting more often.
Identify these trends and create personalized content that your existing customers love to attract new ones.
3. Free trials
Let’s be real, who doesn’t love free stuff? In fact, B2B companies that utilized free trials saw an average of 66-percent conversions among users. (Source)
When you lend a hand to your customers with free trials or discounts, you foster a new relationship, one that is full of trust. That sounds like a great way to expand your market reach!
You can offer trials and discounts to social influencers and bloggers too, who could then squeeze in a good word for your brand and promote it for you.
Another similar way to develop loyalty and anchor it to expand market reach is Referrals. Simply, referrals are your customers spreading the word about your brand or services.
You can either direct your customers to refer you to their friends or colleagues or just do it by knocking their socks off with your brand experience.
No one will recommend your brand if it’s not good enough. But if it does, customers will go out of their way to make sure people know about it!
And don’t forget what Chip Bell said about loyal customers – “…they don’t just recommend you, they insist that your friends do business with you.”
It’s been researched that 84% of consumers trust recommendations from friends, family, or colleagues. (Source)We don’t think there’s any plausible reason to not give it a try!
5. Team Up With New Businesses
The audiences you cater to are not exclusive to just your business, they are being targeted by businesses that offer totally different products than yours.
That means, you can team up with such businesses to reach a target market that you never tapped before.
And this is a tried and tested strategy – 57% of organizations confirm they use partnerships to acquire new customers. (Source)
New partnerships, collaborations, and co-sponsored events are a great way to innovate and increase your market exposure.
6. Use Multiple Channels
Your audiences want you to be omnipresent. They want you to be there online or offline. They want you to constantly make attempts to know their needs and preferences.
This is where a multiple-channel or omnichannel strategy comes in! Omnichannel marketing strategy is all about resonating a unified message across a varied number of channels.
This ensures that you not only expand your market reach by traveling between new channels but also make sure that they are all tied together.
Well, the payoff is enough to reel you right in – Companies using 3 or more channels (like email newsletters, blogs, and social media) have a 90% higher retention rate than single-channel efforts. (Source)
All it does is tie your existing customers together while bringing in new ones too.
7. Add More Visuals
If you’re big on reading, chances are that you’ll easily get bored by huge plain texts. But when the same is incorporated with graphics, gifs, videos, etc, suddenly it becomes much more interesting.
The same goes for your customers! When you are trying to expand market reach, it’s clear that you need more people to view what you have to offer!
That is why you need to add more visuals to your marketing efforts.
- Visuals increase the desire to read content by 80% (Source)
- 91% of people like visual content over written content. (Source)
Regardless of your business size, visual marketing is the way forward and the people agree. And we believe you should make the most of it to expand your market reach!
Think Outside The Box!
The most notable and trusted brands today keep challenging themselves and find new ways to innovate.
And every time they disrupted the norm, they stirred conversations among the masses that automatically led them to newer markets.
Expansion will never be a one-time thing. You’ll always need to find new ways to increase your market reach and stay afloat in any industry.
Always remember, “The only strategy guaranteed to fail is not taking risks.”
So keep learning using the data you already have, and always keep an eye out for new ways to improve your market reach!
We’re rooting for you and if you have any queries along the way, do let us know by tweeting @elink_io, we’d be elated to help you!