The global economy is a fluid and interesting space right now, with some sectors struggling with rising prices and other industries growing rapidly as a result of rising consumer interest.
With this in mind, many UK businesses are seeking to expand and explore new horizons over the coming months. Already, UK SMEs have expressed an interest in international expansion, and many will also be exploring new products, niches and sectors to help future-proof their organisations.
Whether you’re looking to launch a new product, target specific consumers or move into a new country, creating the right marketing strategy is vital. Most businesses already have a marketing plan in place, so this can be adapted as you see fit to benefit new markets and consumers.
Here are some practical tips for business leaders looking to adapt their marketing strategy to suit a new market this year.
Review Your Existing Marketing Plan
When moving into a new niche or sector, you need to consider whether your current marketing strategy is fit for purpose, if it can be adapted or if you need to consider completely new branding altogether. That means that you need to review your existing marketing strategy with your senior management team and conduct thorough market research in your new niche. Once you know what your new target audience expects, you can start to review how you can deliver it. This can be achieved by both repurposing areas of your current marketing strategy and by exploring new options.
Collaborate With Experts
Building a marketing strategy for a new sector can be daunting, especially when you consider that you’ve got your existing brand guidelines to include and a wide variety of stakeholders to impress. To help, you should consider collaborating with marketing experts from your chosen sector or niche. For example, if you’re looking to move into a Business-to-Business sector and have previously only worked in the Business-to-Consumer landscape, then finding an experienced B2B marketing consultant could help. Experts like Alex Croucher have extensive experience in the B2B marketing landscape and can help you to build a strategy that works for your business and your new target market.
Explore New Platforms, Approaches And Technologies
If you’re planning on entering a completely new sector or region, then you need to consider new digital platforms, such as social media sites and tactics, such as direct mail marketing. These solutions and platforms might not work for your current audience, but they could be useful for your new target market. So, you should check out the platforms where your potential consumers spend time online and the marketing techniques that your competitors in your new sector find successful. It might take time, hard work and effort to adapt to new platforms, technologies and tactics, but by changing to meet the needs of your new target audience, you can give your business the best possible chance of success in your new sector.
Keep Adapting And Reviewing New Ideas
Once you’ve put together a marketing strategy to target a new sector, region or consumer sub-set, you might think that the hard work is all done. In reality, it’s only just beginning. With your plan in place, you need to review your new marketing strategy regularly and ensure that you adapt any areas that aren’t meeting your targets. By being proactive and ensuring that you review your marketing reports regularly, you can ensure that your plan meets your company’s ever-evolving needs and your target market’s ever-rising expectations.