5 ways to expand business outside your primary market
Energy executive Frank McGovern talked the Dallas Morning News about five ways to grow your business outside of your home city or state.
McGovern is the president and founder of Dallas-based Clearview Energy. Clearview serves 100,000 residential and small business customers in 13 states. Last year, it was named the 39th fastest-growing U.S. private company among 5,000 firms by Inc. magazine.
1. Know how you reach your customers. Understanding your customers' demographics can help you define the best approach for reaching your targeted customer. Provide products or services to fulfill customers' needs. Be creative and tailor your sales model to spark interest in potential customers.
2. Explore multiple markets. Step out. Limiting your target audiences may not promote your brand or drive revenue growth.
3. Customize per market. Customers in target markets are different and so are the competitors. Understand these differences and customize your product, services or sales channels. Accept this reality and run with it.
4. Be flexible. Change is the constant. If one market becomes more advantageous and another less so, don't be afraid to shift resources. Don't be afraid to take calculated risks and learn from the results.
5. Provide a value for your customers. Whether you provide your customer with product choice, time and cost savings, or superior customer service experiences, understand what you bring to the table. Knowing your customer will better position you to provide value and differentiate your business in the marketplace.
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©2013 The Dallas Morning News
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