The Importance of Selecting the Right Market to Grow Your Business

As a promotional distributor, your focus is to maximize your company’s growth potential. You might be tempted to target as many markets as possible with custom pop up tents and other of your promotional products, all with the intention to grow fast. However, while you expand your potential audience with this strategy, you run into many logistical issues. Instead of spreading yourself thinly across multiple markets, focus on selecting the right market niche for long-term growth.

Targeting Too Many Markets Can be Cumbersome

You can’t treat each market the same, so you need to put time and resources into focusing on multiple markets. You have to invest in marketing resources, communication channels, knowledgeable staff, market specific content, and targeted marketing collateral for each of these markets.

You need to expand your product range to serve multiple markets, so you need a higher storage capacity to keep everything in-stock and available when needed. Unfortunately, your markets have different needs so you’re not able to have negotiation power with a broad product selection. If you don’t have the staff and resources to support multiple market efforts, you’re going to spend a lot of time and money without any guaranteed growth.

Selecting the Right Market Allows You to Run an Effective Marketing Campaign

Instead of targeting too many markets, focus on the single right market for your business. You enjoy several benefits from changing to this strategy for your business growth. You have the time for a real marketing strategy that thoroughly looks at your target market. You can create buyer personas, gain in-depth insight into the market’s challenges, and create messaging encompassing exactly what they’re looking for.

You have an easier time creating relevant content and offers when your marketing budget isn’t spread across a dozen markets with different needs. You focus all your time and resources into this single market to attract potential customer attention. Instead of your customer support staff getting trained on multiple markets and a broad product range, they get thorough training on a single market and a focused product range.

Selecting the Right Market Gives you a Better Chance to be the Leader in Your Field

You can’t make everyone happy all the time, but you can become an expert in your market to make this target audience delighted. A “Jack of All Trades” approach may sound appealing because you have access to a larger quantity of buyers, but a lack of resources to support multiple markets means you’re a master of none. When you become a master of one market niche, you focus all your business resources into becoming an expert in that field. This focus leads you to win out over businesses that attempt a “Jack of All Trades” strategy, as you have the resources to learn this one market inside and out.

Once you spend enough time working in your targeted market, you become known as an authority in the field. You have the time and resources to show up to all the right trade shows and conferences, exhibiting your custom tent offerings and tradeshow displays with marketing that perfectly fits your audience’s needs.

 

Becoming a master of one market niche narrows your audience numbers, but your lead generation campaigns produce better quality leads because you fully understand their motivations and pain points. Once you’ve reached a sustainable growth and success in your market, it might be a good option to start targeting another market. We always recommend taking your time and always doing it right. It might take you more time but it will also pay off in the long run.

 

 

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