How to grow your market

There are two parts to growing your market: keeping the customers you already have and getting new ones. Many entrepreneurs are stuck thinking that their market is finite, but a little creativity can unlock whole new markets.

Keeping your base

In the rush to exploit new frontiers some companies stumble and lose their base. The cheapest customers to acquire are the ones you already have. You may feel like you know these people and nothing will surprise you about them, but before pushing forward do research on your current client base. Find out why they have stuck with you, what they feel you need to improve, where they think you can find new customers and what they think of your ideas for expansion (you might even throw in a new product demo).

Tools like Typeform and SurveyMonkey help you create quick, easy surveys that allow you to put some scientific rigour into this process. And then stick with your customers. Find ways to keep them close to you so that you can monitor how they are reacting to the changes you implement. Most businesses start with a blog (using a free Google website) and a newsletter with services like MailChimp to stay engaged with their customer base.

Breaking into new markets

Of course, there are the traditional ways to break into new markets like promotions and giveaways, but these have a temporary effect (and are costly). Over time building a closer relationship with your customers will be most effective. Whatever you use or do to grow your market remember to stay true to your brand. In the Marketing module, we talked about the importance of consistency. Even if you are growing there should be a constant thread in the way you present yourself and your business.

In the next section we look at the other area that will need you attention: managing your growing operation.