When talking about new markets, most businesses in Europe tend to think geographically by referring to new countries. This makes sense. In the end, Europe is small enough to hop to your neighbouring countries without too many obstacles. However, it’s possible to try out completely new markets or internationalising without crossing any border.

Have you already thought about looking at new target audiences? It needs a new way of thinking and may require creating new things, but it’s worth exploring.

When you started your business, you likely had a target market in mind. You envisioned selling your products or services to a specific group of people.

However, your initial target market might shift as your business evolves. Or you might encounter a certain saturation of your initial target audience. Turn this challenge into an opportunity.

How can you expand your company’s target audience to reach new consumers? We’re happy to share some tips that we have found useful.

Research new target audiences in your new market.

Before marketing to new customers in a different market, research your target audience and the market thoroughly. This will help you create effective marketing campaigns. This will help you create effective marketing campaigns.

Invest the time to really understand the existing market and buyer behaviour specific to that market. Get to know how that audience thinks, feels, and behaves when it comes to making purchasing decisions. A powerful market penetration strategy is crucial.

Luckily, a new target audience isn’t necessarily alien to you. For instance, if your new market overlaps with your old one, it’s possible you already have data on the additional consumers you’ll now be targeting.

Learn (steal) from your competitors 

You should learn about your competition when shifting markets. To succeed, learn about your competitors to stand out and gain insights from companies targeting your audience. Understanding them will help you find ways to transform your business by stressing your competitive advantage.

Identify the top influencers in the market and read their content. This will help you understand how to connect with influencers and learn about customer behavior in that market.

Discover how your competitors engage with their audience. Look at the language and tone they use, as well as their main marketing platforms. Also, examine the content they create to promote their products and services. Now you have the choice: steal with pride … or do the exact opposite!

Consider new products or services

True, developing new products or services is easier said than done. However, it might be easier than you think, so don’t make it too complicated.

A new product can be an existing product in a different colour, updated design or new taste. A new service can be an existing one with a different tone-of voice or tailored to some specific needs of your potential target audience. Ask a marketing expert for advice on your products or services from an outside perspective. This will help you decide how you want to improve and succeed in increasing market penetration.

Use digital marketing as word-of-mouth advertising

Digital marketing strategy is essential for any business and any audience. It’s important for your company to have a search optimised website and active social media. You should also work on building a positive reputation. Word of mouth won’t be as effective this time because your top supporters are probably in a different group.

That’s where digital marketing and digital technologies comes in. Call it a global version of word-of-mouth advertising. Online reviews and stories can help new customers learn about your brand before trying it themselves.

• A great way to reach that new market is via local SEO. You’ve likely already built a solid foundation for SEO. To stay ahead of competitors, add new content to your website that appeals to your target audience in the new market.
• Don’t forget to properly introduce yourself and your brand before advertising in a new market. A great way to do that while being cost-effective is through social media. Start building a connection before you start selling. If you can gain your consumers’ trust first, you may soon see sales skyrocketing.

Is it a challenge to open new markets, even without crossing borders? Definitely!

Is it impossible? Of course not! With the right mindset you will get a long way. If you lack the time or the people to make it happen, hire business experts and marketing experts that understand your business.