• Ready to Expand Your Market?

  • Aug 6 2024
  • Duración: 14 m
  • Podcast

Ready to Expand Your Market?

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  • A lot of people just think broadly in terms of expanding their market, without asking themselves a really important question, which is why? Why do you need to expand your market? Am I not doing things well enough in my existing market that I haven't been able to mine that as effectively as I could? David: Hi, and welcome back. In today's episode, co host Jay McFarland and I will be discussing Expanding Your Market. Welcome back, Jay. Jay: Hey, thank you, David. Once again, I'm excited for this conversation. I know we always kind of learn from each other. We're in a process in our business where we're trying to expand from the inside, from our current customer base. Like right now we have a great Google Ads program, but we don't have an organic program, right? So that's one area that we're looking at right now. How do we get those organic leads? So we're right in this process right now. David: That's really interesting because there are so many different ways we can talk about expanding. I mean, the first thing you mentioned, just expanding inside your own customer or prospect base, right? You could just look at your Excel spreadsheet of all these people say, how can I expand within the people on this sheet, right? Or you could be talking, like you mentioned about an ad campaign. How can we expand this ad campaign to reach more of the high quality prospects that I need to reach in order to have those conversations, in order to do business together. So yeah, lots of different ways to do it. I think the appeal of a topic like expanding your market is that a lot of people tend to want to do it. I want to have more customers. I want to have more clients. Not quite sure where that's going to come from. That's sort of the generic thought, I think, for a lot of people. I want more customers. How am I going to do that? And a lot of it boils down to this. minute stuff that we're talking about, identifying who these people are, how we're going to reach out to them, and how we're going to get them on board with us. Jay: Yeah. And I think that's something that a lot of people fall prey to, and I catch myself sometimes as well, is thinking that movement is doing something, right? I'm busy. I'm writing a check. We're doing something and we're just moving. But ultimately, are you getting results and are you monitoring those results and fine tuning them? If not, you're kind of wasting your time. David: Yeah. Confusing movement with progress and they're two different things. You don't even realize you're doing it, but you're like, Oh, I should really do this, I should really do that. And we've also talked about the fact, in previous podcasts, that many business owners suffer from entrepreneurial ADD. Where you're working on one thing and then the whole squirrel, squirrel, squirrel! and we're doing that. And now we're off on something else. I think a lot of us have to reel ourselves back in when it comes to that, because there are so many different ways to expand your market. So many different ways to get in front of different groups of people, and so many different things we can say to those people. And there are too many variables. And I think when you're looking to expand your market, you can't be changing all of the variables. You can't say, okay, now I'm going to go after a totally different group of people with a totally different message and promote a totally different product or aspect of my product, right? Or a different approach to describing my product, because you will have absolutely no idea at that point of what's working and what's not. I mean, in some cases we can do some minor tweaking of maybe one of those variables. If we've got a sales presentation that has worked historically for us, for a long time, then it makes perfect sense to test out that presentation in front of a different group of people who have never heard it.
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