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Low Cost Keys to Finding More Sales in a Slow Economy (cont.)...

Key 5 - Find a natural, related market.

Every business has its target market. And that target market should be the primary focus of the business.

But for every focused target market, there are several related markets. These are markets that are targeted markets in themselves, but have some overlap with the target market. You could call these secondary markets.

The idea is to find a market that is naturally related to your primary business so that you can easily expand your offerings without having to acquire new skills or to start all over in acquiring customers. You leverage the resources, marketing, and customers that you already have.

For instance, a saddle maker has a natural secondary market in the tack that completes the equipment needed to ride a horse. It is so natural that many times you see them combined - a saddle and tack shop. But that is not the only secondary market. Of course, what often comes to mind is to carry additional items in horse care or horse adornment (mane and tail braids, etc.)

But another natural, related market is custom belts and hatbands that are tooled to match the saddle and tack. When you already have a saddle customer (current or previous), you have an opportunity to be the one who meets his related needs/wants.  Remember, you don’t have to make the sales at the same time. Suggest the secondary line to existing customers (perhaps through email or a postcard mailing to them.)

For saddle makers/tack makers who aren't into tooling (and there are some… saddle making is a big job), consider that many customers who have horses also have dogs. Here is an opportunity to offer the customer matching leads and collars for the dogs (matching the horse tack.) It uses basically the same materials and techniques and expands the line without having to acquire a whole new customer base. Yet, it can open the door to new customers.

Every target market has some overlap with other markets, what is the overlap in your market that you could sell to with little added effort?

In this article, I have used wedding cakes and saddlemakers as  examples of businesses that can use these keys.  And these same keys can unlock more sales in your business, too, whether you are providing a service or a product… or both.


Need help figuring out how to apply these to your business? The Success Programs page offers several options for you.  If you can't make up your mind, contact me and together we can see what would be most beneficial to you.

 

 

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