There are lots of factors to consider when deciding whether or not to expand into a new location or focus on existing locations. Once they decide to move forward with a launch into a new area, most business owners know that they can’t simply say, “Here I am!” and expect consumers to flock to their business.
There are definitely businesses where awareness in other markets is already strong and people already travel to the current locations from the new area. However, for most businesses this is not the case. This would be especially true for service based businesses where their customers rarely go to their location.
So how do you generate that initial traffic or even test market the interest in the other city, market area or location?
- Ask existing contacts and consumers who buy from you if they know people that they can refer to your business in the new market. You can run inside sales campaigns and referral programs specifically targeting growth into the new market.
- Use barter. Contact your BarterPay broker and get connected with the office in the area you are expanding to. Not only will you get access to potential customers in the new market, you will also be able to trade for costs such as advertising, as well as meals and accommodation for yourself and your launch team. One of the powerful ways to use barter is to buy things you need without dipping into your existing cash flow. Then it’s easier on your pocket book to launch into a new venture, and way less stressful! Also, a HUGE, (can I say HUUUGE?) bonus to using barter to launch into a new market is that you will have access to barter coaches who are walking, breathing, real life sales reps who will already have access to business owners all over Canada and have the ability to put your business in front of thousands of other business owners and CEOs to make all the major decisions! Many people have no idea that these services even exist, yet they can completely transform how you do business if you let them go to work for you!
- Advertise through social media as well as traditional advertising streams.