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Credit: Mikhail Nilov via Pexels 

Expanding your business to capitalize on new market opportunities can take your company to the next level — by diversifying your revenue streams, you can enhance your cash flow, expand your customer base, and reduce the risk of relying on just one market to sustain your business. Here are some tips that may help you with your market expansion goals: 

Pick the Right Market 

Select the right new market for your business. Expanding to a market that overlaps with your core products, services, and audiences should be more cost-effective than expanding to an unrelated one. You’re also likely to have the right expertise for a related market. For example, a real estate company that sells or buys real estate should have the experience and connections to expand into the property management sector.  

Additionally, ensure that your business model can currently support the new market. If not, conduct a cost-benefit analysis of investing in your business to support the expansion. Examine other markets if the numbers don’t add up.  

Court the Right Executives 

Qualified executives who fit in with your company culture and understand your expansion goals can help your business exploit new opportunities. The consumer-centric real estate technology company, Nobul Corporation, is an excellent example. The company has aggressively expanded to new markets in just a few years, in substantial part due to the strength of its team.  

Nobul’s CEO, Regan McGee, said that adding the right executives to the organization was essential, “Our recent funding round coupled with the addition of these key executives over the last several months has allowed us to aggressively expand our consumer-centric real estate marketplace beyond Canada and Florida. We will help more people than ever with the biggest financial decision of their lives.” 

According to the real estate maverick, executives with proven track records are fundamental for Nobul, “I am very pleased to have these highly accomplished executives from Silicon Valley join Nobul’s leadership team to fuel our growth. They each have proven track records of successfully scaling businesses much smaller than Nobul to multibillion-dollar market caps and attracting stellar talent.”  

Utilize Technology 

Today, some of the most successful businesses leverage technology to achieve their market expansion goals. Technology can reduce costs, enhance efficiency, and help your company make smarter decisions.  

  • Market assessment: Research tools powered by artificial intelligence (AI) can help you gain invaluable information about your new market.  
  • Behavior analysis: Use analytics tools backed by machine learning (ML) to examine the behavior of your customer base for crucial insights.   
  • Customer surveys: Connect with your customers through email lists, website popups, and social media pages to learn what they think of your new market choice.  

Learn From Competitors  

Learn from your competitors’ experiences in markets you want to explore. In particular, look at companies similar to yours that expanded their products or services. Use their missteps and accomplishments to develop your victory path. 

While expanding to a new market can be highly beneficial, you should adopt the best strategy to avoid costly mistakes. With the best team, tools, and research, you can stack the odds in your favor.

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