Recently I was working with a client who wanted to expand their existing market and reach out to what they saw as “compatible” markets. Other fields and areas of interest that they thought would be in the same “general interest area” as their existing market base. One of the things we needed to examine and consider was whether or not those new individuals were really a good and compatible fit with the existing ones?
It may seem like a no-brainer—you might be thinking if our customers all like X, and there are other people over there who like Y and Y is similar to X, then those Y customers will dig our products and services too. But there are some questions to ask yourself starting with culture and expectations. Can you meet the expectations of those new Y customers? Does your company or business culture mesh with what they have come to expect?
In general, there is usually plenty of room for overlap—after all, many people who ride bicycles also own a car right? Or people who do laundry also wash their dishes. But consider if you offer fancy perfumes as your product and you think that people who buy local organic soaps might be a compatible market—are they really? Will those same people who like organic, locally-made soaps really want to get involved with a company that sells fancy (maybe tested on animals) perfumes? Maybe not.
Consider the culture and buying habits of the potential markets you are considering expanding into. Find customers and prospects who are a good fit for the markets you are already working with, or you may need to consider how to make your business, products or services more “friendly” and appealing to the new markets, without alienating your existing customer market base.
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