While I often write about different ways to identify and tune in to your target market for your home business, it is also important to find ways to expand and grow your business. This usually means figuring out how to reach out into new markets and stretch out of your comfort zone. There are some similar steps to reaching new markets as there are to penetrating your current market base: identify who they are and the details about the demographic and then figure how best to reach them (and what the message should be.)
In my years of fund raising for nonprofit organizations, I developed a system for identifying who was our “warmest” market and who were the coldest. There are generally all sorts of people in between as well. The same technique works in business. You have the people who are your current customers and clients; those folks who fit perfectly into your target market and then you have people who are outside of that group. As you work to fully saturate your target market, you can also work to penetrate into some of those outside circles as well. I do think, however, that it is best to stay with those potential customers and clients who are most likely to use your products and services. There is really no point in wasting your time, for example, trying to reach those people who really have no use for your products and services (even if you really do love a good challenge!)
Figure out the sort of people or the market that you would like to expand into and then you can do a little research on how best to reach them. For example, if you would like to reach the 18-22 year-old then you absolutely HAVE to have a strong internet marketing strategy. These individuals are not likely to read a newspaper or listen to the radio but they will respond to internet marketing and blogs. If you have decided to expand and reach out to the senior population, however, your marketing campaign is going to look different.
Be sure to take care of your current, core target market base while you reach out into other markets. These folks will remain your bread and butter while you add a few from outside the inner circle as well.