Reaching new heights: 5 cost-efficient strategies for expanding your market reach

Expanding your market reach using cost-effective techniques is one of the best ways to break your company into the next profit tier. 

So how do you get there? How do you expand your market reach? It isn’t always necessary to throw money at advertising when your goal is reaching new customers. 

market reach through partnershipsInstead, you can use these affordable strategies to create a new avenue for leads. 

Dip into new markets using a virtual business address

Registering a new virtual business address, with the help of services like iPostal1, is one of the most innovative strategies for expanding your market reach

Your business can enter new markets without the costs associated with opening a physical office in a new city, state, or country. Instead, make it easy for customers to find and contact you in new markets by adding a virtual business address to your toolkit.

A virtual business address is an actual physical address that receives mail on your behalf. This way, you can remotely receive mail from new markets and still have meetings with clients whenever you’re physically in town. 

Having a virtual business address in your new target market also means you can set up a Google My Business listing and expand reach by attracting customers via the local search engine results pages. 

Form partnerships with businesses and influencers

Partnerships offer some of the best opportunities for expanding your market reach without adding any advertising costs into the equation. 

This strategy is simple. Find other businesses or influencers you aren’t competing with and who have the same target market. 

For example, an accountant might partner with a Facebook marketing specialist. Both businesses target company owners but don’t sell competing services. The accountant does a webinar for the FB marketer’s audience. The FB marketer does a FB live to the accountant’s Facebook group. It’s a win/win relationship that drives “best fit” new leads for each partner.

Use content marketing and search engine optimization

You’ll expand your market reach if you invest time in writing quality content for your website. From there, work on search engine optimization (SEO) and eventually get that content to rank in relevant Google searches. The result is additional organic traffic that your website optimization work will turn into leads. 

Optimize your website correctly

Too many businesses optimize their websites incorrectly. For example, if your visitors land on your homepage and are immediately bombarded with multiple calls to action, you should change how you approach website optimization. 

Your current website traffic is probably an untapped market simply because you’re making it difficult for visitors to become leads. 

Consider eliminating the links in the homepage’s body content that take visitors to your about, services, blog, community, and social media pages. Too much information in one place can be confusing and overwhelming. Bring people down one path that leads to a lead magnet instead. Get the subscriber, welcome them in, and then use follow-up to make the sale. 

Other options include installing an exit-intent popup, timed popups, and content upgrades to blog posts. Each new subscriber swings open the gate to a new market that currently sits closed off. 

Start a referral program

The best customers get referred to you by existing happy customers. These referrals are easy to close because the referrer warms up an otherwise cold outreach email or phone call. Encourage current customers to refer others and open up a new market without putting any ad budget aside.

Wrap up

Expanding your market reach in cost-effective ways isn’t difficult. It simply requires a little “out of the box” thinking and consistency. Try using one or more of these tactics at a time, and soon enough, your new market reach will have you swimming in sales.