Marketing your business is an ongoing process but expanding your business is a serious decision to make. Business growth strategy must be planned and executed cleverly so as to not witness a failure. The decision to target new markets has a huge impact on the financial front and hence, all the strategies you opt for need to be analysed with focus. While there are many ways to race ahead of social media competitors, targeting new markets and avenues for sales is the best one.
But is it so easy to venture into a new market? How can a business discover the market potential? All these questions need answers before you go ahead with the decision of expanding your market.
Social media has a massive influence on how the customers view your business/brand. When you think of entering new markets you also need to take into account the same. Right from the target audience to the business goals and objectives, everything needs to be taken into consideration.
In this blog, we will help you understand how to enter new markets that will take you ahead of your social media competitors.
Steps to Enter New Markets
If your priority is to enter new markets to beat your social media competitors, it is necessary to know about those competitors. Track competitors and find out about their existing strategies and audience. Tools like Unbox Social can help you get all the data about your competitors. This data will give you an idea of where your brand/business currently stands in the industry. The data you collect will further help you choose the right market avenues.
Study the existing audience and customers
Before entering a new market, take note of your existing audience and customers. This will help you discover the unexplored consumer base. Make sure you analyse who are your loyal customers and how you can find a similar audience base in another market. This will help you lessen the chances of failure in a new market.
Decide why you need to enter a new market avenue
There are many reasons why you need to enter new markets and racing ahead of your social media competitors is one of them. However, that is not enough. Set clear business goals and objectives to plan. Are you planning to target a new audience base? Are you going to introduce a new product or a service? Are you updating your offerings as per the markets you are planning to target? All of these questions will form the purpose of entering a new market.
Check where your competitors are active
Competitor monitoring is important to discover new markets. Once you analyse the markets your rivals are active in, you can also come across channels you never knew about. This will help you make calculative decisions. Competitive analysis reports from social media competitor analysis tools will give you reliable information on the same.
Find out a unique way to launch your brand to the new customer base
Once you have decided to enter a new market you must have a plan in place to launch your brand. Monitor competitors on social media, study the competitor performance and design the steps to increase brand awareness. This will give you a clear picture of how you can present your brand in a unique manner to set yourself apart from the competitors.
Know the risks before implementing a strategy
Market expansion is not a cakewalk and requires you to consider several factors and scenarios. It is best to calculate the risks well in advance so that you can prepare a backup plan in case things do not go as planned. When you measure social media competitors you will come to know the areas they excel in so make sure to make a mental note of it. This will help you plan result-oriented strategies.
Hope these steps will give you a framework of how to enter new markets to beat social media competitors. Before we wind up, let’s explore some super-useful features of the Unbox Social tool.
Competitor analysis tool– Unbox Social
1. Share of Voice
Share of Voice helps you understand your brand performance as compared to your competitors. This feature is available for all the major social media platforms and the comparison metrics differ as per the platform chosen. Share of Voice also tells you about the number of posts you have posted vs the number of interactions you have received in a particular period of time. This data helps you check whether your posts are on par with the industry competitors or do they need rework.
2. Content themes
The Unbox Social tool gives you an account of the content themes brands are talking about. This helps you see the topics brands are covering in their social media posts. To beat the competitors, you can scale up your content strategy by looking at this data.
3. Compare with keywords and hashtags
This competitive analysis tool gives you an option to compare different brands/businesses based on keywords and hashtags. This helps you monitor competitors on social media efficiently.
4. Brand score
The tool gives a clear account of how your industry competitors are faring on social media. The brand score is calculated based on a series of factors like posting habits, audience engagement, audience sentiments, and so on.
Hope this guide will help you expand your brand to newer markets effortlessly. Take a look at these blogs below to ease your social media marketing journey-