As we all know, it is quite difficult to establish a market. In fact, it requires a lot of efforts. But the real challenge awaits after that. In other words, we should expand the market. Expansion refers to choosing the right plan for business growth so that resources can be appropriately allocated and optimized. Expansion is a market strategy. There is no alternative to experiencing lasting success. In this post, we will talk about several effective and interesting ways to expand the market. The necessary market strategies have different expansion strategies for different types of market places. We have chosen what has proved to be necessary for many successful businesses around the world. Let me see. The
First of all, we should emphasize the most difficult aspect. All markets must generate two aspects by themselves: the supply side and the demand side. Find out which of the two is more difficult for the market. If you can put that side on the boat, it will be 2-10 times easier to get the other side. For example, the RV rental market is the most difficult to supply outdoor. So they went to get supplies first. After obtaining more RV owners and ensuring sufficient supply, the demand of the other party began to become faster and cheaper 5 times. Focus on gap marketing
Rather than invest in a broader market at the beginning, it is better to target small groups first. Make sure it works on the gap target, and then start expanding. For example, in early 1995, Craig Newmark started Craigslist through e-mail distribution service among friends. It is now a classified advertising website, involving 70 countries. To expand the scope of supply as soon as possible, please exaggerate the supply side of the market. People tend to go back to markets where they have many options. Please indicate that they have a wide range of supply. The
For example, goodreads initially collected data from the web to increase supply when user activity was low. Let customers trust that inventory counting can attract more users. Now we need to turn them into customers. In this case, a certain degree of trust is required. Transparency, review and evaluation systems, insurance – people like to see it in the market. Male example: Uber has a hierarchy of drivers and riders. Remove the degraded driver. Similarly, the driver can confirm the customer before putting forward the passenger car proposal. The
Early stage investment worth attention may increase. You will get more attention from a large amount of early investment. This strategy reflects the commitment to the program and can easily attract producers. Male example: Microsoft launched Xbox with a marketing budget of 500million US dollars, which obviously introduced new developers and producers into the platform. It may be effective to create an important entry in a function set at a time and emphasize one function. Provide people with centralized functions of business solutions. Then introduce other suggestions. For example, when it was founded in 2007, flipkart focused only on book sales. We started offering other products while ensuring a user base and naming them brands. It is now one of the largest online stores in India. The
Don’t go too fast. Expanding the market is no small matter. Sometimes it takes a long time to visualize the results. Therefore, if there are no immediate results, please do not change the plan too often. Remember, it takes time to build a solid foundation. Male example: Uber can be referenced here again. In order to eliminate the users of ordinary yellow taxis, the strategy of reducing costs has been adopted. At first I began to lose money, but I didn’t switch in the plan. Not to mention that it did get what it wanted. value
Get high users identify users with high value to your business and arrive first. Other users will be affected. Ultimately, you will have a large user base. The
Male example: tinder’s marketing leaders personally visited multiple campuses to persuade girls to participate in the platform. Then she went to the male brotherhood. I have seen many familiar faces on the app and joined them. To earn more, please pay more and, if possible, monetize the most valuable aspects (supply \/ demand) in the market. Please pay the buyer or seller, pay the people who are more valuable to the market, and encourage them to participate. Paying before making money is not a bad way, but a trick to trigger user activity. For example, classpass provides subsidies on the supply side. They paid the stadium in advance to join the platform. The
It is a very difficult task to create buyer and seller communities in the initial stage of reaching both ends at once, so please look for opportunities to encounter both. In short, search user groups so that they can act as buyers and sellers at the same time. For example, Etsy used this strategy when it found that the person most likely to buy a handmade product was the person who sold the product. They target this user group and don’t have to worry about chickens or eggs. Creating a community with a strong network or community has great advantages. This is a better way to get closer to people, be more active and exchange knowledge. Organize meeting activities, create and manage communities. The
Male example: yelp holds many parties for \
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Improve participation through some free functions the word free has the power to attract people’s attention. To allow more people to participate in the market, please make expensive things for free. For example, on friendship day in 2010, Coca Cola gave away two Coca Cola at the price of one Coca Cola in Argentina. It experienced a 1075% increase in sales that day (800 bottles in 9 hours). Set constraints, increase excitement, set maximum purchase limit or purchase time limit, and cause great excitement among customers. It triggers \
Ultimately, not all strategies apply to all markets. You don’t need all of them. Please look at the market. This makes it easy to make a plan that suits you. If you like other strategies not mentioned here, please leave a message to share. We really want to hear your opinion.
