SME Success Guide find new customer markets

Rule 4: Broaden your customer reach and find new markets

Any growth plan relies on increasing your number of customers. Therefore, formally consider where your business could expand into new customer markets – this could be as simple as developing your brand on social media channels, or even opening up additional premises in new locations. Alongside boosting your revenue stream, expanding into new customer markets can also help diversify the risk your business faces.

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SME Success Guide find new customer markets

In partnership with

Cerb-logo

There is only so much revenue that can be repeatedly extracted from a given customer base. Therefore, it’s very important that smaller and medium-sized businesses think proactively about how they can broaden their customer reach and expand where possible. In demonstrating this point, our survey respondents picked out selling products and services internationally as the most commonly chosen driver of success.

One of the most common options is to expand internationally. COVID-19 has obviously made this extremely difficult for the time being, but there are still many other ways to broaden your business’s reach, and the good news is this doesn’t have to be an expensive process.

For example, looking at your customer base, ask yourself where are similar customers based and how can you reach them? This could be done with a marketing campaign which, through the targeted use of social media, doesn’t have to be as expensive as you might think. Not only could this help you branch out into new markets, but it could also help you further connect with customers in existing locations.

Another great way to expand your business, and open up to new customers is to consider what other products and services you could provide. For example, if you run a garage and have access to many vehicles, are you in a position to buy stock and resell it, thereby creating a dealership? Or, could you sell cars in another way and establish a scrappage service? Depending on the sector you operate in, there may be several opportunities for your business to expand laterally.

Expansion may seem an expensive and daunting prospect. Though, while there is of course risk and expense, think about how you can leverage what your business already has to help it expand. Do you have a strong brand reputation that would resonate in neighbouring regions? Are your existing premises large enough to be used in new and additional ways? And do you have any existing relationships where, upon review, you could cut out the middle person and take on more of the value chain? The expansion will be different for all small and medium-sized businesses, but there will always be opportunities to take advantage of, too.

Free resources

We have partnered with industry expert Go Exporting to provide a free webinar that discusses how small businesses can unlock new markets to future-proof their business. Alongside exclusive insight, attendees were given the chance to ask questions directly to our experts.

Click here to watch the webinar.

Six Rules for SME Success

Small businesses will be the driving force behind the UK’s recovery from the COVID-19 crisis.

To support businesses through this period, Allica Bank has produced an independent report in partnership with the Centre for Economics & Business Research (CEBR). We have identified six key business drivers that will empower SMEs to succeed in a post-COVID world.

Each rule is backed up with actionable insight, expert analysis, and data from over 1,000 leading UK small and medium-sized businesses.

Download the SME Guide to Success

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Why not join our webinar to learn more about expanding into new customer markets?

“In times of uncertainty, having several different sources of revenue can be the difference between continuing to trade and coming to a complete stop. Finding new markets is a great way to future-proof your business.”

Chris Weller
Chief Commercial Officer at Allica Bank