Expansion with Existing Products into New Regional Markets and/or New Applications

Do you want to expand into further markets with your existing products? In this case, you can open up new customer segments and/or new applications in regions where you already sell. Then your priority should be to understand these customer segments and/or new applications that are new to you and to adapt your products and services to meet the demand. A market potential assessment and a buyer persona analysis make sense as a start. Do not shy away from the effort of a market-oriented product development process, in which you consistently incorporate your insight into the preferences of your new customers. The effort required for marketing in new customer segments should also not be underestimated. After all, no one knows you yet. You must start at the grassroots level, drawing attention to your company and your solutions for the target customers through professional public relations (PR). Finally, comprehensive marketing is also required for market penetration. Strict product management is recommended in order to be able to master diversity. Expansion into new markets requires a lot of energy and leadership. You need to motivate your organization to deal systematically with new tasks. Good leadership is paying off.


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