When you’re considering breaking into local markets, there is plenty of advice out there. Some people will advise you to go in strong, while others will warn you to take it slowly. However, each local market is different and there is no one-size-fits-all approach. So how do you begin, then? Here are some tips to help you break into local markets the right way.
Do your research.
If you’re breaking into a local market, you may think you know everything there is to know about it. This may not be the case though. Always do your research. Find out what customers are looking for, what prices they’re willing to pay, etc. What can you bring to the community that they don’t already have? Looking at your business from a customer’s view by doing research will give you a leg up when you break into the market.
Learn about your competitors.
When you’re the new kid on the block, there’s likely already someone there offering the same or similar services as you. Learn about them. See what they’re doing, how they’re doing it, and if what they’re doing is working. Look at their methods and adapt them to your business model.
A word of caution: don’t copy your competitor and don’t talk down about them. If you’re breaking into a new market, you need to be unique. Focus on the qualities that makes your business different, but don’t talk about how you’re so much better than the competition. You don’t want to create the wrong impression in the community.
Begin building relationships in the community if you haven’t already. Be active on social media. Interact with potential customers. Host an event where you can socialize and learn about the community’s needs.
But don’t just build relationships with potential customers — build relationships with businesses, too. Building relationships with other businesses will help you establish a reputation and gain respect in the community. Plus, they may be able to refer customers to you in the future.
Give your customers what they need.
No matter which local market you break into, you’re likely to find customers who need financing. Let HFS Financial do the work for you when you partner with us. We’ll help your customers find the right loan for them. Give us a call today at 1-800-254-9560 and let us help you break into local markets the right way. “You Dream It, We Finance It.”