As a business owner, you will no doubt be on the lookout for new opportunities for your company at all times. One of the best ways to do so will always be by expanding into a niche. With a new product or service ready to open the door to you, how can you effectively expand and start trading in this niche? Let’s take a look at some of the techniques you can use.
Create a Sub-Brand
If you want to separate your activities in this niche from the usual operations of your business, you could consider placing them in a sub-brand within your company. This means that both brands are a part of your overall company, they might even interact with each other on social media, and both brandings will be very different even if they are handled within the same teams internally.
This can give you the opportunity to appear as a fresh company on the scene. Your links to your main brand might help to give you authority and experience to new customers, but you will have a fresh face that will allow you to attract interest from those who might not have given your other brand a second thought.
One of the best ways to begin to build a presence and make connections amongst industry peers is by attending conferences. You need to identify what some of the primary conferences in your new industry or niche might be, then work out what it will take to get your brand there.
Even if you choose to attend a conference in a major UK city like London or Birmingham, these are still big international hubs. Attending an event run by a UK-based team like RX Global could give you connections with teams and other businesses all over the world. See if you can grab a booth at such an event, or even just head along as a delegate to begin creating connections.
Social media influencers are some of the best resources you can make use of when trying to establish a new brand or a presence in a niche. They command the attention of massive audiences. If you want to quickly push out your brand directly to your target demographic, influencer marketing might be the best path for you!
There are multiple levels of influencer marketing that you could engage with, but micro-influencers tend to be the best. They tend to have between 10,000 and 50,000 influencers, but they have a terrific level of engagement for their size, making them perfect for marketers to work with.
If you want to expand into a new niche, you need to make sure that you have a solid plan to help you do so. With the right plan and some clever thinking, you should be able to expand successfully into your new niche and begin to take advantage of all the opportunities this new market will bring.