How to Successfully Expand Your Business Into New Markets

0:00If you've been feeling stuck in your business and wondering if you're the reason it's not growing faster, I have something for you. I'm hosting a free, no-pitch, live class called Three Money Beliefs That Made Me Millions. And I'm sharing the exact mindset shifts that helped me go from million-dollar years to million-dollar months. This isn't fluff. It is a surprising strategy that changed everything for me, and I want to share it with you. Like I said, no pitch, no fluff, just you and me talking about how we shift our beliefs around money to make you millions. Save your seat now at jasminestar.com forward slash millions.

0:32I can't wait to see you there. I help you scale your business. And this is really important to me, especially when I read that statistic about how businesses that have a well-defined go-to-market strategy are 31 % more likely to hit the revenue goals. Now, I knew I wanted to share more about my experiences and the experiences that I've had with other entrepreneurs. So when do you need a go-to-market strategy? Welcome back to the Jasmine Starr Show, where we discuss business mindset and today, expanding your business into new markets. specifically expanding your business into new markets with a go-to-market strategy.

1:06I actually read a study not too long ago from McKinsey and Company that said, quote, a company with a well-defined go-to-market strategy is 31 % more likely to achieve the revenue targets, end quote. Y 'all, 31%. When I read that statistic, I wasn't necessarily surprised, but it did let me know that this was something I needed to record an episode about because I can't stop thinking about it. But first, you know the drill. I would love to read some words from a friend who rated and reviewed this show. AHL22 gave us five stars and said, thank you for showing us what's possible. The block building is good stuff.

1:43Keep it coming. I appreciate how you weave your stories in and that helps it make a lot of sense. Grateful for the women I have in my corner, end quote. Okay, I just got to say thank you. Thank you for showing up for yourself and your business. I have to tell you these stories and the reviews that you share while you are listening keep us going. So speaking of stories, I want to start the show with a real story. It's also embarrassing. It just is. I talk a lot about branding and marketing. And if you've ever heard me talk about go-to-market strategies, obviously, we mention this a lot. It's easy to throw this language around, but I'm going to be very honest.

2:19I am new to the legit language of it all. And I'm going to be very clear. Marketing is my jam. It's just something that I get. Like, I really get it deep down. It's something that has come natively and naturally to me. And it's something that is absolutely a power move. And yet it comes so intuitively that sometimes I just move along with it. Like, I'm dancing with a really skilled partner. So I'm thankful for that skill. And I'm thankful for the way that it helps me show up in the professional world. But in entrepreneurship, they use a very specific language that is and was very foreign to me.

2:53So I have the dichotomy of two things. I have something that comes naturally and intuitively. And then the language that people use in the industry is very foreign. So a few years ago, I was at a conference where the host of the conference took me behind stage and was introducing me again and again. And he was like, she is the go-to-market strategist. And I'm telling you, this guy would hype me up with every progressive introduction. And I kept on being like, oh my God. Okay, thank you. And then it turned into, thank you. He was more emphatic about my skills as a go-to-market strategist with each progressive introduction.

3:24So I just nodded and I smiled. I was like, thank you. Thank you so much. Okay, thank you. And then I went to the bathroom and I literally Googled the definition of a go-to-market strategist. So in case you want to know what this is, this is it from Google. Quote, a business professional who develops a comprehensive plan for introducing a product or service to a target market, which includes pricing, sales, omni-channel strategies, and the buyer journey. End quote. Okay, so if you've been listening to the show for a while, you're hearing this definition and you're like, yeah, like, duh, that's what we talk about on this podcast.

3:58And yet I didn't know that there was a specific word for what I did. Now I know. But y 'all know I'm not about formality or anything that seems self-important. So for the sake of our conversation, let's just focus on one thing. I help you scale your business. And this is really important to me, especially when I read that statistic about how businesses that have a well-defined go-to-market strategy are 31 % more likely to hit their revenue goals. Now, I knew I wanted to share more about my experiences and the experiences that I've had with other entrepreneurs. So when do you need a go-to-market strategy?

4:36Well, anytime you're launching a new product or service, anytime you're entering a new market or trying to reach a new customer segment. And today, I want to focus on new markets. New markets. Because here's the deal. Many businesses struggle to replicate their success in new markets because the marketing strategy they used previously in a different market may not work well in another market. And without a solid go-to-market strategy, even the best products or services can fail. So today, we're going to go over the key elements of a successful go-to-market strategy and how you can apply them to your business to ensure successful market expansion.

5:12And if you're like, I don't know, Jasmine, I don't love this for me. Okay, just keep listening. Because even if you don't plan on expanding into new markets, understanding these strategies and why they work could be just the thing that takes your business to the next level in your current market. So the very first phase, there's going to be three phases total. The very first phase when expanding into a new market is understanding the new market. You might be thinking, Jasmine, I mean, obviously, I know I need to do this. But listen, you already have your existing ideal client in mind. And this ideal client, they may have different needs, beliefs, and desires.

5:48And another thing, most people just scratch the surface and they call it a day. Like this is how the new demographic is going to look. They look at basic demographics and that's where they stop. But if you really want to make an impact, you have to go deeper. This means understanding the unspoken needs and desires and frustrations of your new potential customers and immersing yourself in their world, in their culture, and seeing things from their perspective. So let's get into a little bit of a story. When we started building Social Curator, we wanted to get very focused on 10 specific industries.

6:22And we chose the top 10 most represented industries of our users. So we did a ton of surveys. We're like, what industries are we really attracting to our platform? Knowing that we know that these are our 10 industries, how can we start attracting more power users? So these are people who are logging in every day. These are people who are scheduling their posts. These are people who are showing up for classes. We wanted more power users. And so I wanted more power users from 10 specific industries that were most represented in the business. So I hosted 10 different webinars specifically tailored for that industry.

6:52So this is absolutely crazy. I do not recommend anybody doing it. It was just what we did because I was like hell bent on getting the fastest results in the shortest amount of time. So over two days, I hosted 10 webinars. Okay, freaking crazy. 10 webinars for photographers and videographers, life coaches, business coaches, health and wellness professionals, horse creators, real estate professionals, and virtual assistants. Okay, so 10 webinars, because I really wanted to get the data and attract and position ourselves in those industries. Now, the content that we taught was the same. It was the same content, but the pressure points, the needs and the desires were so ultra specific to them and their industries.

7:34So the way that I'm talking about the pressure points of a photographer is very different than the way that I was talking about the pressure points for a health and wellness professional or a business coach. So the better that we spoke about their business needs, the more that they trusted ours. Now I did this, goodness gracious, back in 2019 as we were really focusing on expanding. But I'm doing this same thing at the time of this recording in 2024, when myself and my mentor were assessing potential opportunities for me to partner with different companies. And what we needed to know, and this is my exact question, is just because, so I was interviewing with a company, we were kind of just doing a deep dive.

8:10This was started off as consulting, and then they wanted to go to a different level by involving me in different capacities. And so I said, okay, who are your greatest competitors in this new market? Then they listed those competitors. And I said, okay, so what makes your offer different from theirs? And they immediately went to feature parity, which is the features that are the same, and then feature differentials, like things that weren't the same. And they were talking about these things and I was like, great. But what I'm really focusing on as you go into a market is you might have a similar product, but are you targeting the same person?

8:42Because just because your offers are very much the same and you say, well, that's our competitor. So we're going to go after that user. Well, The way that you speak to the user you're going after is so entirely different that it entirely shapes the front end of the go-to-market strategy. So this level of understanding is what sets really successful market expansions apart from the other ones that just fizzle out. So how do you do this for your business? Here are three ways you can better understand a new market. First, start with listening. Actually, let's call it social listening. This means diving into online spaces where your target audience hangs out and they're paying close attention to their conversations.

9:19So let's pause here for a second. This is something that I just didn't know even existed. So in the tech world, if you're on the inside of a platform, it's very common for tech companies to have a space where you can leave like feedback, review, make requests. And so I'm a part of like a tech CEO founder group. And inside of Slack, they're having these conversations. and that we're talking about how do you go and compete with the big behemoths in your industry. And a lot of people said it was very common for them to go to their greatest competitors and go into their very public feedback area of their platform.

9:52And then they read all of the requests and feedback that the behemoths, that big business, their users are saying, I wish I had X, I wish I had Y, I wish I had Z. So the competitors reading this, they're creating their competitive offer to offer X, Y, and Z. They're literally reading the other conversations. And I was like, oh, I clutched my pearls. I was like, so simple and yet so smart. Then you have to ask yourself, in addition to reading other conversations and requests, what content do they want? What content are they responding to? What questions are they asking? What are they most frustrated by?

10:24Okay, so I have to tell you, y 'all, I go down the deep crevices of the internet. So there is a Facebook group. I know, I know. I'm not really on Facebook, but I heard a conversation about a Facebook group that it was called, I think, Better Than Google. there's literally tens of thousands of millennial moms talking about what they love inside of this Facebook group. So like sometimes I'll go to Reddit and I go down these like rabbit threads of conversations. Now, the difference between this Facebook group called Better Than Google, there's all of these millennial moms who are there, tens of thousands.

10:53And someone will say, what's the best bottle? And then all of a sudden people go through like, well, it's this. And they have all of this important research that they did on their own that they're so excited to share because they feel like it won't be a waste of time if they shared it with other people. They'll ask about the best types of shows to watch or the best type of blankets to buy or how to best prepare your kids for photos at school. I mean, I was just reading and I was fascinated because you're going to not get a Google result like ranked for an algorithm. You're not going to get like a popular social media influencer.

11:20You're going to get a ton of moms who are way more like you talking about the things that they love. And I was like, this is so interesting. You get to read and see if you are targeting a millennial mom with a product or service. That is the group you got to go into. Now, I've seen a very similar kind of thing happen, albeit differently, on Reddit. Reddit, it's mostly men. So there are so many threads where men will upload a photo and then they ask for insights on what they could do to enhance their appearance. And so people will come in and they'll say, well, you should probably get a haircut or have you considered adding a mustache instead of a beard?

11:54And like people will literally give them a number value from one to 10. Like we think you're about a four attractive. but the guys post their photos in there to actually have like this come to moment of, well, maybe I think I'm a seven, but other people think I'm a four. You guys, it was like watching a train wreck and I could not get out of it. I was just so fascinated. If I was in the business of selling enhancements to men, I would be on that Reddit. If I was selling hair care or skincare or beard care, I would be so studying that Reddit. There's so much information about how to get into a market and all you have to do is bring out the popcorn, pour yourself some tea.

12:31No, you don't eat popcorn and drink tea at the same time, but you know, like spilling the tea, I'm just watching the popcorn eating it all. Maybe it doesn't work. Either way, eat your popcorn, drink your tea, get to doing the research. Because when you understand the themes and the topics that matter most to them, you gain a lot of insight into their needs and preferences. And this is how you learn to position your business and be relatable. And then your product or service, ah, it's gonna be the solution. Now, the second way to understand your new market is to understand your competition. Find out what they're doing right and then find out ways that they might be falling short.

13:05Look at their marketing strategies, their customer reviews, look at their offers, see how they interact with their audience. Now, this will help you find opportunities to differentiate yourself and then fill in the gaps so that your competitors are saying you could fill in what they're missing. And the third way that you should understand your new market is by knowing the growth opportunity. Okay, why? Why? Because knowing the potential for growth helps you make smart decisions about where you put your resources and how to plan your strategy. For example, so after we did that live webinar for hairstylist, we saw a big opportunity for market expansion in that vertical, hairstylist vertical.

13:43So we arranged for me to speak at three of the industry's biggest conferences, as well as doing a podcast initiative where I was a guest on industry-specific podcasts. Now, those specific hairstylist podcasts, they might not have been the biggest podcast of all podcasting, but the importance within that niche of hairstylists was so hugely powerful. Assessing growth opportunities means you're like, okay, where can I see market trends? Where do I find them? Where do we start hedging our bets? The potential to expand your customer base and then by doing all of this research and knowing where people are, the needs that your product or service can meet for them.

14:19So for example, a leadership and culture consultant. Okay, you're like, what's this? Well, let's say you have a business and you're a consultant and you're focusing on leadership. This person could look for growth opportunities by assessing, well, where is the industry headed? If there's like a rise in remote work, well, then the consultant might focus on expanding solutions for a virtual team or building an online culture. By aligning their services, not only with the current needs of the industry, but in the emerging needs, they can spot these new opportunities and trends. They could fill those industry gaps and they could set themselves apart from the competition.

14:52Okay. So after you've done the work to understand your new market, you can then move on to the phase of new market expansion. And this is going to be a framework. And this is to really audit and adapt the basics of your current strategies. This phase has three components. You're going to be refining your offer. You're going to be tailoring your message around it. And you're going to be creating a pricing strategy. So let's start with component number one. refining your product or service, basically refining your offer. Find out if and where you can make strategic adjustments to make sure that your offer meets the exact needs of your new market.

15:29So this might mean modifying features or adjusting the way that it's packaged to better align with that group of people. You basically just want to take your core offer and then you want to adapt it, not only so that it fits in the new market, but then it also stands out. So let's go back and use this example, like a leadership and culture consultant. This person could create lead magnets like guides or courses specifically tailored to CEOs of remote or hybrid teams. This way, the CEO, which is their ideal client, will think, wow, this program sounds like it was made just for me. Instead of, oh, just another course of more information that some people might find useful, but I don't have time.

16:04Now, the second component when you're adapting your current strategies is to tailor your messaging and your content. So this means revising your current marketing messaging to resonate with the specific needs and desires and the pain points for the new audience. So let's go back to the hairstylist. Remember, I had done 10 webinars. One of the verticals was for hairstylists. We saw a big uptake and we knew, oh, we're hitting here on a pressure point. I did three industry conferences to position myself as a leader for marketing and go-to-market strategies for hairstylists. I started doing podcasts.

16:35And then what we started realizing is we can send those specific leads, hairstylists, to a sales page that was specific around the pressure points that social curator offered and was the solution for hairstylists. The messaging became very pointed for them. So now let's use a different example. Let's go back to that culture and leadership coach. And he or she could create messaging that positions them as the expert in keeping virtual teams engaged and productive. They could start hitting pain points that CEOs of virtual teams face compared to being in person because it's different. Like maybe online, it's poor communication, employees feeling disconnected, or even training when employees can't just like, oh, let me just hop into the next office with my laptop and let me ask for help.

17:15Okay, so the culture and leadership coach could also position themselves as the, like they're the go-to person who helps in-person teams transition into virtual teams through their messaging. Okay, so we're just going through a ton of ideas about really moving into new markets for go-to-market strategy. So in regards to that, the third thing you're gonna want to do is re-strategize and adapt your pricing strategy. Now, it might not have to change, but you're gonna at least want to assess and make sure that you're not under or overcharging in that new specific market. It's important to find balance where your price aligns with the perceived value of your offer while still remaining competitive.

17:54So let's go back and use that example of the leadership and consultant, the leadership and culture consultant. If they're helping companies increase their bottom line by retaining the top talent and decreasing turnover, then they might want to adjust their pricing to reflect the expanded scope and the impact of their services. Now, I have a whole podcast episode on how to price your offer. I'm going to link it in the show notes because I really just want to focus on the go-to-market strategies. But when you revisit your pricing strategy, you're going to want to consider four things most importantly.

18:23Number one, the pricing of similar products or offers in your market. Number two, what your target customers are willing to pay. Number three, the costs, like especially hidden costs that come along with expansion fees like taxes or even training new team members. And then number four, when it comes to pricing, as you go into a new market, is the impact that your offer will have on the buyer. Now, following this, it's gonna help ensure that your offer is accessible to your new audience and you're also focusing on maintaining that profitability. Okay, so now we're in the final phase of the new market expansion framework.

18:57We're in phase three, marketing and building your new audience. How can you make the best first impression on your new market? Okay, I have five tips for you. Number one, create a memorable launch event. Have some kind of like virtual or an in-person if you are a brick and mortar like business, maybe you're locally based, have an event that introduces your brands and products into the new market. You're going to want to make it engaging, informative. You're going to want to make it memorable. Like best thing is if you can make it Instagrammable, even better. So let's go back and let's say that we're going to use this example of a leadership consultant.

19:31He or she could host a three-day live workshop called Creating Virtual High-Performing Teams, a three-day workshop. They could fill that event with leadership strategies and frameworks and remote team dynamics and culture building. And they could even bring in guest speakers. This would give potential clients a real taste of what it's like to work for them and then pitch their offer to jumpstart sales and get new case studies. Now, before we get into the next tip, I've seen this happen a lot. When you are going into a new market or you're making a new offer, the most important thing you want to do is make sure people notice.

20:06In addition to doing this in person, when you think about old school ways of getting noticed, like think about this, like Main Street USA, balloon arches, those floating movable arm things in car lots, signs. We see people with big arrows that are flipping them to get people's attention. We know that people's attention is so valuable. So if you're not doing it in the physical location, ask yourself, what is my version of a balloon arch? What is my version of that spinning arrow on Main Street? And then ask yourself, how might I do it so that people feel engaged? Let's go back to this hairstyling industry.

20:43I know it sounds like I'm repeating myself, but I repeat myself for clarity. Remember that one of 10 webinars that I did specifically for hairstylists, then I went to events, then I did the podcasting, And then we set out to a specific sales page. The next big thing for me was how do I insert myself and brand into another industry new thing? So I found that there was an offer for hairstylists. They were going to have an in-person and virtual component. And I pitched myself to be at that event. There they had a ton of social installations so that what I was doing was putting myself taking photos and videos in front of the social installations at that event using their hashtag and using other hairstylist hashtag.

21:25I want to align my business and brand with another company that's going to market creating a bus. This is scrappy, but it's effective. Okay, so the next tip for marketing your business in a new audience is to leverage established business owners who are already in the market. So find out if there are other brands or businesses that your new audience seems to trust and resonate with. Having their endorsement can build trust and credibility for your business too. So here again, I'm going to use my personal example with hairstylist. I have a very good friend. Her name is Britt Siva. She's CEO and founder of Thriver Society.

22:02Thriver Society is a program just for hairstylists. When Britt publicly endorsed me into not just her audience, but in the industry, people immediately said, okay, because she was such a founder, a founding member. She's such an avant-garde leader because she has such pull in the industry. When she says you want to trust Jasmine with marketing, hairstylists are like, if she says it, I trust it. That was aligning my business with another established business. Now, the third tip I have for you is to offer exclusive promotions. You're going to want to do this to create excitement and encourage those initial sales, even if it's just like a small purchase.

22:38Y 'all know on the show, I've mentioned before that people are 60 to 70 % more likely to buy from you again after the initial purchase. So even if that initial purchase is small, there's a much higher likelihood that they're going to buy in the future. The fourth tip I have for you is to go above and beyond with customer service. Make sure your customer service is top-notch. Respond quickly to inquiries, solve problems efficiently, and ensure that your customers feel valued. When we expand into new segments of the market, our customer success team, they prepare a list of potential questions that they think they're going to get in advance to responses that make them get back within minutes.