So let’s talk about some of the different types of markets out there so you know what’s out there and how you can expand into them.
The first thing is: foreign markets.
It could be the last thing that entered your mind in terms of available markets – most businesses tend to overlook them anyways.
When I bring up foreign markets, I’m not just talking about language here – I’m talking about countries AND different languages.
Both can be massive markets that cost far less expensive in terms of marketing.
For example: a lot of people have an English product. But all you need to do to enter a foreign market is have someone translate the product into a different language if there is demand for it.
This is especially true with intangible or digital product.
Obviously, it’s going to be easier to do you have a product like an an e-book or video, but I want you to begin thinking of how you can expand into other markets.
The barrier to entry is often easier than you may think.
There are many countries besides the USA out there – and reaching your target market may be much less costly and have a much less competition.
This brings us to cultures.
Cultures (or way of life) can actually impact the way somebody buys.
There can also be differences in terms of where somebody lives such as whether they live in an urban city or rural.
Differences like this can impact the mindsets of your potential buyers.
For example, someone who lives and works in a big city may not care about the same things that someone in a smaller rural area cares about.
Ask yourself this: does your product relate more to somebody who lives the urban city life or does it reach somebody who lives the rural life?
This can dramatically impact where you can (and should) advertise. Asking yourself questions like this can uncover potential markets that you might be missing out, on so might be good to look past just the “typical” locations of advertising that you often think of.
Maybe once you’re doing well in your main markets, you can move on to other markets as well.
In terms of marketing it will be a lot easier to rank something on Google in a foreign market than it might be in the United States are in the UK.
Even just thinking of what opportunities might exist in foreign markets can open up future possibilities – even if you don’t choose to go down that path right now.