How Spectrum Approaches New Market Expansion
A Spectrum manager has a client who is looking to expand into a completely new territory. With that, comes the age-old question, “Is it time for a new website or can we just build upon the one we already have?”
When you expand into a new market, it’s likely that nobody has ever heard of your business. It may seem like having separate sites for each market increases your chances of being seen, but that’s not the case. One website with all of your locations, products, and services is more powerful than multiple websites that focus on only one aspect of your business.
Here are the key questions we ask our clients when expanding into a new market, so we can develop a plan that meets our client’s goals:
- What location are you moving into?
- How are we going to help you track leads that are coming into that location?
- What’s your budget?
- What are your sales goals?
We ask these questions because your entire sales funnel works together as a system. Every piece of advertising is important. As digital marketers, we want to demonstrate exactly where traffic is coming from and how we interacted with them, so we can understand lead sources, what’s truly working, and why certain strategies are succeeding. That comes down to understanding your sales funnel, which we separate into three stages:
- Brand Awareness: Using brand awareness platforms like YouTube and Facebook help you gain footing in a new market. We use these tools to build audiences, get your name out there, and garner interest in your business.
- Website Traffic: When we drive traffic to your website, we want to know your audience’s intent. Where’s their market? What products are they actually interested in? Knowing these facts will allow us to speak to these consumers more effectively.
- Remarketing Efforts: Once you see a consumer demonstrate an active interest— looking at quote forms, reading articles, watching videos—they’re in the action phase of the sales funnel. Now, we need remarketing efforts that speak to them in a different way so that they convert.
Truly understanding your audience and planning your sales funnel accordingly is the only way you’ll see higher conversion rates in a new market. But it’s not that you’ll just see higher rates, you’ll see higher quality leads that convert into appointments and sales. Our expansion strategy allows us to educate customers and diminishes the need for those customers to get other appointments from competitors in the market.