How to Identify a New Market in 5 Easy Steps

Is your small or midsize business looking out for a new market to sell your products/services? If yes, what you need is market research from an expert who can evaluate your sales and customer data. Once that is done, all you need to do is follow these easy steps to identify a new market and start selling your services/products to a new audience. Let’s have a look at the steps:

  1. Meticulous evaluation of sales and customer data

    Use your customer relationship management system (CRM) and enterprise resource planning (ERP) to run reports on who are currently buying your products, along with their location. If need be, this information can be calculated manually with the help of a spreadsheet to extract and sort out the data. This will give you a clear picture as to why these specific customers are particularly attracted to your products/services. If you are able to find a pattern, you will be able to find new target audiences to which you can apply a similar pattern.

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