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Expanding into Regional Markets
As businesses continue to search for opportunities to tap into new markets and capture new customers, regional expansion through the development of a multi-location presence remains an important tool for long-term success. As regional growth requires businesses to step up their efforts and dedicate resources into developing strategy, it is important to adopt a well-planned approach in order to demonstrate a commitment to customer satisfaction and successful deployment of resources. To make entering regional markets a success, companies should plan, set goals and priorities, establish customer service standards, assure customers they value their business, and protect their customer base from competitors.
Planning for Regional Expansion
Businesses must recognize the importance of determining their market boundaries and understanding their customer base in order to create an effective regional expansion strategy. A company must choose their market areas wisely and consider its current status, customer needs, and potential market opportunities. Companies should also focus on understanding who their customers are and how to best serve them. In order to properly map out the market, businesses must solicit data from current customers and potential customers alike in order to gain insight into their needs, preferences, and interests. This information can then be used to help companies frame their strategy and better accommodate customer servicing needs.
Setting Goals and Priorities
Although markets and customer needs are important factors to consider, companies should also set long and short-term goals to further guide the regional expansion strategy. Establishing desired results will help the business stay focused, while also providing a specific target to measure performance. Goals must be established on multiple levels, including both operational and customer satisfaction. After setting expectations and desired results, they should be regularly monitored to measure progress and ensure continued success.
Creating Customer Service Standards
Setting customer service standards have become a key element of regional growth strategies. These standards should be established for each customer location and define how a company will respond to inquiries, whether online or in person. Companies must implement their customer service standards effectively in order to ensure customer satisfaction and successfully deploy resources. Each customer service team should be held to the same standards, regardless of market.
Assuring Customers They are Valued
Businesses that are expanding regionally may find it beneficial to remind their current customers of their appreciation and value. This can be accomplished through various methods, such as contest and promotions, newsletters, social media campaigns, and employee recognition programs. Additionally, companies should regularly review customer feedback and adjust their strategy accordingly.
Protecting Customers from Competitors
It is important that companies protect their customer base from potential competitive threats. A thorough competitive analysis will help companies determine where their competitive advantages lie and how to best protect their customers from competitive threats. Companies should also consider using customer loyalty programs, as well as other methods, to provide incentives to customers who remain loyal to their service.
By focusing their efforts on planning, setting goals, establishing customer service standards, protecting their customer base from competitors, and assuring customers they are valued, businesses that are considering regional expansion can create an effective strategy for long-term success. This strategy must be continually refined and monitored in order to ensure continued success and customer satisfaction.
