Playbook / Lessons / Expand: new markets
Cash-flow businessExpand into a client niche close to the one you already serve
Drawing on brand strategist Jennifer Bourn, the article says it is often easier to branch into complementary markets similar to the ones you already work in, for example eye clinics for someone serving dental offices. It suggests testing the new segment with a small project or two, using referrals from current clients, and creating content aimed at the new segment.
“It’s worthwhile to test the waters with a small project or two”— Craig Guillot, Growing reseller sales by identifying new customer segments, Apr 2019
Do this
Name one niche next to your current best clients, ask a current client for an introduction there, and offer one small project to see whether you like the work and the buyers.