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Using an app to capture new markets: what you need to consider

By John Cleary
11/04/2019

Using an app to capture new markets: what you need to consider

Whether at a local, national, or global level, chances are your marketplace is becoming increasingly competitive. The internet and its associated technologies have allowed you to reach more customers than ever. But you could say the same from the customers’ perspective. As a consequence, competition is high. These factors help explain why so many businesses want to expand into unexplored territory.

With innovative web and mobile apps at your disposal, there’s a wide world of new markets that can be tapped. In every industry, these technological tools are capable of boosting sales and bringing in greater revenue. But navigating this new landscape isn’t easy. To do it effectively with a new market, there is much you need to take into account first.

Identify the degree of change

Many businesses assume complete reinvention is necessary for expansion. The benefits of a completely new target base are tempting, but dramatic moves come with higher risks and serious market research. It’s worth considering markets much closer to what your company excels at.

Using apps for vertical industry expansion has been a highly successful model for many companies:

  • Take Pokemon Go. This mobile app still stuck to the principles of the highly successful Pokemon video games. But the developers went above and beyond by creating a new mobile app that opened up easy entry to an even wider audience.  
  • Thirdlove, a lingerie shopping app, highlighted a key problem in their industry. They saw how uncomfortable many customers were using store dressing rooms and interacting with staff. By creating an app that uses selfies to help accurately size the user, they dramatically opened up their customer base to those who valued the comfort and privacy of their own home.

Give expansion the caution it deserves

Before entering this new market, you need to ask yourself: are we doing this for the right reason? All too often businesses wrongly focus on developing excessive and expensive high-tech systems as a badge of honour. Failure to provide improved connection, value, or service to your customers with this technology is a potential recipe for disaster.

Provide genuine value

When it comes to unlocking a new market, your app has to provide genuine values to this new customer base. To build your app development strategy, consider the following questions carefully:

  1. Does this app solve a problem for new customers?
  2. Will it save them time?
  3. Does it give them an exclusive benefit over your competitors?
  4. Is it more convenient than what competitors in your new market are offering?
  5. Does it offer reusable features that encourage regular use?

With a carefully constructed app development strategy at your disposal, you’ll be on the right path to pulling off expansion into a new market. More brand recognition, a wider customer base, and an increase in your revenue are just a small number of the potential benefits of utilising apps to unlock markets – a strategy that should never be overlooked.

Createk builds software that unlocks efficiency across your business. We get under the skin of how you operate and create a bespoke solution tailored to your unique challenges. Secure, stable, and supported every step of the way. Get in touch to see how Createk can help you with your application development.

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