XTM Insights
How to grow your bottom line during uncertainty by reaching new markets
How to grow your bottom line during uncertainty by reaching new markets illustration
Melissa Favre-Lorraine
AuthorMelissa Favre-Lorraine
Reading time 5 minutes
Are you a business leader wondering how to navigate the uncertainty of our current economic climate?
Entering new markets may be pivotal for your company and create growth. If that’s something you’re considering, it’s important to know what to focus on to make the most of that opportunity, and anticipate the challenges you’ll face.

Why expand into new markets?

Simply put, entering new markets is a smart business move because it enables you to expand the reach of your brand and attract more customers, increasing revenue. This is particularly key when the economic climate is uncertain, like now. Although it may seem unintuitive, looking to expand into new markets during times of uncertainty is actually a great way to mitigate risk, as it ensures you are not dependent on one market only. Diversifying your revenue streams by reaching international audiences will ensure you can continue to grow and will set yourself apart from your competitors. Also, when global markets grow again you will already have the setup to take full advantage and be a first mover.

Although it’s definitely worth the effort, expanding into new markets comes with key requirements to meet in order to be successful. You’ll need to develop a new market-entry strategy, which requires time and proper planning. In this article, we’ll take you through all the necessary considerations before starting to develop your expansion plan.

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