Diversifying into new markets can make or break businesses. You could have a fantastic idea and identify a gap in the market to fill. However, if you make mistakes with how you approach it, your move may fail. To increase the chance of success, there are a number of important things to look at. You may also need to change your commercial architecture. We are going to look at this in more detail below.

What is your target market?

Before you look at any kind of strategy or change in architecture, assets, or staff, you need to know as much as possible about the new market. The most important things to look at include market size, typical customer profile, opportunities, competitors, and any barriers to entry. It is also wise to look for any adjacent markets that may also be attractive to you.

The information you gather here can help you to create a strategic framework. You can then use this to identify what you need to do to enter the market and give yourself the best chance of success.

The buyer journey

When you enter a new market, you may need to make big changes to your commercial architecture. Some of these can be obvious. For example, you may need to create spaces to display and showcase new products. There may also be new assets for your employees to use or a completely new layout for workspaces.

One thing you should look at is the buyer journey. How do customers buy from you? Will they enter the shop, browse, pick up items, purchase and leave? Or will they want to spend time talking to an expert or trying things? What you need to do is ensure you make yourself stand out as the most attractive vendor. To do that, make sure you give buyers a fantastic experience from start to finish.

Take action

While planning is vital, eventually you need to move into action. However, you have to be thoughtful here. You need to look at the investments you need to make and whether they are viable. The last thing you want is to rush into investing in big changes to the building and technology if it compromises the whole business.

A good way to approach this is by looking at how you can make the greatest impact on your customers. You can then ensure you will be investing in the right things.

Ask us for help changing commercial architecture for a new market

At Coffey Architects, we have the skills to support businesses as they evolve. Our team can provide a full range of services, including refurbishment, renovation, and new builds. It is important to look at this to ensure your architecture will support your employees and make the right impression on customers.

So, if you are looking to enter a new market and need to change your commercial architecture, let us help. We will put you in the perfect position with a building tailored to encourage your success.