All of you who started out with your business know what it takes to get your business off the ground. Weeks and months of planning, hours and hours of research, help from friends, family and legal advisors, seeking and extracting useful information from books, articles, magazines etc, were few of the many things you did thoroughly. Now when it’s running and doing well, now what? What should be your next move?
Learning how to grow your business is not just something you choose to do but is often a necessity for your business’s survival and your economic well-being. Business growth strategies do not work as one-size-fits-all. Knowing where your business stands and where you aim it to reach after a few years will not be the same as someone else’s. Therefore all the ways to grow your business mentioned below will work but may not at the same time, and you will need to figure out where to begin.
Here are some of the possible business growth strategies:
- Penetrate Your Existing Market
When you think about growing your business the first thing that probably comes to mind is penetrating a new market, attracting new customers and selling your products to them. However, what you might forget about at times is that the customers you already have are your best bet to grow. Introducing your products or services to new customers will take a lot of marketing first. On the other hand, it is easier and more cost-effective to get people who are already buying from you to buy more, less marketing and less fuss.
- Ask for Referrals
Selling to your existing customers is the least risky way of growing, however, seeking new customers is not a bad approach. One of the risk-free ways of doing so is, again through your existing customers. Ask them for referrals. Having great products and amazing customer service do not generate word of mouth that easily, you have to actively ask for referrals. Whenever you make a sale, serve a customer or interact with them in any way, ask that satisfied customer if there is someone else who might be interested in your products.
- Extend Your Market Reach
Expanding your horizons, you can target new customers and build new markets for your business. There are several ways to go about this. Start offering your products to an adjacent market, another city or state for example. The most obvious way of offering products to a new market and growing your business would be through new stores in those locations or setting up kiosks at super stores in new towns and cities. However, new locations can also be virtual such as you had a Facebook page now you decided to open a dedicated website or ecommerce store.
- Innovate Your Products/Services
A classic strategy to expand your business is to find and promote new uses for your products to attract existing and new customers. However, other times market conditions dictate that you must create new products for both the existing and new customers. Start by introducing your new products to existing customers and expand strategically to new customers. You do not want to introduce new products to a completely alien market right from the start that is not a smart move.
Another great way to expand your business without you having to do manage everything is to sell your franchise to entrepreneurs equally interested and passionate about the work you do. Because that is essential, you need to expand through people who share your vision, understand your products well and are really interested in starting their business careers through your brand. If you can ensure that, franchising may be the fast track for growing your business.
There you have it; some of the ways you can grow your business. Do not let this list overwhelm you, instead pick one idea that you think is the best point of start for you as per your circumstances.
And Now It’s Time to Grow!
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