Learning how to grow and expand your business is not only a worthy goal, but it’s often a necessity for your economic well-being and your business’ survival. What can you do to elevate the standards of your business and get it beyond the bare sustenance level? What attempts can you make to turn your business into an income-generating powerhouse you envision? Here are some of the growth strategies. All of these strategies have been successfully used by other companies and can work for you as well.
1. Dig Deep into Your Existing Market
When you think about the growth of your business, the very thing that comes to your mind is getting new customers. But, retaining your existing customers and making them the best bet to increase your sales will be a good idea. It’s more comfortable as well as cost-effective to get people who are already your customers and persuade them to buy more from you. So, you better focus on ways to get customers coming back.
Finding and promoting new uses for your services or products is an excellent way to attract your existing customers to buy more and engage new customers. Think duct tape and petroleum jelly- and how few of them would be sold had they only had one use!
3. Ask for Referrals
Attracting new customers to your business is always a good approach. One of the most convenient ways to do it is to approach your current customers for referrals. But don’t forget to note the verb! Having good customer services and great products and just assuming that you have successfully made your customers pass the word about your business is not going to work wonder when it comes to increasing your customer base; you must actively seek referrals. During and after every sale, ask the customers (satisfied) if they know anyone who would be interested in your services o products.
4. Identify New Opportunities
There are numerous ways of growing your business by making your service or product available to new customers. The best one is to open stores in new locations. These locations can also be virtual, like a website or an online store. Another way to extend your reach is through advertising. Once you have found a new market, you might use select media that targets that particular market. If your market has a younger population, you can use social media for advertising.
5. Participate in Trade Shows
Trade shows can prove to be an exciting way to grow. Since trade shows pull in people who are interested in the type of service or products you offer, they can definitely improve your bottom line. The trick here is to select the shows you participate in carefully, striking the right match for your product or service.
6. Conquer a Niche Market
Don’t forget the analogy of the big fish in the small pond? It’s vital how this strategy works for giving wings to your business. The niche market is the pond, a group of customers. Consider them as a subset of the broader market, whose needs aren’t being met, and focus on meeting those needs. For instance, a nursery might specialize in rose, but a home design business might focus on window treatments.
7. Build an Email List
One of the most effective ways to grow your business quickly is to build an email list. This clearly means that you will need to have a lead magnet. And, with a lead magnet, emerges the need for a sales funnel. Look into best companies like ConvertKit, Aweber, etc. for building and managing your list.
8. Form Strategic Partnerships
Forming a strategic partnership with the right companies and organizations can make a big difference. It could enable you to approach a wide range of customers quickly. Identifying these kinds of partnerships might be easier than done. But, look out for organizations that are complementary to your own. Get in touch with them and propose opportunities for working together.
9. Leverage Global Platforms
Are you in the eCommerce selling products? If yes, then why not use Amazon’s FBA service? Are you in the business of selling services? Use Upwork! In case you are in the business of renting homes, leverage InvitedHome, Airbnb, or other global platforms. Find a platform that has reached saturation and use it to grow your business.
10. Licensing Deals
Doing licensing deals can be a great way to boost the growth of your business without much-added efforts. If you have a product that you can think of giving license to others and share revenue of, that’s a great way to proliferate. Taking a successful or popular product and bringing it to an organization with a large footprint can assist you in achieving market saturation quicker.
Time to Grow
There you go; this is how you grow your business. Do not let this list overwhelm you. Choose one or two of these thoughts that are suitable for your business and your situations and involved in developing your growth plan.