Business Growth Strategies | Surprise, Delight… Then What? How To Keep the Momentum Going
Business Growth Strategies | Business growth is not an option – it’s a necessity. It’s one thing to have an amazing product, but it will never be a success unless your potential clients know about it. To grow your business in any economy requires the right strategy in the right market at the right time. Any small business owner will confirm that client base growth is among the most important challenges any young company faces. Startups must try a variety of client acquisition methods to effectively grow their brand and acquire new clients.
You want your small business to grow into a big business, right? If that’s true, you need to find out which big-business growth strategies might work for you. Here are six growth strategies for small businesses you should consider. Not every strategy will be right for your situation, but some of these might offer an opportunity for your business.
Networking | Business Growth Strategies
If you have been spending all of your time on Facebook, it might be time to branch out to Twitter, Pinterest, Google+ or LinkedIn. Figure out where your target audience spends time online, and go become part of the conversation. Go for the relationship, not the sale right away. It’s no mystery that billions of people from all over the world have made Facebook and Twitter integral parts of their lives, so it’s important to reach out and get a slice of the proverbial social media pie.
However, don’t forget the face-to-face networking either. It might be a surprise to you, but old fashioned in-person networking still works very well. Why? Because people do business with people they know.
Market Segmentation | Business Growth Strategies
Market segmentation simply means picking a sub-set of the entire marketplace that you can organize your efforts around. Out of all the people in the world, who will you try to sell to? Most small business owners would be happy with building the next Pepsi, but many are scared to eliminate part of a potential market. It can seem scary, but you have to focus on your core customer if you want a clear path to growth.
With the current state of the economy, having a well-defined target market is more important than ever. Targeting a specific segment of the market does not mean that you must exclude people that do not fit your criteria from using your services. Rather, marketing segmentation allows you to focus your budget spending on marketing to a specific part of the market that is more likely to buy from you.
Market Penetration | Business Growth Strategies
The least risky growth strategy for any business is to simply sell more of its current product to its current clients. One way to increase market share is by lowering prices. For example, in markets where there is little differentiation among products, a lower price may help a company increase its share of the market. To start, first ensure your existing clients are satisfied with the product, or service. Then you try to sell them more product, or upgrade their service.
Market Expansion | Business Growth Strategies
The next step up the ladder is to find a way to sell more of your current product to another market. The new market can be industry-related or geographical — offering your product or service to clients in another city or state, for example. Changing the product packaging or modifying the product slightly can also open up new markets. A keen understanding of the new markets is of key importance, so make sure to do your research.
Product Expansion | Business Growth Strategies
Innovative companies understand that in order to grow, they must continue to develop new products and services. Product expansion is a classic strategy, and it involves developing new products to sell to your existing customers as well as to new ones. Even if it appears to be an easier strategy to implement, it doesn’t come without challenges.
If you have a choice, you would ideally like to sell your new products to existing clients first. That’s because selling products to your existing clients is far less risky than having to learn both a new product and a new market at the same time.