How to Expand My Business?
Growth and development are essential ambitions for most business owners, but how can you increase your business in this slow-growing economy?
With these useful strategies, you can grow your business to a higher level.
1. Adding New Services and Products
First, you need to discern which services and products your customers want and how much they are willing to pay for them. You can conduct market research before implementing new service and product expansion. Ask your existing clients about what they think of your new service and product ideas.
2. Selling Supplementary Products or Services
Start by doing market segmentation analysis to recognize the customer divisions who are more likely to purchase so that you can focus on marketing and sales of these divisions. When you have the right information, you can better distribute your marketing and sales dollars.
3. Developing New Territories
The idea is to market and sell existing services to new clients. These clients can be in different niches or locations from where you are presently operational.
Open up multiple locations. A great example is Lane and Associates Family Dentistry, currently expanding into North Raleigh. If your niche involves retail, then this type of expansion will entail opening new locations in diverse geographical areas whether it’s in the country or across town.
This can be costly so make sure you’re doing market research based on customer demand in the area of where you’re thinking of opening up a branch.
4. Targeting New Client Markets
Most businesses have a sales and marketing plan that is built on demographics such as gender, location and age or psychographics like values, interests and activities.
But are there supplementary client markets that may also be practical for your services and products? Give this some serious consideration.
5. Tapping into New Networks
The internet is the perfect example of how new sales and delivery channels can convert a small business. Numerous companies have been reinvented by taking advantage of various online opportunities like opening e-commerce stores or service providers offering their services on a website to reach a wider audience.
Advertising your services or products online and using SEO techniques to rank high in search engines can take your business to the next level.
6. Acquiring Another Business
This is one of the fastest routes in growing and expanding your business.
Merging with another business can grow your business two-fold overnight and boost your revenue and sales exponentially. But when you have a company in mind that you possibly want to acquire, it’s vital to give deliberation on the company’s strength, financial situation and management team.
Pay attention to the synergies between the two companies that will ultimately result in a collective entity that is stronger together than either would be operating on their own.
The state of the economy doesn’t have to prescribe your expansion plans and business growth. Implementing one or more of the strategies mentioned above can be useful in taking your business to new heights.
What strategies are you employing to expand your business? Any of the above? We’d love to hear your story in the comments below.
P.S. Don’t miss our previous post contributed by Lane and Associates Family Dentistry