Enthusiasm and Positivity are usually what startups and small businesses set out within their chosen markets. Some may succeed but nothing beats having a tangible long-term business growth plan in place.
Many startups fail because they haven’t taken this crucial step. When a business growth plan is neglected, the business may not reach its fullest potential. If your business is struggling, then you can still turn things around.
Here are 6 Tips on how to grow your business:
Market Penetration
This is a process taken to increase market share for an existing product or promote it. It involves actions like advertising, scalable packages, giving discounts on large orders, etc. It also involves lowering prices in order to beat competitors.
Though it may not sound good to some business owners, lowering prices can be a good short-term expansion strategy for businesses selling products that are similar to those sold by their competitors.
Market development
This has to do with promoting an existing product or service to new customers or launching them in a new geographical area. It could be that you are struggling to attract new customers because your usual market is saturated. In this situation, if you do not find a new market for your products then sales and profits would suffer.
Alternative channels
Using alternative channels is one of the best ways to grow in business. Many businesses use one online platform to market their products and services, but they can achieve better results when they try out other platforms too. The top three marketing channels include email marketing, social media, and business websites.
Product Expansion
Small businesses can benefit maximally from an expansion of products or adding new features on their existing products to their existing markets. When you notice sales or profit is dropping perhaps due to outmoded products then it could be time to expand your product line. This keeps your business relevant and attracts new customers and markets.
Market segmentation
Another powerful business growth strategy is market segmentation. This involves dividing your market into groups according to the customer preferences, interests, locations, and other characteristics. Examples of the segments could include geographic, demographic, firmographic, behavioral, and psychographic.
Segmentation involves thorough research in order to efficiently profile your customers and tailor your content according to the needs and preferences of each segment.
Partnerships
At times, joining forces with another business is a great step in growing your small business. This partnership can come in the form of mergers, acquisitions, or partnerships with other businesses. So far the arrangement brings significant benefits to all parties, a win-win, and can boost each other’s resources in a big way.
Bixex, a global community of entrepreneurs can play a pivotal role in growing your business. Join other business owners on the platform to enjoy significant business growth. Start here.
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