8 Ways to Grow Your Business

Growing your business is a necessity for your business’s survival and continuity including your economic well-being. What can you do to get your business beyond the bare sustenance level? Here are some tips to help you grow that that your business. They have been used for several years now by most business and they’ve recorded huge success. We strongly believe that they will work for you if you can invest much time and resources to it. Believe me they will certainly pay off. They are as follows:

1.      Extend your market reach.

One of the ways of growing your business is by making your product or service available to a new pool of customers. The most obvious is to open stores or offices in new location. You may decide to open a store or kiosk in a new town.

New locations can also be virtual, such as a website with an online store. Another approach is to extend your reach through advertising; you can explore different advertising channels you’ve not used before. Once you’ve identified a new market, you might advertise in select media that targets that market. If your new market consists of a younger demographic, you may want to use social media for advertising. If your targets are mixed (younger and older demographic) and are likely to be active internet users, you might consider online advertizing channels like Pay Per Click Services or Google Adsense.

2.      Penetrate your existing market.

When you think about how to grow your business, the first thing that probably comes to mind is getting new customers. That is good any, you still have to know that  the customers you already have are your best  asset for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you.

So, create a good relationship with your customers in order to retain them. Get feedback from them about your product or services to know how you will serve them better. This definitely will create a good image for your business, thereby making you retain your customers and can as well make you get new ones.

3.       Ask for referrals.

One of the easiest ways to get new customer is to ask your current customers for referrals. Having good products and great customer service and just assuming that your customers are passing the word about your business isn’t going to do much to increase your customer base; you have to actively seek referrals. During or after every job or sale, ask your satisfied customer if he knows anyone else who would be interested in your products or services.

Encourage them to refer customers to you. If possible, give them bonuses or discount for any customer they refer. This will make them see referring customers to you as not just an act but also a business.

4.      Participate in trade shows.

Trade shows is a great way to grow your business. Because trade shows draw people who are already interested in the type of product or service you offer, they can powerfully improve your bottom line. The trick is to select the trade shows you participate in carefully, seeking the right match for your product or service.

5.      Conquer a niche market.

Remember the analogy of the big fish in the small pond? That’s essentially how this strategy for growing your business works. The niche market is the pond; a narrowly defined group of customers. Think of them as a subset whose needs are not being met and concentrate on meeting those unmet needs. A nursery, for instance, might specialize in roses.

6.       Diversify your products or services.

The key to successful growth through diversification is similarity. You want to focus on the related needs of your already established market or on market segments with similar needs and characteristics. An artist might also sell frames and framing services, for instance. A graphics designer might consider including social media marketing, Or a mountain bike rental business might switch to renting skis and snowshoes in the winter season.

7.      Franchising.

There are many stories of entrepreneurs who grew their businesses by simply franchising it. If you have a successful business and can develop a system that ensures that others can duplicate your success, franchising may be the fast track for growing your business.

8.      Exporting.

Expanding into international markets can also be a powerful boost to your business’s bottom line. . Exporting helps you expand your customer base, create a wider brand coverage and makes your product more popular. Like franchising, this is a way of growing your business that requires quite a commitment of time and resources, but can be extremely rewarding

Time for Action

There you have it; how to grow your business. Don’t let this list overwhelm you; pick one or two of these ideas that are suitable to your business and your circumstances and get your plan for growing your business underway.

While you probably won’t experience growth right away, whichever way of expanding your business you choose, you will see progress if you keep at it, and will successfully transform your business into all you want it to be.

 

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