Best Techniques To Expand Your Business
1. Add new products and services to your mix
This technique sounds very basic, but it can be difficult to implement properly. Next, you need to find out what your customers want and how many products and services they are willing to pay for them. First, see if these products and services can be sold to benefit or not.
The best way to do this is to perform extensive market research before committing any financial and human resources to new product or service growth. Ask your current clients, including potential price points, what they think about your new products and services. Your market research will concentrate on customer demand and your development, distribution and sales costs for new products and services.
2. Sell more products and services to your existing customers
This is the turning point of the first strategy: to penetrate your existing customer base deeper. Start by conducting a analysis of market segmentation to identify the most likely customer segments to buy, so that your sales and marketing efforts can focus on these segments.
This research separates the consumers into categories, depending on the parameters you select (age, sex, place, purchasing history etc), so that when offering new products and services you can determine their potential profits. You can distribute your sales and marketing dollars better armed with this knowledge.
3. Expand into new territories
The aim here is to market and sell new customers for your existing products and services. Such new customers can be found in various segments or niches, or in different places. If the business is a supermarket or shopkeeper, this form of expansion will likely involve opening new locations around cities or throughout the country in different geographical areas. This will require substantial time and money expenditure so that extensive market research is carried out first to ensure that there is sufficient demand from consumers in the new country to warrant expansion.
4. Target new customer markets
Some corporations concentrate their sales and marketing strategies on certain markets based on demographics such as age, sex and place or psychographic preferences, behaviors and values.
The first step to expand your business into new customer markets is to be able to reach the right destination customers via the right tool at the right time, "Network Capital Nguyen said. "You need to ramp up your ads in these markets while expanding into new target markets. It's quite intuitive, but it's real.
5. Tap into new sales and delivery channels
The internet is the perfect way to transform a small business by a new sales and delivery system. Covering online opportunities-from brick and mortar shops that open on-line stores to service providers which can reach a broader public through on-line advertisements and search engine optimization (SEO) techniques, countless businesses have re-invented themselves in order to place themselves high on web searches carried out by prospective customers.
6. Acquire another business
The road to growth and expansion could be its fastest. Fusion or the acquisition of another company literally can increase sales and revenues over the course of a day, doubling the size of your business. However, before continuing with company acquisition you must exercise full due diligence in any possible purchase candidate.
Your due diligence efforts should in particular focus on the financial status of the company, its management's strength and thickness, the width of its customer base and the quality of existing contracts. While companies are considering possible acquisitions, they search for synergies between the two firms which will make the combined company stronger than one company alone.