During the start-up phase, every business grows. After all, we’re starting from zero so the only direction is up. But as time passes many entrepreneurs find it difficult to sustain growth so the following are fast ways to grow your business:
Target Other Markets
For many businesses, the fastest way to grow is to find new customers for existing products or services. If you’re looking for opportunities to grow your business, you can target:
- The same type of customers in a new geographic area, or
- A new type of customer in the same geographical area
Start by taking a closer look at your current customers and ask yourself the following questions:
- What types of customers are buying from you and where are they located?
- Where else could you find these same types of customers?
- Can you think of different types of customers that would benefit from your current products or services?
Attract Customers Online
Creating an online presence that actively recruits new customers can be a game changer for most small businesses. Gone are the days when you could build a website and count on search engine optimization (SEO) to attract customers. Yes, you need a website! But let’s face it; there are more than 4 billion websites online. Many of these companies spend big bucks on things like google word advertising. You need an integrated strategy that connects your business with your target customer and keeps you engaged with them.
Add value to current products or services
We live in a world where so many products or services are viewed as a commodity. That’s why the ability to add value to your products is an absolute necessity. Sometimes this added value comes in the form of expert advice and after sale support. Other times, it can mean creating complimentary products and services (this is often referred to as a line extension). The goal here is to offer an additional product or service that has some alignment with your current offerings. If you’re looking for ideas for complimentary products, start by asking your current customers. What are they currently buying from you? What else do they buy? Is there an opportunity for you to meet this need?
Online research is a great way to find ideas to grow your business. Take a look at your competitors, or even similar types of company’s around the world. How are they adding value to their products? Are they selling products or services you don’t have? What types of customers are they targeting? Where are those customers located? How are they attracting customers? Google searches on key customers or key types of customers can also lead you to new opportunities.
By Denise Alison