Want to get your business off ground level?
Learning how to grow your business isn’t just a nice idea, sometimes it’s a necessity for your business’s survival and your economic well-being. Turn your company into an income-generating powerhouse, by trying one of these growth strategies.
- Innovate or reinvent your product or service.
Discover and promote new uses for your products or services. This is a great way to both get existing customers to buy more and attract new customers, with new features and benefits.
Consider petroleum jelly and duct tape – how few of these would actually be sold if they only had one use?
- Become a leader by participating in trade shows and conferences.
These can be great ways to build the exposure your business needs. These events draw people who are already interested in the type of product or service you offer, making them quality business leads.
Make sure to be intentional with the trade shows you decide to participate in. Make sure you are seeking the right match for your product or service.
- Seek investment and those that can help you get it.
Ready to take the world by storm, but just need the capital to make it a reality? Investment is an excellent way to scale your business fast.
Ready to own your niche? Secure investor funding and build relations by using the services of a financial marketing agency.
- Get referrals and testimonials from your current clients.
This is one of the easiest ways to build trust around your business. 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 they know anyone else who would be interested in your products or services. Or ask them to leave you a review on an industry related platform, or Google.
- 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. Or a mountain bike rental business might switch to renting skis and snowshoes in the winter season.
- Franchise your business.
The stories of entrepreneurs who have become both well-known and well-heeled due to franchising their small businesses are legends, and not just stories.
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.
- 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, but the customers you already have are your best bet 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 focus on ways to get customers coming back.