Wondering How To Expand Your Business! Check These Sure Shot Tips
After establishing a business, every entrepreneur desire to expand his business. But, maximum of them are short of business ideas, or does not know which will be the best for their organisation. By brainstorming, conducting research and extending your customer base, you can expand your business fast. But, how? Here some steps that you can adopt to expand your business fast:
- Conduct research about your target audience: Primarily, you need to educate yourself about your target audience. You can join various networking groups, study about the latest trends and most popular industrial blogs and webinars. Get an insight about its material facts. You can also connect to human resources directors and corporate wellness managers to expand your knowledge in your field. They can actually offer you the expertise knowledge. You can garner a lot of knowledge from their experiences.
You can get a better idea by going through an example extended by Small Business Trends about market research- “Pepsi, for instance, was losing to Coca-Cola in the soft drinks market until it segmented the market and started focusing on a young, fun-loving demographic. Today many Pepsi ads targeting those demographic feature pop stars and other young status symbols, a strategy that has helped it grow into a heavyweight cola company. Similarly, Red Bull gets its energy drinks in front of a young, adventurous crowd – its own segment of the market – and even owns a Formula One racing team.” - Customer Management System: In spite of tracking your transactions manually, you can plan to utilise a customer management system. This will help you level up your scale quickly as accomplishing tasks manually is a slow process. You have variety of CMS options to opt from. According to your organisational goals and working style, you can choose the best one for you. For cloud based software, you can choose to use SalesForce. For accounting, you can go for Quickbooks and for sales and marketing, InfusionSoft is the best option.
- Ask for referrals: You can ask your present customers for referrals. This is the cheapest way to increase your customer base. But, for this, you need to offer good quality products with the best customer services. To actively seek referrals, you need to be really good with your work which can impress your customers. To count you in ‘word of mouth’, this is highly important. Make sure that after every sale or service, your customer goes home satisfied.
- Franchise your business: Franchising is an offer that you are making to the budding entrepreneurs to invest in your business. In this, the businessmen will open up a franchise of your business at different locations and put up your products and services for sale. This will help you to establish your business as a brand as it will expand your reach to national boundaries, and hopefully internationally.
How to get your franchising done? Here’s a process shared by wikiHow– “To get the franchising process going, you should consult with a franchising lawyer and with a business mentor who has gone through the franchising process before. You may also want to join the International Franchise Association so you can make contacts within the business community and get advice and guidance on the franchising process.”
OTHER METHODS: DIVERSIFYING YOUR BUSINESS
How can you diversify? Here are some easy yet really helpful ways:
- You can sell complimentary goods or services. For example, if you are involved in the business of mobile phones, you can diversify it by offering its accessories like earphones, mobile covers, spare parts, screen guards; or you can offer repair services; or you can offer other electronic good like speakers, iPods, and so on.
“In order to grow, you need to think about expansion. Identify new opportunities within your niche. Uncover the pain points. What else can you sell to your clients? Where else can you add value in the exchange?” – Entrepreneur India - You can offer tours, seminars and classes at your business location. Through this, you can allow your customers have an access to your business in a unique and an interactive way. Also, this will attract new customers and expand your business. This option is really preferable for artistic and skilled businesses like bakery, handlooms, pottery, painting, farming and so on.
- Try to find out ways to export your products. This is mostly adopted by those businessmen whose products are cheap to manufacture or have a huge customer base. There’s no doubt that it will multiply your customer base and the fastest way to grow.
- Try selling your products at other possible markets. You can target online market also, like Amazon or by creating your own E-Commerce website. You need to identify your demographics that what type of audience is likely to buy your products. This way you can select the best markets for your business. For example, if your products are likely to be purchased by school or college students, you may market it through schools’ clubs and college societies, and places where your target audience seems to be hangout a lot.
“In the ecommerce business selling products? Why not use Amazon‘s FBA service? In the business of selling services? Why not use Upwork? In the business or renting vacation homes? Why not leverage AirBnB, InvitedHome, HomeAway or other global platforms? Find a platform that’s reached saturation and use it to grow your business quickly.” – Entrepreneur India - You can use social media to promote and market your business. Social media is huge and drives a lot of audience. By maintaining engaging social media pages, you can invite a lot of new customers to your website by updating about your products, services, events and so on.
“Social media is a powerful tool to promote your business to potential customers and gain valuable insight through ‘social listening’. Through social listening you can find out what customers are saying about you, gain insight into their behaviour, identify keywords and trends that appeal to your target market and so improve your customer service.” – Small Business Development Corporation
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