Scaling a business must have strong fundamentals and have the ability to see it through. Expanding business takes lots of effort and a lot to learn. It means we have to learn about sales, marketing, taxes, or corporate compliance. Many business owners feel that they are struggling to expand their business, and don't know what to do.
There is always a way for you to succeed in your business. Let's try to clear our own mind, look at things in perspective, and try to identify what steps we can take to expand our business. This article will discuss several business growth strategies quickly and efficiently. Stay till the end.
Why is expanding a business important?
The main reason of business expansion is the opportunity to get potential customers in a wider range. Expanding business can help you to become the top level in market niches. You can get new geographic markets, provide next level of service, and acquire more customers.
Expansion can be an impression of growing financial viability. When your business goes according to plan and gets a lot of revenue, it's time for you to introduce your brand to a wider environment and try to compete at the top level.
What is the indicators that it's time to expand your business?
There are several following factors that become a reference for you to expand your business. When viewed from the customer factor, you have a loyal customer base, customers ask you to grow, customers give positive or negative feedback for the progress of your business.
If you look at the company, you have a solid team to support expansion, the business has been profitable for more than a year, steady and positive cash flow. Sometimes expanding business can be seen from your business needing related products or services, and you are running out of room.
10 strategies for quickly expanding business in 2023
If several indicators have been seen in your business, then you need strategies to direct your business to the next level. Let's take a look for some quick business strategies in 2023.
- Research the competitors
You have to know who you are competing with. Do research about the product or service that you are going to market, and how your competitors are doing it in the market. You can use the platform to uncover what competitors are doing for their online strategy. Find a way that has a plus value in your product or service compared to your competitors.
Don't hesitate to enter the market, and increase brand awareness while improving your product or service so that you get positive feedback.
- Identify opportunities
First, you must understand your business demographic. Align with customer demand and look for opportunities to add products or services. Do market research and ask current customers for opinions on what offerings they would like to see in your business and what they are willing to pay for you. But be careful, don't let the pivot get too far from your core business. The key to opportunities is to diversify your offerings that can complement your product or service.
- Optimize existing market
Sometimes a marketing strategy doesn't have to be to attract new customers. You can focus on selling more to your existing customers by offering other services that they might need, or other products that can complement what your customers buy. To start with, you need to segment the market and identify what customers buy from you.
The analysis can be divided into several criteria, such as location, gender, age, and buying history. After you find which part is the most profitable in your market, focus your sales and marketing strategy on that segment.
- Claim a niche market
It's a method to grow a business by narrowing down the market to very specific types of customers. The niche market only focuses on a specific subset of the market with products or services that focus on that market.
The function of focusing on niche markets is less competition, and only requires fewer resources. You can experience higher word-of-mouth growth and higher brand loyalty.
- Create a loyal customer program
Create specific ideas to focus on existing customers and provide certain features when they order your product or services again. For example, for the third purchase, you will get free merchandise or a price discount. Or you can create a membership with a cheaper selling price or provide special benefits to member owners.
If you calculate aqcuiring new customers by selling something to existing customers, the marketing strategy costs 3x more to new customers. Creating a loyalty program including great ways to increase sales, and customers will be more interested in buying your product or service.
- Online sales channels
Online method is a must. Make your product available to buy online to extend your market reach. You can choose between creating a business website using an e-commerce website, or using digital advertising to support a broader market. Another option is to sell your items on e-commerce marketplaces like eBay or Amazon, or special websites that can discover your services.
Don't forget to always update your products and services on social platforms like Instagram, Facebook, TikTok and Pinterest for brand awareness.
- Franchise model
If you see your business growing rapidly, consider franchising it. You can start calculating the fees for the franchise and how the permits are. Learn about the franchise model and marketing knowledge, because this is one quick step to raise your business level.
- Having a new market
Moving into a new market by selling your existing products or services. The new market is a different location and a different market segment, but not far from your existing location. It means opening up a branch and focusing your marketing efforts for locations and new customers.
The cost involved is quite high, but it can introduce your products and services to a new location. If you have succeeded in the existing location, you can achieve the same achievement in the new location, it's only a matter of time.
- Seek referals
Seeking out customer referrals will help you gain brand awareness and expand your business even better. A personal recommendation is a powerful weapon in a marketing strategy, because referred customers are easier to buy than non-referred customers. A suitable way to increase word-of-mouth marketing is to create a customer referral program.
- Strategic partnerships
Partnering with other businesses will pave your way into new markets. Choose the right partner by contacting them, and propose opportunities to collaborate. Find a partner who can complement your business and different fields. You and your partner can benefit each other and can get new customers simultaneously.
Growing a business requires lots of efforts as well as costs. If you're looking for a reliable source of information and resources for small and medium-sized businesses, look no further than smebrother.com. Our website offers a wide range of articles, guides, and services to help entrepreneurs grow their businesses and overcome challenges.
Whether you're just starting out or looking to take your business to the next level, our team of experts is here to support you every step of the way. Check out smebrother.com today and see how we can help your business thrive.