5 Ways You Can Grow Your Small Business
Aside from daily operations, every business should always be looking towards the future for ways they can expand and grow. After all, future plans are just as important as the present. So, how can you do this? Luckily for you, we have five strategies that can help take your business to the next level.
- Reclaim Existing Customers
You’ve probably heard it before, but holding on to the customers you already have is your best bet for increasing sales and growing your business. Of course, you should always be working on gaining new customers, but it is much easier to get sales out of existing customers who know and value your brand. It only takes one positive customer experience to have customers coming back for more, so once you have their contact information and shopping interests, you can continue to market to them so that they become repeat customers.
- Ask for Referrals
Referrals always work wonders for gaining new leads because people trust those they know. One positive recommendation can bring in many new customers, as word-of-mouth can spread quickly. Although people will often indirectly market your business for you, in order to effectively increase your customer base, you have to actively seek out referrals. You can do this by directly asking customers if they know of anyone else who would be interested in what your business offers, having them refer a friend in exchange for a discount code, or by urging customers to tag others in a post on social media for a giveaway or prize. All of these methods are easy to implement and are amazing for growing your customer base.
- Expand Your Market Research
With market research, you can learn a lot about your target market and the best way to reach them. You may find that many customers can be found in a different location, are a part of a different demographic, or have different interests. With this information, you can decide to open a store in a new location, target a new demographic, or even promote new uses for your product. These different approaches will help you to expand into new areas of the market, and potentially increase sales. By conducting research on changing trends and interests, you can make informed decisions that can ultimately grow your business in the long-run.
- Diversify Your Products or Services
Sometimes to grow, you need to expand to meet all of your customers needs. All you have to do is build upon what you already have. For example, as an art store, you could sell art supplies and frames as well. Or, if you provide lawn and landscaping services in the summer, you could offer snow blowing in the winter season. As long as it makes sense for your business and the market you are in, these minor changes will help to diversify and reach new markets without having to overextend.
- Dominate a Niche Market
As opposed to expanding to new markets or adding new products or services, you could take the opposite approach and focus in on a single niche. This allows you to become more well-known among a smaller community, boosting brand awareness and credibility. All you have to do is really narrowly define a group of customers, such as pet lovers, fitness enthusiasts, makeup gurus; the list can go on and on, and could get even more specific (trust me, there is a group out there for everything). Select a niche that has enough interest in your product to generate sales often, focus on meeting that specific niche’s needs, and do it well, and you are likely to see an increase in growth!
These five strategies are very different from each other, but find which one(s) fits your business the best, and use it to create sustainable growth. The right strategy all depends on the stage your business is in and the resources you have available. Consider all factors, like time, money, goals, and the current market, and then decide if you can implement the strategy. It may take time to see progress, but if you are consistent in your strategy, results will follow!