6 Powerful Business Growth Strategies For Small Businesses
Whatever your target market is, you can always inject a fresh approach into your business by formulating a solid business growth strategy. I am sharing this insightful article about some of the powerful business growth strategies and hope that it helps business owners, especially startups, to gain ideas on being one step ahead of the competition.
Start-ups and small businesses usually set out into their chosen markets fuelled by ample enthusiasm and positivity. This may take them far, but to truly succeed in competitive markets it is prudent to have a tangible long-term business growth plan in place.
If you are at the stage where your business needs a boost – and fast – it is time to figure out which growth strategies can be put in place. This article aims to help you understand how to accelerate business growth so that your business has every chance of long-term success.
Here are our top 6 tips to grow your business:
1. Market penetration
Market penetration aims to increase market share for an existing product, or to successfully promote a new product. Useful strategies include advertising, bundling products into attractive, saleable packages, offering discounts on larger orders and lowering prices to beat competitors.
Although it may seem unappealing, lowering prices can be a good short-term expansion strategy for businesses selling products similar to those sold by their competitors. For example, businesses with relatively generic products (such as household cleaning supply businesses or stationers) can benefit from adopting this market penetration strategy.
2. Market development
A market development strategy pertains to promotion of existing products or services to new customers, or launching them in a new geographical area. It might be that your usual market has been saturated or you’re struggling to attract new customers or clients in your local region.
3. Alternative channels
Utilising alternative channels is one of the best methods of growth in business. Many small businesses already use more than one online platform for marketing, but sometimes switching platforms achieves better results.
The top three marketing channels are email marketing, social media and business websites. 54% of small businesses use email and 48% use social media; it might be surprising to know that less than two thirds (equating to 64%) of small businesses has its own website, according to B2B research firm Clutch.co – yet customers tend to expect to find a website for informational purposes at the very least!
Want to know more? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at robert@vicleaders.com.au; or call me on 0467 749 378.
Thanks,
Robert