Estimated reading time: 5 mins
Growing your business is what every business owner needs to do at some stage. It may feel daunting, it may even feel unnecessary, but if you want to be successful and not get left behind or lost in the crowd, then it is what you will need to do. However, saying that you need to grow your business and doing it are two entirely different things, and although the former is easy,the latter is less so. That doesn’t mean you should give up on the idea though; we’ve put together some great ways that you can start to build your business and really take it to the next level.
Grow Your Existing Market
For many business owners, when they think of how to grow their business into something larger, their first thought will probably turn to obtainingnew customers. This, however, is an expensive and time-consuming thing to do, and sometimes it just isn’t viable. Instead, it is far more cost-effective, not to mention easier, to target the customers you already have. If someone is already buying from you, then it will be a much simpler task to persuade them to buy more than it would be to search for someone entirely new to you and try to give them all the reasons that buying from you is a good idea.
To entice your existing customers to buy moreyou can offer them special, exclusive deals or loyalty cards, for example. You should also make sure that your customer service is exemplary, and that your products are of good quality. Combined, it should be relatively easy to ensure that your current customers stick with you.
Of course, getting new customers is also important, so once you have established to your existing customers that yours is a great company, you can start to focus on finding new people to sell to. Using your current customers to help you with this is a good idea, as it cuts down on marketing costs and also helps to cementyour reputation as being a company that offers great customer service as well as the products that people are looking for.
The best thing that can happen is that your existing customers tell other people about how much they enjoyed buying from you. This is free advertising, and because it will be coming from a friend or family member, the trust element that can be so hard to build up will already be there, at least in part.
You can’t just assume that someone who was happy with your service will tell others, of course. You do need to actively seek referrals by reminding your customers to spread the word.
Know Your Brand
In order to be able to grow your business, you need to really know your brand. Knowing your brand completely means that you will know where to position it when you are advertising, and what to add to it to innovate and change yet keep the overall product or feeling and benefits that it offers the same. Even if you do know your product extremely well, it can be difficult to determine exactly how to position it so that you interest more and more people. If this is the case, EraserFarm can help you to understand where your products and services fit within your company and the sector in a wider senseand show you how to ensure more people understand you and buy from you.
Extend Your Reach
One obvious way to grow your business is to extend your current reach so that more people become aware of you and find out about what you sell and how your company works. There are several ways to do this, and which one (or ones) you choose will depend on your budget for growth and the type of business you run. For some, opening a store in a new location can be ideal, as you will instantly find a brand new market to sell to. Another way is to carry out more market research and determine who your secondary target market is, at which point you can start to advertise to them as well as to your primary target market. You can also bring in a new product range that will open your sales up to more people.
Go To Trade Shows
If you are unable to bring the customer to you, perhaps because you don’t want or can’t have a physical store, then it is vital that you go to them, and trade shows or conventions can be exactly what is required. You will need to do as much research as possible to determine which show is going to be best for your business and the products and services you sell. You will need to find a show that your target demographic will attend, but also one in which your goods are going to be different to everyone else’s. This may take some time, but it will be worth itbecause once you choose the right trade show, your sales can really take off.
Find A Niche
With more and more businesses being created, it is harder than ever to show that you are unique – there will always, it seems, be someone else selling something similar to you. Therefore, you need to find a particular niche (even if it is an obscure one) and work on that. Make yourself known for that one thing, and show that you are the expert in it. This will help you to gain more business and help you to stand apart from everyone else. There should always be one main product that you focus on and make sure that you do better than everyone else; this is what your business will become known for, and therefore it will be better remembered, thus making it easier to grow your market.
Growing your business isn’t just about making more money through sales; it could just as easily be about spending less. Both options will increase your bottom line, which is how business growth is measured. Take a look at your expenditure and determine where you can cut costs without also cutting good customer services or quality. When you start to streamline your spending, you will soon find that your profits increase.