Whether you’re looking forward to push your business through the start up stage or focused on taking it through the next level, these small business growth strategies will surely help you in hitting that goal.
Tip number 1. Crossover to new markets – a sign that the business owner takes a proactive approach on their marketing are those who know who their audience are and have built a following on their chosen niche. As soon as you’ve established yourself in the industry that you want to be in, it is crucial to continue your success in finding other prospective clients by moving to other markets. This doesn’t necessarily mean that you need to appeal to the general public but at least, exert some efforts in searching submarkets that reflects the industry you are in.
Tip number 2. Introduce a new and improved version – do not reinvent your business when often simple makeover can do. Try looking for ways on how you will make it better and deliver value to your customers as your service or product becomes more prominent amongst customers. Oftentimes, the investments you have made in product innovation will not be as costly as your initial R&D that usually comes with the first product offering.
This will give you the chance in marketing new features, benefits and enhancements to an already existing customer base while being able to offer upgrades at lower price. Given the fact that you’ve got less investment in newer version, it then becomes a win-win situation for you and for your customers.
Tip number 3. Seek out joint venture marketing opportunities – try looking for strategic alliances on other businesses that are offering services or products to your target market. For example, if you have a market for high-end salon services, then try looking for other potential partners who are servicing the same industry.
Tip number 4. Take partnership with your rivals – while this thing sounds a counterproductive move, partnering to your biggest competitor can actually help the both of you win the game. In spite of similarities you have, there are key differences that are setting you apart from each other. Try to find complementing as well as off-setting competencies and from there, work out an agreement that will benefit both of you when doing cross marketing. Obviously, there must be an equal benefit for each to make sure that there is going to be continual small business growth. The benefits on the other hand are guaranteed to be big given that it is researched and executed properly.