Growing your small business to grow requires patience, time, and relentless efforts. It wouldn’t happen overnight. There are several strategies that you need to follow to grow.
It is vital that you review your business and analyze growth prospects. Once you finalize the strategy and have a clear idea where you are heading, it is recommended to move ahead without wasting time and be bogged down in the paralysis of analysis.
Before examining growth strategies, you need to know what they basically mean. A growth strategy means understanding where you stand in the market right now and where you want to reach in the future. You must have a plan for your business so that you can proceed accordingly.
It is a standard operational plan rather it is about where you see yourself in the future. Some of the questions that you need to ask are:
- What will be the source of new customers?
- How will you penetrate new markets?
- What kind of new products and/or services can you offer your customers or new customers?
You should have the answers ready for these questions to set a strategic plan.
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Growth strategies that will help you flourish
Market penetration
You have to understand how you can tap the underpenetrated markets. Here, you look at the current product you are offering, analyze the current market, and then determine how you can boost your market share.
This is the first step. One of the ways in which this can be done is by reducing your selling price. Secondly, you can opt for trade and sales discounts. This will even attract new customers apart from being lucrative to the current ones.
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Market development
Market development includes finding out other prospective markets for your offered products as well as selling them overseas.
Alternative channels
You should also research the other channels via which you can sell the product, such as mobile applications or pop-up shops, etc. Introducing a subscription or membership program may also help.
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Product development
This is especially for markets where technology is used, such as electronics. For this, you need to develop a fresh product for the existing market. You can add a product to the current product line or just add a new feature to an existing item.
Diversification
This can be used to enter a new market with a new product. It is quite a high risk, high returns strategy. For this, you need to do in-depth research work.
Acquisition
Acquisition is one of the main growth trajectories of multiple business houses. Combining the key features of both businesses enable them to achieve their goals. This is one of the best ways to reach your target.
Market segmentation
Dividing the market into smaller segments and focusing on a specific market. You have to appeal to that particular market.
For instance, Red Bull adopted this strategy when it focused on extreme sports and people who like danger to advertise to great sports icons.
Consider the above-mentioned strategies and you will surely succeed.
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