Tap to Read ➤

5 Tips for Expanding Your Business

What you need to know when trying to grow your company and make it bigger.
Paisley Hansen Mar 14, 2020
Growth and expansion are important goals for any business owner and entrepreneur. However, what you may wonder is how you can expand your business in today’s slow-growth and a lackluster economy.
The good news is, there are some strategies and tips you can use to grow your business to the next level. Keep reading to learn what these are.

Add New Services and/or Products to What You Offer

While this strategy sounds simple, executing it properly can be quite challenging. To begin with, figure out the new services and products that your customers want along with how much they will pay for them. You also need to figure out if you can sell these services or products for a profit.
A good way to determine this is by conducting market research before you commit any resources (human or financial) to expand the services or products you offer. You can ask your existing customers how they feel about your new service and product ideas, including the potential price points.
You should make sure your research focuses on customer demand for new services and products, along with your costs for manufacturing, delivering, and selling them.

Sell More Services and Products to Your Current Customers

This is one of those “other side of the coin” strategies to the point mentioned above. Try to penetrate deeper into your current customer base. You can do this by conducting a market segmentation analysis, which is going to help you identify your customer segments that are most likely to make a purchase.
By doing this, you can focus more on your sales and marketing efforts on these particular segments.
The analysis will help to divide your customers into different segments based on specific criteria you have chosen – buying history, location, gender, age, etc.) – which is going to let you analyze the possibility of profits when it comes to selling new services and products to them.
When you have this information, you will also be able to better allocate your sales and marketing money.

Expand into New Locations/Territories

The idea behind this is to market and to sell your existing products and your services to a new batch of customers. These new customers will be in different niches or segments or even in different locations from where you are currently operating.
If you have a retail store, this expansion is likely going to result in opening new locations of your business in various geographic areas and hiring new staff. If you do this, be sure to use a time card app to ensure you can easily track all these new workers.

Target New Customer Markets

The majority of businesses are targeting their marketing and sales efforts to very specific customer markets based on various demographics such as location, gender, age, and psychographics, such as their values, activities, and interests.
However, you have to consider if there are other customer markets that may be a viable option for the services and products you offer.
Having the ability to reach out to the proper target customers using the right methods, at the proper time, is the very first step to expand your business into a new customer market. As a result, you will have to ramp up your advertising in these areas.

Utilize New Sales and Delivery Channels

The internet is the perfect example of how a new sales and/or delivery channel can transform your small business. There are countless companies that have reinvented the structure to take advantage of new online opportunities. You can do this too.
As you can see, there are several steps you can take and methods you can use to help expand your business and grow into new markets and areas. Be sure to keep the information here in mind to take the right steps at the right time. In the long run, this is going to pay off and result in you building a company that continues to grow and succeed.