4 Strategies To Grow and Expand Your Small Business

4 Strategies on How You Can Grow and Expand Your Small Business

1. Harnessing Existing Market

One of the most effective ways to grow and expand your small business is to make the best use of your existing market. This is because selling new products to your existing customers is actually easier and more cost-effective than selling existing products to new customers. For that reason, think of something to make these customers keep coming back.

Always keep a good relationship with your customers even after they finished purchasing from your business. After all, they chose to buy from you even after having been presented with many options from your competitors. This means that they have gained your trust and you should follow up on this trust.Build a good communication by asking for feedbacks and testimonies after sales. Ask whether they experienced any inconveniency during the sales and if there is anything you can do to make it better.

Finally, do not just assume that since you have good products, these customers will automatically spread the word.

ASK.

Ask your customers for referrals. This is because over 80% of consumers out there today trust their friends and family’s advice more than words coming out from a company. So ask your customers if they know anyone else who would need your service or would be interested in buying your products, and follow up on these referred potential customers.Your existing market will then be your most efficient way in acquiring new customers. You may also be interested in 4 Simple Ways to Increase Sales from Existing Customers.

2. Product Improvement

The next step to grow and expand your small business is through the improvement of your products. You don’t need to actually invent a new product. Instead, you can discover new ways of using your existing products.

Take for an example, you can see how the sales of duct tapes, petroleum jelly, and carbonated beverages are on the roof now that people know that these products have various usage. In addition, you can also take a look at how instant noodles are getting even more popular, especially in Asian market, since the emerging trend of cooking them with additional seasoning and modifications, even when they are aware that this product is not a healthy type of food.

Think of new ways or new trends in using and modifying your existing products to get the public interested. This way, they will want to try it out by themselves and so they buy your products more.

Furthermore, another step to take in improving your products is through product diversification. Take your customer’s perspective and think about what else they might need in relation to your products. Besides, you can also try to reach other segments of market with similar characteristics.As an illustration, a photo studio can also sell photo frames and offer printing services. Or if you own a boarding house, you can always offer meals, laundry, and even cleaning services to your customers.

3. Market Extension

If you want to grow and expand your small business, you need to further extend your market. This can be done using various means, but the most obvious way is to open stores in new locations.

You can do the old-fashioned way, which means opening an actual branch store in other areas. Whereas you can also do this virtually using websites and online marketplace, which will cost you less.Social media and advertisement equally play huge roles in market extension. As a matter of fact, in this millennium era, everything is reachable via internet. Use this and you will have an unlimited potential of market.

‍Psst... You may also be interested in: Advertising in Singapore: 5 Best Social Media Platforms for Business.

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‍In a higher scale, extending your market can also be done by franchising and exporting your products and services. If your business is going well with promising revenue, develop a system and expand your business via franchising. Franchising is the secret of why today’s entrepreneurs are able to reach their success in such young age.

Finally, try expanding your business by reaching the international market. Exporting products and services might be a bit challenging, for it requires great amount of time and resources. Nevertheless, if it is excellently done, the results will be tremendously satisfying.

4. Exhibitions

Last but not least, get your business actively participate in exhibitions and trade shows. This is because exhibitions and trade shows attract potential customers like light attracts moths. There will be a huge number of audiences present who are already interested in your kind of products and services.

Surely you will find many of your competitors joining the same events, so the trick is to design and develop unique presentation so these people would be more attracted to you.

Be creative! Remember that the point of joining these exhibitions is to make your business stand out and be recognizable to the market. So choose the right event carefully and go all out!PS: 10times.com is a good source for a list of upcoming trades hows your business might want to participate in!

All Things Considered

Expanding and growing your small business is not limited only to the above methods. You can always select your own approaches, depending on your products/services, circumstances, and of course, budgets.The most important thing that you need to remember that it all takes time to process. You might not see the results right away, but as long as it shows progress, then you know you are on the right track. Be patient and keep going. This way, your visions: the big office and being a respected CEO, will eventually be fulfilled.