Growth and expansion are the prime objectives of most entrepreneurs and business owners. But how can I grow my business in today’s dull and slow-growth economy? This is the age-old question for business owners. The varying factors that a business owner needs to consider are almost limitless.
Imagine your business is doing well, but then you start losing profits, and then before you know, the Conoravirus pandemic breaks out, and your business is affected by these unforeseen disasters. As sad as it is, this is the scenario facing millions of investors worldwide.
In this article, I’ll be giving you 10 bright ideas to make your business grow faster. These strategies have been tested and proven to be very effective notwithstanding the size or structure of your organization.
Best Business Growth Strategies
Table of Contents
There are several business ideas you can apply to enhance business growth. The right strategy depends on the type of business you own, how much time and money that you have to invest in your business. Like anything else in life, you have to put in enough time and extra effort if you’re looking to reap the benefits.
1. Explore New Locations
This is one of the best business growth strategies for new businesses. Think about physically growing your business by setting up a branch in a different location to gain new customers. These new customers can be in different age groups, segments, niches, and locations from where you currently operate.
The central idea here is to market your existing products and services to new customers, thereby fostering business growth.
When you are thinking about expanding into new areas, you should first determine “How would I specialize my advertising in this new market?” Always do careful & in-depth research, analysis, planning, budgeting before you do a physical expansion. If you don’t put this into consideration, you’ve made failure an option and would find it hard to succeed in this new market.
2. Go Online
This is another amazing way to grow your business even faster is using the power of the internet. The internet contains a vast amount of information and resources that you can use to foster business growth.
If you didn’t know about this then you have thought of growing your business. Did you also know that over $300 billion is spent annually on digital advertising?
You should tap into this opportunity and place some strategic adverts all over the internet. You can also choose to use E-commerce and social media platforms like Amazon, Facebook, Twitter, eBay, or Shopify to reach more customers online.
Social media is a very profitable ocean for businesses, you can easily use this medium to generate traffic and create appeal/ awareness for your new products. This method is cheaper and applicable to all businesses especially businesses that appeal to a specific demographic.
Why do you think most business and brand has a page on social media? These social media handles generate free traffic to their business landing pages, product pages, or service pages. This in turn creates easy leads that convert like crazy. By posting regularly on your business social media pages, you can easily showcase enticing products and events to new customers.
Viral Instagram stories are also a great way to promote any product or service. It can also help you grow any business relatively fast. You can create a Webinar. Webinars provide an automated selling tool for taking any product or service to market and also reach wide broadband of customers quickly. This is one of my very best business expansion ideas.
3. International Trade
Under international trade, we’ll be looking into exporting your products overseas. This is another brilliant idea to grow your business quickly. Exporting goods simply implies selling your products or goods to vendors overseas. Exporting can greatly increase your customer base and is a steady form of expansion.
What would it take to do business in the United States or Europe?
This form of business growth is popular with investors who make products with a really broad appeal. It’s is not only a very effective business growth strategy but also has a massive profit benefits attached to it.
4. Build A Real Customer Relationship
It’s cheaper to maintain new customers than to get new once. Good customer relationship is a great way to grow your business. It is also another great way to get new customers since existing customers are more likely to refer their friends and associates.
There are tons of ways to build real customer relationships. You can also increase your product warranty, give discounts on certain products, create help lines, home services & self-care, good customer services, etc. Any of these strategies will help you win the heart of both new and existing customers. Besides, customers always brag about a product they like. This gives you an automatic referral or adverts.
5. Increase Sales
For you to scale your business to the next level, you have to increase sales. This is more of a requirement than an idea. You’ll have to increase sales if you want to successfully grow your business.
An increase in sales makes business growth easier and profit-making faster. By selling more products to both new and existing customers interested in the products or services, you can make your business grow faster.
But how do I increase sales in a new or struggling business? You may ask. There are tons of ways you can use to increase sales but I’ll recommend these two:
You can start by performing a market segmentation analysis to identify your customer segments. This helps you niche down your business on a grand scale and help you identify top-selling demographics by age, gender, location, preference, or accessibility.
This way you know what I call the “real customers” and people that are more likely to buy your product or service and focus your sales and marketing efforts on these segments.
Alternatively, you can use a sales funnel. Every business has its preferred approach to sales and marketing but I love sales funnels. A sales funnel a series of marketing layout designed to guide visitors toward making an action usually purchasing a product.
Your sales funnel would allow you to focus your attention on people who are most likely to buy or perform any action of your choice. Sales funnels can help to automate sales and make your business grow super quickly and easily. It also adds structure and some degree of predictability to a variable sales process.
6. Business Diversification
Diversification is all about developing new products or services. In business diversification, you simply develop a new product for existing customers. If your product is already dominating the market, it’s a great idea to apply this idea. Since you are a recognized or slightly trusted brand, a new product can be repackaged for the existing customers.
Gino Tomato Paste applied this strategy and it was a total success. They dominated the production & sales of processed tomato paste before they launched the Gino spices, stock cube, curry, and thyme.
If you won’t like to take the risk of venturing into a new market, this is the best alternative. This method is quite cost-efficient. You can also modify, rename, and repackage existing products or services for new customers.
For example, if you are a soap manufacturer, instead of having one flavor of soap, you can add other flavors like strawberry fresh, herbal delight, orange glow, peach rich for your customers to try out. Even if you are not a soap manufacturer, you can still get to be creative and find something appealing to your customers.
When old products are repackaged, risks are usually minimized and it remains alternatives for existing new customers. New products also can attract new customers. In today’s time, everything has gone online and everyone wants their website. Magento Developer has to Hire to create their website. Because there is only developer who can make you the best site.
7. Work With Other Businesses
By working with other businesses, business growth is assured since the risks have been minimized and shared by two or more investors. The potentials in working with other businesses are mouth gaping, it is just too good to be true. There are several ways that you can scale your business to the next level by working with other businesses, some of the most applied strategies are merging, partnerships, and joint ventures.
● Joint Venture
This is kind of a mini-insurance taken by investors & entrepreneurs for new businesses. A joint venture is a business affiliation where investors or business owners agree with another business to share & control profit or loss in a specific economic undertaking. This way they can easily manage losses and not just control but also increase profits.
● Partnership
Partnership simply is an association of two or more people to conduct business. Partnering with the right business can truly make a difference especially if you are an SME looking for business growth. It allows you to reach a wide range of customers quickly. This form of joint business has a higher chance of survival and lower risk rates since the risks are shared by both parties.
● Merger
A merger is more of an external growth process. It simply involves the combination of two or more businesses, companies, or industries to form one big corporate organization. When two businesses join together, they tend to become stronger and can withstand even the harshest economic meltdown.
Merging your business has its share of advantages which include large-scale production, better utilization of funds, profitability and risk reduction, efficient use of resources, and the possibility of diversification. This is one of the easiest business growth strategies you can apply.
8. Target New Customers
We’ve looked at a new location, new product, now let’s look at new customers. A new customer is a new market if properly targeted. If your current market is working well for your business, consider other markets that you can tap into to double profit and grow your business.
For example, if your business is into hair product, you already have unisex shampoos and conditioners. You may bring out a beard lotion or add hair growth formulas to the mix. These new products bring both new customers and are appealing to your existing customers.
To target new customers, you simply start by identifying the demographic that buys most of your products and then think about other ways that you can engage with this demographic through other markets.
When doing this, you’ve kind of taken a bold risk. This approach is best used when looking for an innovative way to grow your business and there is enough capital to invest and other available resources.
9. Do more Adverts
Adverts are wonderful balls of wonders for growing and a very appealing passive income source for existing businesses and strong brands. It is an indirect form of business growth whereby you place an advert on different platforms that to engage with more audience or gain more customers.
Better targeted advert placement simply means more awareness and more customers. This helps increase sales and awareness of the existence of a business thereby fostering business growth. There are several ways of placing advert you can place adverts online, via mass media, flyers, banners, or billboards.
10. Acquisition
This may be the fastest way to grow an already existing business but it requires a lot of capital. An acquisition takes place when a business or company offers cash for the majority shares of another company.
It is where one business is purchased and completely controlled by another business. The acquisition process is very complex, with many dimensions influencing its outcome. Acquiring another business can double the size of your business overnight and also grow your sales and revenue exponentially.
All businesses face the question of handling business expansion and growth. Don’t focus on the short-term outcome of your work. Instead, work on building sincere value, help your customers, calculate loss when setting a budget, research your competition, and perform market analysis. This should be the foundation of your business plans. Then start taking action and putting in the work to scale your business to the next level.
These are 10 bright ideas that are sure to make your business grow faster. The condition of the economy doesn’t have to decide how your business should grow. Regardless of the path you take, you decide your success as well as your failures. You have the power to decide all you want for your business.
Also read: Finding The Right Name For Your Business: The Beginner’s Guide
