Business Development

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Growth Strategies

So, you know you need a plan to get your business off the ground and keep it off the ground. But what needs to be in that plan? Well, every business is a little bit different, so there’s no one right answer. However, there are several growth strategies and characteristics that successful businesses have in common. Here are a few:

  1. Develop your market: You have a company. Hopefully, you have customers and know a little bit about them. Some businesses call it demographics; others go about creating “buyer personas,” composite ideas of their target customers. Whatever approach you take, take some time to think about extending your market either into nearby geographical locations or into similar demographics.
  2. Further penetrate your existing market: You have customers, is there a way to sell them more? Bigger quantities, value packs, or possibly related items. For example, let’s say you offer web consulting services. You could offer a discount for a longer term of service – or design services or marketing services. Really, anything that might go along with their purchase would work. They’re already buying from you, getting them to buy a little bit more should be easier than finding new customers
  3. Other Sales Channels: Hopefully you have at least one way to sell your product or service to your customers. Let’s say you have a storefront and people come in to buy from you. An example of an additional sales channel might be an online e-commerce site. Alternatively, you might consider selling through affiliates or outside sales reps. They say there’s more than one way to skin a cat. I never liked that saying. But, when it comes to sales, there’s more than one way to make a sale. It’s up to you to think about how, and implement additional sales channels.
  4. Product Development: Let’s say you have an existing customer base. They like you and they’ve already done business with you. It’s quite possible they’d buy more from you if they didn’t already have everything you sold. So, maybe it’s time to get creative and make something new. How? Look at the feedback your customers give you. Ask a few more questions as part of your sales/follow up process. Find out if they have problems that a new or upgraded product can solve. Then offer either a new product or an upgraded product that solves their problem. This can work great with existing customers, but you may find this strategy will draw in a lot of new customers as well.

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