Growing a business is not all bed of roses. In fact, a lot of the most prominent and successful businesses you hear today actually started out small, with a lot of bumps along the way. They were really not the juggernauts like they are today. At some point, these successful business ventures once belonged to a group commonly referred to as “the small businesses”.
While there is also that fact that only a handful of the small businesses will become successful, getting it “big” in the market can still be achieved. But can you break out and make ahead of your contemporaries? You can. With sheer determination, here are some business growth strategies that small business owners like you can learn from.
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Market penetration is probably the default choice of most small business owners who wish to grow and increase their operations. In most cases, you will focus on the present service and products in the current market. But how can you compete especially if there are many small business enthusiasts like you who are also in the same market? Here are some strategies for market penetration helpful for small businesses.
Reducing the prices of services and products.
This will work well in a market where differentiation is very little. The general idea here is to attract your customers with your lower price. Say for example you are into retail, but you are surrounded with businesses same as yours. What can you do to attract clients? Simple. You can make your market go up by simply offering your products at lower retails rates than most of your competitors.
Apart from the traditional forms of advertising, you can consider other ways to attract more customers. Try giving out special promotional events, special offers, sales discounts, or offering a trade. This does not only appeal to your present customers; this will also catch the curiosity of new clients that were once unaware of your brand or product.
Expanding your distribution channels.
Start by looking for more retailers, dealers, or distributors. Try entering into partnerships with a major channel player and make sure you nurture that relationship for them to continue doing business with you. The wider and more stable your distribution channel is, the better your chances are of reaching your customers easily.
This is also referred to as market expansion and is considered one popular marketing growth strategy ideal for small business. If you start off your business without a solid footing on your target market, market expansion may be the solution. Market development is a recognizable growth strategy but this can be tricky because this will involve entry to a whole new market.
Thus, market research is a must. Here, you try to undertake a business expansion to new geographical markets like other countries, regions, or states. One practical way to do this is to adopt a franchise model. This has long been proven to be an effective strategy and was in fact how The Body Shop and Walmart grew.
Use Alternative Channels.
Perhaps the most effective channel for small businesses to sell their services and products to their clients is the Internet. In fact, small-time entrepreneurs and business owners benefit a lot from the Internet because they are provided with a platform where they get to compete against the more popular and established brands. Presently, small businesses can either sell online by putting up their own websites or selling their products via subscription programs. The options are limitless when you talk about internet marketing. If you are just starting up a business like a copier Louisville venture, it’s okay to experience a few bumps along the way. But if you know and understand that you can strategize your marketing approach, then getting successful with your business may not be that hard at all.