(Newswire.net — February 7, 2019) — Subsistence is the name of the game. You’re fed up with simply surviving. You want to actually thrive. What can you do to get your business moving in the right direction? Here are some reliable business growth tactics to test-drive.
Make the most of your existing customer database
It usually takes less time, money and effort to sell to existing customers than it does to attract new ones, so make the most of the market you’re in before being seduced by the siren call of fresh prospects. You can up-sell to them, selling them a better, different or more costly version of something they’ve already purchased. You can cross-sell to them, selling items that complement or support their original purchase. You can make repeat sales, selling them more of the same stuff. You can ask them for referrals, where they recommend a friend in return for a small incentive. And you turn some of them into advocates for your business, people who are delighted to spread the good word about you thanks to their positive experiences with your brand.
Think outside the box
Have you spotted one of your customers using your products in unexpected ways? Discovering and promoting new uses for existing products or services is a great way to sell more and attract new custom. Tulip craft paint is a great example. Originally called Tulip fabric paint, they changed the name when it became clear that people were using the product on a lot more than fabric. The paints worked equally well on glass, wood, metal, you name it. B
Grab a bigger market reach
You could open shops in new places where your target audience shops. You could set up a new local website to handle queries in your area, or add fresh ecommerce capabilities to your website. Or you could simply extend your reach with targeted advertising campaigns and social media promotions. The idea is to attract more people by appearing in more of the places they visit.
Niche it!
Niches are brilliant. Think of a niche market as the small pond in which your business is a big fish. Your products or services meet the needs and desires of the people in the niche better than any other, and they’re often sold instantly without you having to sell. Identify any narrowly defined group of customers, find out exactly what they want and give exactly that to them – it’s hard to lose.
Look after the pennies
When you look after the pennies, the pounds look after themselves. You need to focus on growing your business’s bottom line, both pre-tax and post-tax. You can cut costs by liquidating unwanted stock, improving inventory turnover, negotiating with suppliers, testing pricing tactics, sourcing cheaper raw materials, using freelancers instead of employing staff, all sorts of creative ways.
Export your goods or services abroad
Few products are wholly country-specific. Expanding into international markets can really boost your bottom line, given enough time and resource. Your first step is to create a detailed Export Marketing Plan to follow, which pinpoints the processes to follow, the risks and the potential benefits.
Remember that each country has a specific, unique personality, rules, laws, regulations, culture and personality, and check the facts with a good source of local business information, for example a list of companies in Denmark or Norway for Northern Europe or a UAE business directory for the Middle East. To succeed you need to understand your target international markets better than your home market, constantly keeping in mind local specifics and the level of business development in particular countries.
Go diversify
The key to successful growth through diversification isn’t what you might expect. It’s actually similarity. Can you find a new audience whose members have related needs to your established market? Are there any segments whose members have similar characteristics?
Know the value of trade shows
Turn up at a trade show – any trade show – and you’ll find yourself bang in the middle of a large audience of qualified leads, all with a vested interest in what you do. And that’s marketing gold dust. Because they are already interested in your product or service, your bottom line benefits. All you have to do is choose the trade shows that deliver the best match for your brand.
Franchise your business idea
If your business is a runaway success and that success is repeatable in different regions, you have a franchise opportunity. When your system can be duplicated, others can follow it. And franchising, done right, can fast track business growth dramatically as well as very quickly indeed.
Let’s grow
Which method to test? You could pick one, focus on it then test-drive the remainder one by one, or pick your most likely-to-succeed weapon and see where it takes you. Just remember that whatever you do, knowledge is always power, and ignorance is always a big mistake.