Many small businesses want to make it to the big league. Unfortunately, there are those who hasten the process by taking shortcuts that only work for a short time. The key to growing a small business is to develop a long-term business expansion strategy to continuously grow your business.
Growing a small business is a real challenge. However, practicing the right business growth strategies is what will take you further.
The Art Of Growing A Small Business
Allow us to let you in on the most effective ways to expand your enterprise.
1. Know what you’re good at
Most small businesses find it difficult to emerge from their bubble because they don’t have a focal point. They want to do and present everything at once, which makes it difficult to tell a compelling story.
The trick is to establish a core value proposition. Identify why your customers come to you and what sets you apart from the competition. Consider Whole Foods. They simply describe themselves as America’s Healthiest Grocery Store. It is very clear what their focus is and who their target customer is. This is essential to effective marketing.
Figuring out that special value you can present your customers gives you the edge. Once you have a better grip on what it is, you can finally explain to customers why they should choose your product or service.
2. Develop a specific buyer persona
Part of your business expansion strategy should be identifying who your exact market is. One approach is to create a specific buyer persona. This will help you understand exactly who you are selling to.
From age group and location to buyer behavior and personal interests, build this in detail. What do they like and dislike? Where and how do they shop? What problem are you solving for them? How do they describe the benefits of your product or service? If you are not personally a member of that target market, go talk with people who are.
Once you have defined this ideal customer, make sure the market size is large enough. Also plan your strategy for engaging them, and converting them to customers.
3. Embrace technology
You’d be surprised just how many small businesses are still not exercising the benefits of using technology. We live in a digital age where customers expect customer support from your Facebook page or Twitter account and not just your phone number. The good news is technology enables you to have a more direct relationship with your customers, and it can help grow your business.
Practices like establishing an easy to use, mobile-friendly website; having a strong social media presence; staying in touch via email marketing or text messaging campaigns, etc. all contribute to the growth of your business. Technology also provides the ability to grow your business quickly, and cost-effectively.
4. Expand your existing product
An essential part of growing a small business is product expansion. Perhaps it is adding more colors or styles. Perhaps it is adding additional services, to complement your current offering. The key is to strategically expand so you can win over new customers and retain the loyalty of your current ones.
For example, perhaps you have a T-shirt design that’s currently selling well. Why not use that same design on mugs or baseball caps? This way, you are diversifying your product which can help maintain and gain interest.
You can also increase sales by repositioning a product to appeal to a new market segment, or making it available in another area.
Growth is a necessity if you want your business to thrive. Keep these four strategies in mind and soon enough, you’ll go from humble beginnings to a fruitful future.