How to grow your business faster

How to grow your business faster

  1. Add new products and services to your mix. This strategy sounds relatively simple, but executing it well can be challenging. For starters, you need to figure out which products and services your customers want, and how much they’ll be willing to pay for them. Next, determine whether or not you can sell these products and services at a profit.
  2. Sell more products and services to your existing customers. This is the flip side of the first strategy: Penetrating deeper into your current customer base. Start by performing a market segmentation analysis to identify the customer segments that are more likely to buy so you can focus your sales and marketing efforts on these segments.

This analysis will divide your customers into segments based on the criteria you choose (age, gender, location, buying history, etc.) so you can analyze their potential profitability when it comes to selling them new products and services. Armed with this information, you can better allocate your sales and marketing dollars.

3. Expand into new territories. The idea here is to market and sell your existing products and services to new customers. These new customers can be in different segments or niches or different locations from where you currently operate.

If yours is a retail or storefront business, this type of expansion will likely involve opening new locations in different geographic areasOpens a New Window. — whether across town or across the country. Doing so will require a significant investment of both time and money, so perform thorough market research first to make sure there is enough customer demand in the new territory to justify the expansion.

4. Target new customer markets. Most businesses target their sales and marketing efforts to specific customer markets based on demographics like age, gender, and location or psychographicsOpens a New Window. like interests, activities, and values.

5. Tap into new sales and delivery channels. The Internet is the best example of how a new sales and delivery channel can transform a small business. Countless companies have reinvented themselves to take advantage of online opportunities — from brick-and-mortar retailers opening online stores to service providers who are able to reach a much broader audience by advertising online and using search engine optimization (SEO) techniques to rank highly in Web searches conducted by the prospective customers.

6. Acquire another business. This may be the fastest route to growth and expansion. Merging with or acquiring another business can literally double the size of your business overnight, growing your sales and revenue exponentially. But you must perform thorough due diligence on any potential acquisition candidates before moving forward with a business merger.

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