Growing your business is a part of surviving in business, it’s not mere goal but necessity. Growing can be by gaining extra revenue (profit) or expansion (serving location). Either ways you need a strategy to follow. Without right strategy you can’t hit the bull’s eye.
What’s the strategy? Strategies differ from business to business and from location to location. Keeping this in brain I’ve decided to share top ways which successful entrepreneurs followed.
Top 10 ways to growing your business vertically and horizontally
#1 Take care of your existing customers, if needed pamper them.
When ever you read or hear about business expansion in terms of profits you think about gaining new customers. But, instead if you concentrate more on existing customers by selling them relevant product base of their initial purchase it can easily increase your sales which in turn increases profits.
Tip: Best way to do this is, reach your existing customers with new offers and discounts especially for them.
#2 Ask for referrals, once sale is done ask your customers to refer his/her friend.
There is no reason to feel shy to ask for a referral. If you really satisfied your customer then definitely he/she will refer more customers to your business.
Tip: What if your customers run away after a sale? Businesses those have no time to ask referral can print a message on the pack/product with a special coupon (hope you got what I mean).
#3 Add innovative features/services to your product.
World is changing and it’s heading towards innovative things. Don’t wait for your competitor to try new things, head over and try it yourself. Like Amazon did with Prime Air.
#4 Extend your service location to larger audience.
Easiest way is to setup an office in new a location. Or start serving new set of customers. Another easiest way is to start your business online and increase online exposure.
#5 Participate in trade shows of your related market.
On a trade shows more people gather and they come to learn or to share their views about particular business. This is why it’s easy to get more exposure and branding from trade shows, but only when you select the right trade show which is related to your business.
Tip: To give your competitors a blow with trade shows you must try something new or add something more to your advertising campaign. Promotional or personalized items can be a good idea, as these products increase your exposure even after the end of trade show.
Related post: For how many days people keep promotional products
#6 Conquer a niche market, it’s easy for you to capture a small area in your business market.
Think of those small set of customers whose need are not being fulfilled by any other business. It’s easy to get them when you provide the right product/service for which they’re waiting for.
Tip: But here make sure the service which you’re going to provide is somewhere related to your business. Else this can’t benefit your mean business.
#7 Offer your business as a franchise.
There are millions who want to start a business online or offline. But they’re too lazy to start from scratch. To help them and to increase your business offer them a franchise of your business. This way both of you will get benefited.
#8 Partner with your competitor.
No where in business you’re advised to hate your competitors. More branding and sales can drawn two businesses of same niche partner.
You can also partner with companies which provide something related to your service.
#9 Acquire small businesses.
Not all reading this post can do this. But if you can go ahead. Best example for this is Google, they acquired YouTube and now it’s world’s 2nd search engine.
#10 Extend your business to online users.
Can you show me any business which is not online today? No, almost all businesses have started online site to attract more customers.
Tip: Start a site or blog to attract new customers.
Related post: Do Promotional Products Work for Small Business?