Expanding your business is a wonderful thing. It means that you have found some success and are ready to grow into a booming enterprise. There are various different strategies that you can make use of when it comes to expanding your company. Each business is unique, so you might find that you want to use a combination of these strategies, while others might not apply to you at all. Be that as it may, here are 7 of the best tips experts have to offer someone wanting to expand their company.
1. Launch an Ecommerce Website and expand your offerings
Because of the success that so many online-only companies are having, it should come as no surprise that one of the best ways to expand your brick-and-mortar business is to launch your own e-commerce website. This is a great way to extend the reach your business has. There are a few ways you can go about doing this. One of the best ways is to hire a Shopify development agency who will sort everything out for you, giving you a beautiful end product that your customers will enjoy using as it has been done professionally. Alternatively, you could put something together yourself, but this runs the risk of being slow, glitchy, and potentially causing you to lose out on clients. Another route to go is to create a virtual store on an existing e-commerce marketplace like Etsy, eBay, Amazon, and even Facebook.
2. Claim a Niche Market
Growth doesn’t just come from getting new customers, it is also about selling more to your existing customer base. This is where segmenting comes in. When you segment your market, you are able to identify and target specific customers that are most likely to buy a certain type of product from you. For example, segmented market research identifies your customers based on a variety of different criteria. This includes age, location, and things they like to buy. Once you isolate this part of the market you can focus your marketing and sales on it in an attempt to expand with them. It seems a touch counterintuitive, but in order to expand your business, you need to narrow your scope. This is where the importance of a niche comes in.
Catering to a niche is the best way to grow. When you focus your product on one specific area of the market and cater to the needs of the people who occupy it, you create a space just for your company to thrive within. One of the biggest benefits of this is that you have less competition and you will likely need fewer resources to access your niche. You are also more likely to experience a higher level of brand loyalty as well as strong organic growth, such as recommendations and word-of-mouth growth.
3. Move Into New Markets
There is no rule that says you can’t expand beyond your niche. Expanding your market doesn’t mean that you have to change the products and services you offer. It can be as simple as offering your existing products and services to people in a new location, or as complex as completely rebranding to cater to a larger group of people. Expanding your scope and reaching into new markets could be just the thing you need if you find that sales in your niche market are stagnating. Alternatively, you could just switch up your marketing campaigns so that you have multiple campaigns for one product or service that make it look attractive to a variety of different consumers, rather than a single niche.
4. Partner Up
Partnering with another company gives you access to an entirely different segment of the market that they have been able to access. This means that you have insight into how this other part of the market works and can use it to your advantage. The tricky part is identifying companies that you could work well with. The best thing to do is find a partner who has a similar product or service, but one that is different enough to still set you apart. You want your products and services to complement each other, and not to work in competition.
5. Buy an Existing Business
If partnering up seems too risky, you could always buy an existing business. This allows you to absorb them and double your business in a very short timeframe. However, it is very important that if you do this, you are finding a business that is not falling apart at the seams and that it is in direct competition with your own. This gives you access to a similar consumer base, giving you more clients in an instant. It can also help you diversity your product range and even the type of staff you employ.
Being successful enough that you can open more than one store is a dream that many covet. If you are able to replicate your success in more than one place – and you are able to create a system under which your employees are able to continue to replicate your success – this could be the strategy for you. When you choose to franchise, you license your business model and procedures to people who sell your products and services under your brand. This can be a rather expensive procedure, but well worth it once things start growing.
7. Research Your Competition
Always research your competition. This allows you to stay ahead of the competition and not fall behind, losing relevance. If your biggest competitor has just released a new product, you should be doing the same. You need to constantly be creating some excitement around your brand in order to outside your competitors. You can learn a lot from how your competitors do things, this includes what not to do. Learning from the mistakes of others is the best way to successfully keep growing and moving forward.
As you can see there is a plethora of different strategies you can implement in order to expand your business. We hope that you found this informative and remember, these tips are relevant no matter the size of your company.