Growth strategies for small businesses are as crucial as taxes. They are often overlooked only because small business owners usually avoid the planning process involved with making sure that their businesses remain profitable. Instead, they are more concerned with how they are going to take action – in other words, the tactical side of the equation. What we have found is that by breaking up yearly growth strategies into two parts we can help our clients with their overall growth process in a more effective way. In today’s post, we are bringing you six mid-year small business growth strategies that will help your goals of growing and scaling your business.
What is Market Penetration?
Market penetration is often referred to as the takeover of a business or organization in any one industry. In other words, your company has successfully sold goods and services in that specific industry; this has, in turn, allowed you to penetrate the consumer and have increased your sales objectives. When you are considered a specialist in your field, your ability to penetrate a particular market will improve. The same can be said for your service and product offerings.When you are considered a specialist in your field, your ability to penetrate your desired market will increase.Click To Tweet
One of your primary objectives should be not only to grow, and scale your business, but also to penetrate your market. Doing this will instantaneously set you apart from your industry competitors, and a growth in business is inevitable. This is why we recommend that you create the strategies that will support your market penetration efforts. Below we have provided you the six strategies that we often recommend the most.
Six Mid-Year Growth Strategies
While following these strategies may result in immediate returns, the majority of these will take time to implement and most importantly, they will require a shift in your company’s culture.
1. Expand Your Services & Products
By expanding your current services or products line-up, you will be more apt to receive a quicker response to new services or products. The cost of developing your services or products is also significantly lower than creating all new ones because often our test subjects (our audience members) have already given you the necessary feedback on the type of services and products they would like to see from you and your organization. Consider this strategy before you move on to the rest
2. Gauge Competitor Services & Prices
One of the most widely used expansion strategies is to offer products and services at prices that beat your competitors. The intention is to attract more customers and consumers. However, this must be done with a lot of thought in mind, as you do not want to dilute the value of your brand. In many instances, you will find that two brands competing in the same industry will often seem like winners. There is always a clear loser, and that is the brand who lower their prices so much so that the value of their brand was diluted.
3. Provide Better Services & Products
Excellent services and products sell well because they are created with care and keep the consumer in mind! There is no better way to win over your competitors by providing them with better sales, services, and products. You can provide testimonials or reviews to market these further to new potential customers. However, this goes beyond the testimony. This is much more about your commitment to developing the best service and product on the market.
4. Broaden Your Network & Partnerships
Something that can learn from a millennial business owner is the concept of working with other community members, influencers, and industry professional to generate partnerships that will increase revenue. Consider broadening your network and partnership opportunities to reach a wider audience and create more brand awareness for your business. When you attempt doing this, you should consider several things, first and foremost consider your position in your industry as well as your objectives in doing so.
5. Improve Existing Products & Services
Consider improving your existing products or service features in order to encourage more people to purchase from you. If you notice that your sales have declined, or that you are not signing on new clients, then you have to take a good look at your products and services offerings. There has to be an apparent reason as to why you have not been able to sell your inventory. We recommend that you consider your products and services, and compare them against your competitors, as well as the current state of your industry. There you will often find the answer you are searching for.
6. Consider Marketing & Advertising
Our last recommendation would be to consider utilizing less conventional forms of marketing and advertising like hosting special events and working with an industry influencer. Aside from traditional forms of marketing and advertising, you will find that these forms of marketing will help to keep your business innovative and on the forefront of any new developments within your industry. If there are new marketing tools that will allow you to place your products in front of your ideal audience, you should consider utilizing them and become an early adopter of these.
Address Your Current Clients
When you are experiencing a need to develop new products or services, you will want to slow your pace down in order to focus on the development process. Therefore, while you will indeed address things with your current audience, you will want to keep a certain level of activity in your business. This will be most important if you have current clients or customers. There should be a seamless transition and nothing drastic that will alarm anyone within your client’s list, customer base, or network.