Growing a business is a dream for many entrepreneurs. Taking the next step can be daunting, but expanding can be lucrative and hugely satisfying. If you have business growth goals, here are some strategies to help you turn ideas into reality.
Research the Market
Carrying out ongoing market research is an effective way to maintain strong relationships with customers, identify new trends and monitor your competitors. One of the most important reasons to research the market when trying to grow your business is to gauge the level of demand. Before you invest money, make sure the demand is sufficient. If you plan to open a new store, for example, analyze existing sales data, research competitors in your chosen area, find out more about footfall and make sure you have target customers in that location. If your sales have stalled, or there are already several stores selling similar products in the area, it may be better to explore other locations or focus on boosting sales at your current site or replacing the existing store with a new one in a different place.
Fund Your Plans
Expanding a business requires financial investment. There are various options to consider when financing growth plans, including reinvesting capital, borrowing money, securing investment from external firms or individuals, and crowdfunding. Before you compare long term business loans or arrange meetings with investors, explore different income streams and weigh up the advantages and disadvantages. It’s crucial to outline your business objectives and be clear about how much money you need to execute the next step and how you’ll spend your funds. If you are struggling to repay debts or pay bills, or you’re not yet generating profits, it’s wise to think carefully about growing your business. It may be best to wait until your company is profitable and your debt burden decreases.
Encourage Customer Loyalty
Encouraging customer loyalty has several benefits for growing companies. Research shows that repeat customers spend up to 67% more than new clients. They can also play an integral role in promoting your brand through referrals, recommendations and positive feedback and reviews. Building a loyal client base can also help to enhance your reputation and attract new customers. There are many ways to champion loyalty, including offering repeat customers access to perks and extras, running a rewards scheme and incentivizing referrals.
Create a Buzz Using Targeted Marketing
If you’re opening new premises or launching new products or services, create a buzz using targeted marketing techniques. Share your news, generate hype and build anticipation. You could host a launch party or run a social media giveaway, for example. Choose channels that are popular among your target audience. If your ideal customer is a young shopper who spends multiple hours on social media every day, for example, Instagram giveaways are ideal for growing a following quickly. Offer a prize, create and share a post outlining the instructions, and encourage your followers to tag friends and share your post far and wide.
Many entrepreneurs want to grow their businesses or build empires. It’s not straightforward to execute ambitious growth plans, but following these essential steps can help you realize your goals. Research the market, figure out how to fund your plans, encourage customer loyalty and use marketing campaigns to create a buzz and get people talking.
