Every business is established to experience growth and scale new heights of consistent success and requires immense hard work and dedication. You can dream big, but you need to have your goals in place. At the start, you need to be very sure of whether you wish to pursue the same goals or are interested in diversifying the business. The e-commerce space is extremely crowded, and the attention span of clients is limited. Moreover, the changing trends of people always prove to be challenging to any business. This calls for astute anticipation of future customer preferences. There are numerous expansion strategies that can help grow your business. Some of these include making a foray into absolutely new markets or even deciding to introduce new merchandise. Every organisation entertains its own string of strategies in accordance with the nature of its business. Adopting a well-defined approach that is in sync with your business growth strategy and expansion plans can open up interesting pathways which you can then pursue with dedication.
Did you know? Information technology, E-commerce, and Health care are the fastest growing businesses in India and are likely to grow phenomenally in the future as well?
Secrets for Growing Your Business Quickly
There are various mechanisms that can be implemented to expand your business. Some of these are as follows:
1. Study the Market Environment Consistently
The economy always tends to sway, creating opportunities for acquisitions. You have to monitor the market ambience regularly. If you come across any undervalued businesses, you can always choose to make an acquisition. You should discuss such a business growth plan internally with your core team to get an insight into their thoughts as well. Analyse the strategy to understand how it could impact your financial status. Avoid the latter if you think expanding business is a better alternative than an acquisition.
Maintain the Essence of Your Brand Identity
Let your brand speak volumes about your business and maintain that throughout your business transactions and growth cycles.
Also Read: Market Analysis - How to Conducting a Market Analysis for Small Businesses
2. Expand Your Business Offerings
There are multiple ways to expand your business. These include:
Lower Prices
Adopt short-term strategies like lowering the prices of a certain category of goods. A little survey or research can help you understand fast-moving goods and the prices at which competitors are selling them. You may experience a little less profit, but if you lower the price of such goods, you will find your business making inroads into deeper pockets of the consumer market.
Offer Special Discounts on Bulk Purchases
This is a wonderful growth strategy for a business. It will serve you in many ways, i.e., the turnover of your stocks will increase rapidly, you will attract new customers, you will be to drive the customers of competitors towards your business, and you will.
Also Read: 200+ Small Scale Business Ideas with Low Investment
3. Segment Your Clientele
Segmentation will help you understand the preferences of your various customers, desired price points, quality expectations, other interests as well as their shopping habits. Once you can do this successfully, you can create personalised campaigns based on these details and market merchandise according to their preferred choices.
Analyse Your Customers and Establish a Relationship
It is always wise to ask your customers the reason behind buying your merchandise. This will give you an insight into whether the business growth strategy is headed in the right direction. You can question them when they come to your store or send them an email (after you have collected a database), and question them on a weekly or fortnightly basis. Once you get to know them better, you can even call them to understand their habits better.
4. Set Up Loyalty Programs and Focus on Customers
Every business needs to make profits, but you also need dedicated customers who become your goodwill ambassadors. The best way to do this is to start loyalty programs for them. You can start a gift card which can enable them to avail of some special discounts on a specific category of goods, e.g. school stationery or toiletries. You can create a segment of ‘happy hour purchases’. The ‘happy hours’ concept can include placing orders between specific hours where they can stand to win an attractive prize if their purchases exceed a certain amount. Adding a Referral Factory program is another effective approach, as it encourages your customers to spread the word and bring in new clients. This will ensure you consistent business and revenues as well affirm a good stream of business. Everyone likes a good and free gift, and if it means increasing your volume of business, why not?
5. The USP Factor and Expansion of Product Line
Survey competition and try to introduce meaningful products which can be sourced on a personal level. This may not sound easy, but it is possible. You can forge an alliance of homemade bakery goods or handicrafts and décor on an exclusivity agreement. This will make you stand apart from the crowd. Once customers understand your USP, you can be assured they are going to be loyal to you for a very long time.
Online Promotions
Every business has a presence on social media platforms. Make it a point to promote all your new products, discounts, and special festive offerings on social media. Create a feedback section for your clients on key social media platforms where they can post their shopping experiences. Once you have the database, make it a point to greet them on their birthdays and anniversaries. You can also send a cake on such occasions as a goodwill gesture. Such small gestures create a long-lasting relationship, and the business is sure to experience immense growth. To establish a strong presence on social media, conceptualise campaigns for special occasions and national holidays. Make these engaging by way of contests and special prizes.
6. Multi-channel Marketing
This will facilitate the placing of orders via social media platforms. You can employ one dedicated person to manage these marketing activities. If you have a storefront on Amazon, link it to your website. This way, customers can place orders without having to drift away from your website.
7. Alliances
You can forge alliances with dog walkers, daycare centres, travel arrangements as well as homemade meal services for your clients. Most working professionals and pet owners lack time to walk their pets. Many also lack time to cook meals at home. These strategic alliances serve as additional services and will only enhance the relationship and grow your customer base.
8. Set New Goals
You cannot be smug at the interesting turnover and growing customer base. Set new goals on how to grow your business. Some of these growth initiatives can include expanding your current office by setting up shop in another location as well, increasing your staff, the variety of merchandise, and the quality of services. Once you have clarity on your growth plans, you must determine the growth percentage every year. This involves understanding and researching the industry and setting realistic goals.
9. The Future Course of Action
Always maintain a blueprint of your growth strategy. This will help you understand the development of the business as well as the achievement of revenue targets. You will get an understanding of the growth potential of the existing business and can plan diversification, if required, based on those insights.
10. Ensure a Steady Revenue Balance
If you plan to expand your footprint in a nearby town or city or even wish to diversify on a parallel platform, you must have a stable and consistent income inflow and a constant stream of clientele.
Also Read: How To Get A Business License In India?
Conclusion:
There are several interesting mechanisms to expand the growth of your business. Technology facilitates the understanding of consumer behaviour through marketing initiatives like sales funnels and more. You have to feel the pulse of the customers regularly to understand their levels of satisfaction or dissatisfaction. You have to remember that your customer’s word is divine and therefore cater to their needs in accordance with their expectations. Set the bar high so that you never falter. Quality merchandise and service will bring in the desired customers and profits. Remember to keep an eye on the net profits because that should be the benchmark of your business growth. Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.
