If a business isn’t growing anywhere, it’s not going anywhere. As markets continue to grow and diversify, expansion is necessary for long-term sustainability. In challenging times, that’s easier said than done. Fortunately, employing a few basic strategies can keep your company on the move. Here are seven ways to expand your business.
- Think Infrastructure
Your infrastructure has a powerful impact on your overall efficiency. Virtualizing infrastructure can have a sizable impact in this regard. VoIP services like Skype and Zoom can reduce costly commutes. Project management tools like Basecamp can lessen the need for a physical headquarters by offering file-sharing and team coordination systems. A mobile retail cart could be an asset for smaller brick-and-mortar operations. Streamlining your business processes could be a click away.
- Know Your Niche
In niche marketing, companies promote their products to a specialized subset of a larger market. Targeting your offerings to a specific subculture allows you to effectively corner that market by offering distinctive products. Accomplishing this requires accurate knowledge of shifting cultures and demands. Use a combination of qualitative and quantitative market research to get a handle on how you might creatively fulfill those desires.
- Add Fresh Offerings
On the other hand, targeting a single niche could leave you myopic about new opportunities. Adding new offerings is a great way to expand your market penetration. An expansion could mean broadening your reach to new markets or simply taking a new approach to niche demands. Either way, research consistently shows that quality is a deciding factor for consumers. Build a reputation for care and authenticity.
- Prioritize Repeat Buyers
It might sound counterintuitive, but one key to expansion is nurturing repeat business from existing customers. Recent research showed that a 5% gain in retention can boost profits by 25%. There are two ways to go about this. The first is by offering incentives. Rewarding repeat customers with special offers and deals have always been a good plan. The second way to encourage repeat business is by providing excellent customer service. Errors like long wait times, ignorant staff, and non-responsive agents can destroy your reputation. Nurturing relationships is how brands earn lasting respect.
- Turn Shoppers Into Brand Advocates
Those repeat customers are also a great source of advertisement. Studies have shown that 92% of consumers trust word-of-mouth marketing over any other method. The reason is trust. It’s impossible to disguise traditional ads like billboards as anything other than an attempt to grab attention. Consider allowing the products and their users to be your advertisement. Let your customers tell their stories about the impact your offerings have made on their lives. Let that communicate your brand’s vision.
- Use High-ROI Marketing Strategies
Expanding your customer base doesn’t have to break the bank. Research company Statista discovered that email marketing has an average return on investment (ROI) of around $36 for each dollar spent. The returns can be even more pronounced for text (SMS) marketing. The low cost of sending texts combined with a high open rate makes these methods an economical choice. An added advantage to these strategies is that they’re organic. Customers can choose to subscribe or unsubscribe to messages as they wish. Putting the customer in the driver’s seat is always a beneficial choice.
- Develop Your Digital Content
Content is king. Those are the immortal words of Bill Gates. He might have been talking about blogging. Making engaging content is a practical way to generate interest without advertising anything. Upping your social media game with YouTube videos and influencer testimonials is one potent strategy. One of the more versatile channels is traditional, long-form written content. Strongly consider leveraging search engine optimization (SEO) strategies in your written material to get your business noticed by search engine algorithms. Brand awareness is the first stage of any sales funnel. Content makes consumers aware of what you bring to the table.
The best way to keep your business growing is to keep it healthy. Learn how to maximize efficiency while limiting avoidable losses. Consider these tips a starting point for making next quarter’s plans.