Small businesses are awesome, but at some point, you will want to expand past the initial goals you had when starting up your venture. If you're going to be successful in the long term that is. Luckily, you can get the scoop on just how to do this in the post below. Read on to find out more.
Is your business ready to become a mighty oak?
Sure, it's obvious but adding to your product range is a fantastic way to grow your business. The reason for this is two-fold. Firstly, with new products, you can target a different demographic to the one that you currently are focused on.
Secondly, it possible that if you have done things right and establish positive customer relationships with those that have already bought from you, they may use your new product because of their familiarity with your brand. Something that means you already have two possible revenue stream to exploit to grow your business.
Of course, before you rush out and start scribbling new product ideas on the back of napkins, you do need to be aware of what is involved. Remember designing and testing new products cost money, and you will need to be able to access the finances for this from providers that offer services like guarantor business loans before you can begin. Otherwise, you won't get very far.
Also, do not forget that the primary focus here is the customer and what they want. Don't try and make something you think is cool and then convince them that they need it. In fact, for new product success, you need to work the other way around if you want to maximise your chances it a hit and the thing that brings in more revenue and expands your business.
Next, if you are considering expanding your businesses, why not consider the overseas market? After all, there is likely to be a demographic similar to the domestic market in which you are already selling that currently do not have access to your products.
What this means is that much of your marketing, strategy, and even packaging can be used with little alteration. Although, it is most definitely worthwhile to do some research on product names, and slogans before you launch overseas. The reason being that the connotations of seemly innocent phrases in English can be entirely different when directly translated into another language, as you can see in the video below.
Of course, this can cost you a lot regarding PR, and cash too, as it's likely you will need to relaunch!
What many small businesses tend to forget when they are looking to expand is that it may be possible to meet their goal by selling more of their product to their current customers. Of course, to do so, you will need to offer specific incentives.
One that many SMEs go with is offering discounts for bulk purchases. Something that quite clearly benefits the customer as they end up spending less. However, it can significantly benefit your business as well because it means larger orders will be placed, and that your brand becomes synonymous with the product that the customer buys regularly. Something that can encourage brand loyalty and help you to corner the market.
Another less considered but also effective incentive for increased sales is to promote your company's and products' USPs heavily. In fact, if your USPs involve being eco-friendly, or have some additional social benefit, it may be that they are incredibly effective with regard to upselling because such PR benefits will rub off of the purchasing company and encourage them to stay loyal to your brand.
Sell across multiple platforms
Lastly, when it comes to expanding your business remember that finding diverse places and ways to sell your product can make all the difference.
In particular, this is linked to online sales and using different social media platforms along with SEM, SEO, and an effective website to capture the attention of as many customers as possible. In fact, there are a myriad of ways in which you can use platforms like blogs, Facebook, Instagram to not only get the word about your product out but also direct potential customers directly to pages on which they can purchase as well.
Also, do not be afraid to look into even more forms of selling including pop up stores, supplying bigger department stores, or even franchising your business! After all, they can all provide an additional income stream that can help you grow your business from the little acorn it is now, into a mighty oak that will dominate your sector for years to come.