—
Growing a business is not all bed of roses. In fact, a lot of the most prominent and successful businesses today actually started out small, with a lot of bumps along the way. They were really not the juggernauts like they are today. At some point, these successful business ventures once belonged to a group commonly referred to as “the small businesses”.
While there is also that fact that only a handful of the small businesses will become successful, getting it “big” in the market can still be achieved. But can a business owner break out and make ahead of his contemporaries? He can. With sheer determination, here are some business growth strategies that small business owners can learn from.
Market penetration is probably the default choice of most small business owners who wish to grow and increase their operations. In most cases, they will focus on the present service and products in the current market. But how can they compete especially if there are many small business enthusiasts who are also in the same market? Here are some strategies for market penetration helpful for small businesses.
Reducing the prices of services and products.
This will work well in a market where differentiation is very little. The general idea here is to attract customers with a lower price. Say for example in retail, there are the same kind of businesses. What can a business owner do to attract clients? Simple. He can make his market go up by simply offering his products at lower retail rates than most competitors.
Increasing promotions.
Apart from the traditional forms of advertising, business owners can consider other ways to attract more customers. Try giving out special promotional events, special offers, sales discount, or offering a trade. This does not only appeal present customers; this will also catch the curiosity of new clients that were once unaware of the brand or product.
Expanding distribution channels.
Start by looking for more retailers, dealers, or distributors. Try entering into partnerships with a major channel player and make sure to nurture that relationship for them to continue doing business. The wider and more stable a distribution channel is, the better chances are of reaching customers easily.
Market Development.
This is also referred to as market expansion and is considered one popular marketing growth strategy ideal for small business. If a business owner starts off his business without a solid footing on his target market, market expansion may be the solution. Market development is a recognizable growth strategy, but this can be tricky because this will involve entry to a whole new market. Thus, market research is a must. Here, business owners try to undertake a business expansion to new geographical markets like other countries, regions, or state. One practical way to do this is to adopt a franchise model. This has long been proven to be an effective strategy and was, in fact, how The Body Shop and Walmart grew.
Use Alternative Channels.
Perhaps the most effective channel for small businesses to sell their services and products to their clients is the Internet. In fact, small-time entrepreneurs and business owners benefit a lot from the Internet because they are provided with a platform where they get to compete against the more popular and established brands. Presently, small businesses can either sell online by putting up their own websites or selling their products via subscription programs. The options are limitless when talking about internet marketing.
If business owners try to start up a business like a copier venture, it’s okay to experience a few bumps along the way. But if they understand the holistic nature of their business and know how to strategize their marketing approach, then getting successful with their business may not be that hard at all.
Release ID: 471759