Every big and small business wishes to grow and expand effectively and create a reputation for the bright success of their business. It is not possible overnight, for accelerating growth you need to invest in a lot of time and effort and you would eventually be rewarded with achieving your goals. Here we are providing you with some tips that would help your small business to achieve your target growth milestones:
1. Good market research:
For growth of every business, an effective market research needs to be done so that you can know where your business loop holes are. For example Dove soap, it was initially only into soap marketing and with research they found out that their product is being liked by many, so they came up with Dove shampoo, lotions, creams etc. where they feature the general public for their ads and show how the public is benefited out of their products.
2. Proper segmentation of the market:
The most intellectual way of growing your small business into a big one, is to properly segment the market and create a new corner of the market. First of all, segment the market for your product, then make a list of your competitors and which target market are they catering and pick up the undeserved areas. A little effort is required, but by doing this you can find out the small corner in the large market where you can deeply focus on and dedicate your full energy in the growth of your business in this corner.
3. Build up a marketing plan:
A properly planned marketing strategy helps you to make use of the resources prudently and wisely and also go along with the expansion schedules correctly. A marketing plan for a small business growth requires a lot of monetary investment and devotion of quality time in order to plan out your target market and how to excel in the competitive market.
4. New add-ons to your products and services:
Once your target market is defined, introduce some new products and services to your existing product in order to expand in your current business. Diversification helps to retain the current customer base and create a new income flow and increase in your profit margins. For example, a dance academy starts with bollywood dance form and when they get recognition they can diversify in various other dance forms to invite new customers and increase their profit levels.
5. Social media marketing:
2017 is full of challenges and competitions, and social media marketing plays an important role in designing a crucial framework for growth and expansion of small businesses. Social media marketing has come up in a big way to create awareness of your brands in the minds of the customers, so try and focus on some few social media sites where you find your desired customer base. Advertisement possibilities are huge in online industry, so invest wisely on your content writing and your brand can gain unimaginable great heights.
6. Think one step ahead:
You should always plan your next step in the running of your business in advance, so as to secure yourself from any upcoming competitions. With a proper market research and analysis, planning of the next step becomes easy and convenient to make your business grow to another level. Proper planning, market research and by analysing the expansion possibilities and help your small business grow in this upcoming competitive 2017. Diversify your business by planning efficiently and make use of both digital and non digital channels and make your pathway for marketing strategies smoother.
Vandana Shah is Co-founder & Director at The Chrysallis. She is an Executive Coach,She is also NLP Master Practitioner and has had the opportunity to learn Business coach & Leadership Coaching, human brain and behavioral science from different schools of coaching.
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