1

Making Your Small Business a Big Business (step 1 to 5) !!!

-

Learning how to grow your business isn’t just a worthy goal; growing your business is often a necessity for your business’s survival and your economic well-being. What can you do to get your business beyond the bare sustenance level? What can you do to turn it into the income-generating powerhouse you envision? Try one or more of these growth strategies. All have been successfully used by other businesses and, with some planning and investment, will work for you.



1. Penetrate your existing market.

When you think about how to grow your business, the first thing that probably comes to mind is getting new customers. But the customers you already have are your best bet for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you. See 6 Sure Ways to Increase Sales and 10 Low-Cost Ways to Promote Your Business for more.

2. Ask for referrals.

That's not to say that getting new customers is a bad approach. One of the easiest ways to do this is to ask your current customers for referrals. But notice the verb. Having good products and great customer service and just assuming that your customers are passing the word about your business isn’t going to do much to increase your customer base; you have to actively seek referrals. During or after every job or sale, ask your satisfied customer if he knows anyone else who would be interested in your products or services.

3. Innovate your product or service.

Discovering and promoting new uses for your products or services is a great way to both get existing customers to buy more and attract new customers. Think petroleum jelly and duct tape—and how few of these would actually be sold if they only had one use!

4. Extend your market reach.

There are several ways of growing your business by making your product or service available to a new pool of customers.


The most obvious is to open stores in new locations, such as opening a store or kiosk in a new town. New locations can also be virtual, such as a website with an online store. Another approach is to extend your reach through advertising. Once you’ve identified a new market, you might advertise in select media that targets that market. If your new market consists of a younger demographic, you may want to use social media for advertising, (See How to Create a Social Media Plan.)

5. Participate in trade shows.

Trade shows can be a great way to grow too. Because trade shows draw people who are already interested in the type of product or service you offer, they can powerfully improve your bottom line. The trick is to select the trade shows you participate in carefully, seeking the right match for your product or service. Trade Show Tips will help you get the best return on your investment.

Comments

Post a Comment

Popular posts from this blog

Different Types of Business Strategies !!!

-
Image
Specific strategies, such as identifying product strengths, adjusting pricing, or acquiring another business, have historically been used to get a small enterprise off the ground. Understanding these strategies, and skillfully implementing them, can help entrepreneurs achieve success. New companies often face unique challenges. Specific strategies, such as identifying product strengths, adjusting pricing, or acquiring another business, have historically been used to get a small enterprise off the ground. Understanding these strategies, and skillfully implementing them, can help entrepreneurs achieve success. Growth Strategy A growth strategy entails introducing new products or adding new features to existing products. Sometimes, a small company may be forced to modify or increase its product line to keep up with competitors. Otherwise, customers may start using the new technology of a competitive company. For example, cell phone companies are constantly adding new features o...
Read more

100 WAYS TO SETUP YOUR BUSINESS

-
Image
FIRST OF ALL GET YOUR BUSINESS REGISTERED ON  http://www.webbusinesslistings.com/ Marketing Planning 1. Update or create a marketing plan http://www.webbusinesslistings.com/  for your business. 2. Revisit or start your   market research . 3. Conduct a  focus group . 4. Write a unique selling proposition http://www.webbusinesslistings.com/  (USP). 5. Refine your target audience and niche. 6. Expand your product and service offerings. Marketing Materials 7. Update your  business cards . 8. Make your business card stand out from the rest. 9. Create or update your brochure. 10. Create a digital version of your brochure for your website. 11. Explore a  website redesign . 12. Get  creative with promotional products   and give them away at the next networking event you attend. In-Person Networking 13. Write an  elevator pitch . 14.  Register for a conference . 15. Introduce yourself to other local...
Read more

Businesses You Can Launch for Cheap (step 26 to 31) !!!

-
Image
26. Online Photo Selling If you are a professional photographer or just have a deep-rooted passion for it, you can make money from your pictures on photo selling websites. All you need to get started is a camera, preferably a digital SLR with a minimum of 8 megapixels, and a computer. Once you have established yourself on websites such as GettyImages.com and Flickr.com, you can setup your own website with a list of your watermarked images and their price per unit. 27. Meal Planning There are loads of people who love food but don't have the first clue about what to buy. They are either not very confident in the kitchen, don't know the first thing about a balanced diet, or struggle with maintaining a budget. As a meal planner, you would: Create a list of ingredients Create step-by-step recipes for your customers to follow Explain the nutritional value of the meals to educate your customers Explain to them how they are saving money by sticking to your meal plans ...
Read more