It doesn’t matter what your goals are for your business, the only thing that matters most is that you are well aware of the most essential small business growth strategies.
Tip number 1. Crossover to new markets – being a savvy and responsible business owner, you might have identified already your market and have also built a following within your niche. The moment that you have set your foundation in the industry you like to be in, it is integral to continue that success in looking for other prospects which is by moving to other markets. Well, this one doesn’t mean that you should sell to the masses but at least, you’ve got to search for submarkets in bigger markets that mirror the industry you’ve chosen.
Tip number 2. Introduce a new and improved version – do not reinvent your business when often simple makeover can do. As your service or product finds home with the increasing number of customers, try to look for ways on how you can make it better and deliver value that your customers are getting. Oftentimes, the investments you have made in product innovation will not be as costly as your initial R&D that usually comes with the first product offering.
This is going to give you chance to market brand new features, benefits and enhancements to a customer base that is in existence already while offering upgrades as well at a much lower price. Given that you have less investment for the new version, it automatically puts you in a win-win situation.
Tip number 3. Seek out joint venture marketing opportunities – try to search for strategic alliance on other businesses that do offer similar services or products on your target market. For example, if you have a market for high-end salon services, then try looking for other potential partners who are servicing the same industry.
Tip number 4. Take partnership with your rivals – while this thing sounds a counterproductive move, partnering to your biggest competitor can actually help the both of you win the game. Yes it is true that you and your competitor have plenty of similarities but in the end, there are key points that make each of you unique. Try looking for complementing and off-setting competencies and then, work out an agreement that benefits both sides in cross marketing strategy. Obviously, there must be an equal benefit for each to make sure that there is going to be continual small business growth. The benefits on the other hand are guaranteed to be big given that it is researched and executed properly.