Let your business grow on new trajectory. Here are some ways that will ourish your business.
Get your business spread in the existing market Getting new customers is not bad. But better will be to sell more to the existing customers; retain the existing customers. Acquisition of new customers will involve higher promotion out-go. Whereas, selling to existing customers will be cost-effective. Pricing is another aspect which will help your business in penetrating the existing market. Remember that always charging competitive price may not help. Sometimes you need to reduce the weight/quantity of the product (indirect pricing) or offer free gifts. You may even change the packaging.
You may seek referrals During or after every job or sale, ask your satised customers if he knows anyone else who would be interested in your products or services. However, this is possible only if your deliverable can delight the customers.
Innovate or modify your product Every product or service has some life. It is always suggestible to go for product innovation or modication. This will help in adding new customers also. However, research & development wing should be strong enough to perform this. Just think of transformation of ofine business into online business.
Extend your market reach
You may start locally but increase the market reach. Many businesses have gone this way and grew tremendously. There are many ways to get it- open stores in new locations, go virtual, acquire other companies, make tie-ups, use social media, use website etc.
Participate in trade shows and arrange seminars
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.
Win the niche market
Big market customers try to follow the customers of niche market. Once your product or service has got hold in niche market, it will be easy to extend the present big market. Think of branded apparels, use of home appliances, mobile handsets and many more.
Reduce the costs
Don’t forget that reducing cost directly helps in increasing bottom line and thus valuation of business. It is not necessary to cut costs in all the areas. Few areas where it can be done are- reduce wastages, electricity cost admin costs and other indirect costs.
Diversify your products or services
Diversication in products and services is interesting way to empower growth. Package the products. Simply think of a burger or pizza is available with sauce and chilli akes and cold drinks. Or, a restaurant serves meal with pickle and ‘papad’ and ‘chutney’.
Franchising is good way to grow your business. It may not be possible to directly reach the customers to create brand of your product or services and go for franchising model.
To conclude, there is no option to let your business grow. The above ways are not exhaustive but there are ways possible to achieve that depending upon the nature of product/services and business model.