Effective Business Growth Strategies That You Should Know

1. Effective Business Growth Strategies That You Should Know Large businesses like Walmart today boasts of large numbers associated with their capitalization, profitability, and revenue. While these numbers seem overwhelming and it is difficult to picture these companies as being less than what they are today, these companies all started out small in the past. In fact, at one point in the past, these companies belonged to a relatively small but promising group of businesses. However, only a few of these small businesses actually join the ranks of these large global companies. So, what helped these large companies grow and become global businesses? The best answer would be good business practices, determination, motivation, and the application of business growth strategies. While there are numerous strategies to choose from, here are a few of the strategies on how to increase your business. Market Penetration Market penetration is the first thing to consider, as small businesses start to grow and expand their operations. If there are no new products and no new markets to cater, small businesses should look into what they currently have. This would mean focusing on current services and products offered by the business and the market they are currently catering. Consequently, small businesses will market its existing services and products in the same market with the primary goal of increasing their market share. Since the business world is rather competitive, there is a need to implement various strategies that can help increase its market share. These are some of the strategies that can be used for market penetration: •Reducing Prices of Products and Services. This strategy involves reducing the selling prices of products and services with the goal to attract more consumers at a lower price. •Increase Product and Service Promotions. Aside from the regular forms of advertising, small businesses can also tap the use of promotions, discounts, rebates, and other similar options to attract more clients. This strategy will not only attract current customers but also catch the attention of other consumers who are initially unaware of the products and services the business has to offer. •Expand the Distribution Channel. To improve business growth, small businesses can opt to expand their distribution channel. This strategy is realized by looking or more dealers, retailers, and distributors of the business’ products and services. With a more stable and wider distribution channel, there is a great chance that your business will reach more customers and stake a claim on a bigger market share. •Improve Products and Services Offered. You can encourage more people to choose and purchase your products and services if you are able to improve your products, its existing features, and find alternative uses for the products. This can also be done through improving the packaging and promoting your products as ‘new and improved’ versions of the previous one.

2. Market Development Business growth can also be achieved through market development or market expansion. This strategy is best for those businesses that are having issues finding stability in the current market they are in and that they have too many competition that they need to look elsewhere for a more stable market. In addition, this strategy is also applicable if businesses have products that have new usage that will take it beyond its current market. For instance, one product may be initially made for health conscious individuals but it turned out that it can also be used as an effective skin care product. This would mean that this product can both cater to health and wellness market and beauty product market. Since this strategy requires entry to a new market, it is important that proper market research is conducted and that the business should have an adequate understanding of the new market and its clientele. The Use of Alternative Channels Since the business world has changed and the internet has influenced it, businesses can tap on the use of the internet to grow their business, reach their customers, and sell their products. This business growth strategy, basically, involves the following: •Selling Products and Services Online. Businesses can now set up their own website where their customers can directly purchase their products and services. These websites will serve as the business’ online storefronts. Also, the business can tap third-party sites like Amazon and eBay where they can also promote their products. •Selling through Subscription Programs. Small businesses can also opt for subscription and membership products to find potential customers and to promote their products. •Selling through Mobile Apps. Mobile internet has also become increasingly popular and is considered a more convenient and widely accepted mode of transaction these days. That said, businesses can use mobile apps and integrate this into their business growth and marketing strategies. These are only the top three business growth strategies and there are still a lot more. If you are starting a small business or you already started but would like to grow your business, you have to do your homework and make a plan of action with a realistic goal. The abovementioned strategies can definitely be used to help you out! Thanks for taking the time to read this article. Connect with Rajiv Talreja, India's Leading business coach LinkedIn - Rajiv Talreja - http://bit.ly/2y4jScq YouTube - Rajiv Talreja - http://bit.ly/2GXlqg0 Instagram - @rajivtalreja - http://bit.ly/2GXlFYs