It goes without saying that pretty much every business on the planet wants to grow and break into new, untapped markets. But what separates the successes from the failures is knowing how to do it; and that’s where small business growth strategies come in.
The business world has changed dramatically in recent years and this has created new obstacles to overcome but conversely, also many more routes to success. If you’re looking for fast acting growth then what follows are some effective strategies you should consider.
Strategy 1: Focus online
According to the Office for National Statistics’ March 2017 retail bulletin, online sales are increasing by almost 20% year on year and account for almost 16% of all retail spend. If these increases continue, that percentage will soon be much higher, which makes this a key area to invest in if you’re looking for fast growth that you can start cultivating now. The foundation for this strategy is a strong website, investment in SEO and analytics to monitor performance, as well as focusing on the benefits that social media marketing can generate.
Strategy 2: Develop your market
Market development is particularly useful for small businesses and especially those struggling to find a footing in a market that may already be very competitive. It requires a reassessment of the products or services on offer, as well as the targeted audience. Does your product have uses you have not explored; are your services simple to tailor to a new demographic? One of the best places to explore developing your market is to look at neighbouring markets, as it’s much simpler to move between two markets that have similarities. For example, the health and wellness market has a lot of crossover with beauty and also with food. See where your products or services overlap with other markets, you might just be surprised at what you find!
Strategy 3: Tap into new channels
You have so many more channels through which to reach your potential customers now than 10 years ago. You’re no longer confined to billboards, newspapers, radio or television – so get up to speed with what’s out there and if it’s right for your business and your audience.
If you’ve gone ahead and developed your online offering, then consider supplementing this with an app. If you’re online only, could you try having some pop up shops or ‘real life’ store collaborations? Would a membership or subscriptions programme help to generate more custom for your business? And have you really explored the ways in which social selling could work for you?
Strategy 4: Collaboration
Sometimes the fastest route to growth is to piggyback on another brand that has a foothold in the market you need to enter. There are many different ways to do this, from acquisitions and mergers through to cross manufacturing, technology sharing, shared distribution and collaborative marketing. Choose your partner brand carefully – do their brand values align with your own, what kind of reputation do they have, what are their quality standards? Also bear in mind that you’ll need to offer the same collaborative incentive as you see in them to make a partnership genuinely mutually beneficial.
Still need some guidance with how you can grow your business? Then why not get in touch with us – we’d love to hear from you.