In the previous post, it was mentioned that you can expand your business even in the most difficult economic times. You just need to plan accordingly and be careful. We discussed three ways to do this, now here are three more ways to help expand your business that you will want to take note of.
4. Target new markets for customers. You might be targeting your customers the way many businesses do. You target your marketing efforts to specific demographics based on location, age, gender and more. With a difficult economy, it is important to spread those marketing efforts out to reach new markets.
According to Network Capital, you must advertise to new markets based on the services and products you can sell to people you have not yet thought to sell to by advertising through different mediums to different demographics.
5. Tap into new sales using new delivery channels. The Internet is a great example of how new sales through new delivery channels can transform a business. Companies often reinvent themselves during difficult times by switching from brick and mortar to Internet sales and vice versa. You can experiment with different delivery channels and also reach a wider audience by advertising online using search engine optimization techniques. These are means that allow business websites to rank highly in Internet searches and attract more prospective customers to themselves.
6. Start another business. Think of like-businesses that you can acquire so as to reach even more potential customers. You can double your company’s size almost overnight and watch your revenue and sales grow tremendously. Be careful, however, by using due diligence through the acquisition process. Be certain to focus on the company’s past and current financial shape. Be aware of how strong its management team is and know how wide its client base is.
You also need to make sure that the business has good synergy with yours. It is a good idea to have a legal team or an attorney review all contracts involved in the acquisition. You could also simply start up a business that is similar to your existing one.
Your business growth does not have to be limited when the economy is not going in its favor. You can implement one or more of the above changes to get your company onto the fast-track to greater sales and growth.