Micro Business Growth Strategies
All small businesses should have a strategy for growth, how they are going to move from something small and new to, something larger, and perhaps one day something big. It is important to review everything you do so you can assess what is working and what is not. A part of that will include small business advertising strategies. These are the things that will take you to where you want to be five years on, ten years later and so on. Think about where new customers are going to be found, how you can expand your business into new markets and what new services or products can you offer?
Penetrating the current market
The first thing to do is to assess how you can increase your share of the market with your current service or product. This means going against your competition and making changes that put you ahead of them. That might mean offering the product or service for a little less than they do, it might mean you offer promotions or special offers, discounts.
Extending to other markets
Look to see if there are other markets you can offer your brand to. For example, if you sell organic face masks and you focus on the health market, you could also extend that product to other related markets like the beauty one. Using some small business advertising strategies you can extend your selling options.
Where else can you sell?
If you just have a physical store where you sell your product are there other places you can sell? Creating a pop-up shop, set up a store online, take your items to a local market and so on. You can find new clients or customers this way.
What new products can you develop?
What other products can you sell in the markets you are already doing well in? Add a new product to your line or add another feature to an existing product. In micro business growth strategies development is important to keep your products relevant and competitive.
Diversifying your range
Diversification is a part of the new product development but also means entering a new market with a new product. There is more risk with this step of micro business growth strategies but it can bring a lot of reward when it is done successfully. You can either start a new product for the new market that is not related to what you are currently doing, or you can look at a different product but for the same market.
Buying up competition
When you reach a certain size, one option open to you is to buy up the competition rather than trying to slash prices or other direct competitive attempts. Not all businesses can take this step, but it is something to consider if the capital is there.
Focus on one segment of the market if you do not have a place
Finding your place in a highly competitive market is not easy. Sometimes it helps to turn it into smaller pieces and you can focus on a smaller part of the market and make your place there.
2019-10-26 19:18:20, views: 6219, Comments: 0
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