You can think that you are doing everything right with your business, but still face some difficulties when it comes to the growth of your company. Being a small business in the market full of ‘big fish’ is a challenge that can be overcome only with hard work and careful planning. Therefore, you have to ‘force’ your way up and implement all known effective strategies to move your business to the top.
This is a strategy that enables growing of the business in the same market with the same products as some other competition companies. Some ways to achieve market penetration would be:
Defining the marketing strategy to gain new customers in the region where the business is located.
Offer current customers other products that have not yet been acquired. For example, offer insurance against theft or fire to your customers who have bought life insurance. Or, offer installations of programs that can help to control checkbooks to your customers who have bought an accounting system, etc.
This way of growth means selling products that you currently have in completely new markets. The advantage of this way of business growing is that the benefits of your products are already known, you have enough experience in the sales and a base of satisfied customers that can recommend you and your products or services. If your market is in a city, try to make it regional. If you are already doing regional business, try to go national. Likewise, if you already have a growing national business, it is time to concentrate on international possibilities.
It is very important that the business acts as a system of spreading into new markets. The fact of having defined policies as well as operational and process manuals that are tested to ensure quality and success will make possible to hire those people who can help you to serve new markets or have a more efficient debt recovery. Training new people that you hire will be very useful in order to put into operation branches in other cities to replicate your current office. By having already functional business systems, you can even create your product franchises.
Another way to grow is by developing new products. An example of a company that has grown up with this strategy is the software giant Microsoft. They created the MS-DOS operating system, Windows, then Windows 95, Windows 98, Windows Millennium, Windows XP and so on. They have improved their key product by creating new operating systems. They have also developed other products that revolve around the operating system such as Excel, Word, PowerPoint and Access. Another example is the record companies, which are seeking and developing new music talents every year. Try to create new products that are related to the products you are currently offering, to seize the market that you already have.
This strategy is the last recommended, as it involves a very large harnessing of the experience you have with current products and markets. This strategy seeks to create new products and sell them to new customers. It is recommended when doing activities that had no notable success, when you are anticipating changes that negatively affect your current situation, or when you already covered all other potentials for growth.
One of the great secrets of good business, regardless of the segment in which it operates, is the efficient control of the stock. To grow, it is essential to know the quantity of products in stock, the need for replenishment and production planning to reduce costs, among other processes.