At the end of the day, every business startup wants to expand its operations and grow. However, most business managers and entrepreneurs find themselves confused on the incentives they should apply in order to widen their inventory and consumer base which are the real drivers of company growth. Before anyone starts any form of business venture, there is lots of research that goes into the planning phase before starting. Prospective entrepreneurs get information from financial advisors, magazines, and books to make sure they get it right the first time.
After starting your small business successfully, the next phase is identifying how to generate profit from your venture and gain traction which will propel growth. The birth of the internet just barely two decades ago has given the business owner and manager a variety of incentives to choose from on how to drive growth in their company through a digital business platform. For instance, the internet has led to the emergence of social media marketing where businesses can promote their products and services through ads and get instant feedback in real-time. In this article, we are going to highlight the tips that an entrepreneur can use to expand their business online.
Conduct the Relevant Market Research
Most of the big corporations have carved out the presence and dominance in the market and their share is extremely significant. For instance, the soft drink multinational Pepsi was almost being kicked out of the market by Coca-Cola until they developed a new strategy and concentrated on a young and fun-loving niche in the market. As of today, many advertisements done by Pepsi are targeting that specific niche in the market are featuring young status symbols, celebrities, and pop stars. This is a strategy that has been critical in driving the growth of the business into a giant cola company. Moreover, an entrepreneur can also learn from Red bull which concentrates on the younger demographic while posting ads for its energy drinks. This has made the young and adventurous segment of the market have a sense of identity with their products where the company also has a racing team in formula one.
Develop a Solid Marketing Plan
An entrepreneur requires a significant investment in terms of time and resources to expand their small business, especially in the retail industry. This makes it paramount for the business owner or manager to come up with a comprehensive business marketing plan even before starting the business itself. A marketing plan will ensure that you are spending the available resources which are often scarce appropriately and wisely. A marketing plan also challenges the business owner or manager to stick to their expansion timelines. You will be able to have everything you need in growing your business when you have a comprehensive and detailed marketing plan. These include information regarding your competition in the market, your potential market share and the strategies that you should implement to reach that market. As well as the cost that will be incurred when you are trying to achieve your goals within a stipulated deadline.
Diversify Your Service and Product Offerings
It is critical for any businesses to tweak their services and products in a way that they create an aesthetic appeal to the existing consumers in the market. You can also bring a new service or product which will not only attract your existing group of clients but also potential clients. With such incentives, a small business enterprise will be able to open up to new markets both locally and internationally which are is one of the key drivers of business growth. You can be able to create multiple streams of income and protect your existing consumer base by diversification of products or services that you offer. At the end, you will be able to increase your volume of sales, widen your profit margins and achieve a handsome return on investment. Common methods of business diversification include exporting and importing own products or those of another business, starting consultation services and selling complementary services.
by: Mark Palmer