Looking for simple yet effective ways to grow your business? Consider these tried and true techniques:
Sell more to your existing clients
Getting more revenue from your current customers is usually a low-risk, low-cost strategy. You could offer incentives on volume purchases, target existing clients with new products, create a website to provide value-added information, and/or develop a loyalty program that rewards customers for repeat business.
Find new client segments
Is there a market segment you’ve overlooked? Say, for example, you currently sell organic skin-care products to women; maybe there is a market for men as well.
Expand your distribution area
If you have been successful selling in your existing market, you might consider opening a new location. Remember though to take into consideration that you are entering a new market place and your potential return on investment could be affected by the high costs and risks of entering an unknown region.
Increase profit margins
Is there a gap between what you’re charging and what people are willing to pay? Or can you reduce costs while holding sales prices steady? You may be able to identify a potential revenue growth opportunity.
Develop a new business model
A strategic alliance, such as partnering with another business to cross-sell products or services, can be an excellent way to expand.
Purchase a competitive or complementary business
Perhaps you own a café; purchasing the magazine shop next door could be a perfect fit, if done properly. While this is a complex strategy and you need to be cautious of which business to buy, the payoff can be high.