Business Growth Strategies
4 Growth Strategies That No Business Should Ignore
All businesses have room for growth. It doesn’t matter if you’re a small mom-and-pop store down on the corner or a multinational corporation, if your business is not growing then you’re really just dead in the water. The fundamentals of growing your business, however, are basically the same, regardless of the size of the business. Here are four growth strategies that no business should ignore.
Joint Ventures – All businesses can benefit from a few key joint ventures. If they are implemented properly, they can pull in new business from sectors that you did not even think of. The most important part is choosing a JV partner that is compatible but noncompeting. If you are able to do this successfully, you would be surprised at how much new business does one strategy can bring your way.
Creating a Sales Incentive Program – People tend to work better when they are under a little bit of friendly competition. This is particularly the case if you dangle a proverbial carrot in front of their faces. It doesn’t matter if you have a very small salesforce or if they are quite large, if you create an incentive program they will work harder to achieve the goal. If you find a way to make it enjoyable, you can boost morale and increase sales at the same time.
Penetrate Further into Your Existing Market – Many businesses tend to focus a lot of their energies on looking for new business and don’t give due attention to their existing market. The fact is, your existing customers are a potential source of additional income if you market to them properly. If you analyze your sales data in order to further understand your existing market, you can offer incentives to your customers or stock yourselves in such a way that the products move faster. New customers are great but existing customers are gold.
Upselling – It’s surprising, the number of businesses that do not take advantage of the upsell. It’s time consuming and sometimes difficult to pull their customers through your door. Once you have a paying customer, one that is interested in your product, it is much easier to sell to them again and again. Many times you are even able to sell additional products to them immediately after the initial purchase. Both you and your staff should be well trained in the art of the upsell.