Most people’s business goals involve expanding their company. Admittedly, this can be a challenging goal to achieve. However, with these tips and tricks, you will get a better understanding of the steps you can take to help accelerate your company’s growth.
1. Remember your vision.
Every business is started with a goal or mission in mind.. This goal should be the core thought with every decision you make on behalf of your company; this vision guided you to start your company— was there a hole in your industry that you sought to fill? Why do you believe your company is different from your competition?
Your vision and brand should reflect your values. If you do not already have strong values within your company, maybe it is time to ponder what you want your business to represent. These values will symbolize not only your company but also your employees and work culture. When you remember your vision, you are re-evaluating your decisions, virtues, and goals for your company.
2. Claim a niche.
There is a chance your company might cover too many markets! Sometimes it is actually more beneficial to narrow down your market for a specific customer. This allows you to differentiate yourself from your competitors and become more specialized in your craft, which can lead to less competition overall. Additionally, it could save you time and money, as you need fewer resources with a smaller niche. Claiming a niche is also beneficial from the standpoint that if you are one out of a handful of businesses in your industry that does a certain service, you could profit off of referrals and customer loyalty.
3. Move into new markets.
Having a niche does not necessarily mean downsizing, though. If you can sell your service to multiple industries in different markets, your business will undoubtedly expand. You are essentially building a new customer base, which could lead to more business in the long run if your customers are loyal and consider you a trusted advisor.
4. Seek referrals.
Referrals are one of the most useful ways to expand your business. Considering that 83% of consumers trust the recommendations of family and friends over advertising and are more likely to remain loyal over time, it is best to strengthen your relationships with your current clients.
Consider your current clients as free advertisements. Obviously, if your clients are dissatisfied with your work, that could seriously harm your business. However, if you have established a trusted advisor relationship, not only do you have a customer for life, but they will recommend your service to anyone.
Basically, instead of spending thousands of dollars on advertising or research and development, invest in your current clients and relationships. You could save (and earn) millions!
5. Build an online presence.
Social media is another crucial strategy for expanding your business. Whether that be on Facebook, Linkedin, or Instagram, social media allows you to collect data and acquire customers— and it is free.
Of course, you can spend money on marketing on social media, but it is not 100% necessary. Paid ads are the fourth way consumers discover new products and services. If you post on a regular schedule, interact with other businesses in your industry, and engage with your followers, expansion will be more attainable.
What are your go-to tips for expansion? Let us know in the comments below! After that, follow us on Linkedin at “Encompass-CX” for more blogs and other updates!
Co-written by Alexis Audeh