From the minute you decided to open a business, your sights were set on business growth. Growing your customer base, market reach, and of course, revenue.
But it’s no secret that entrepreneurship can be exhausting. With big dreams and even bigger responsibility, most business owners burnout within the first few years.
How can you avoid becoming a statistic? By focusing on these five types of business growth that will serve you both professionally and personally.
Ready to learn more? Let’s get into it!
Marketing is a key factor of all business growth – regardless of your niche. Even if you have a solid marketing plan in place, chances are, there’s room for improvement, advancement, and change.
The good news is, you can easily apply your current marketing plan to new ventures. One way to expand is by selling the same product or service to a completely new market.
This means identifying how your product appeals to a broader audience. While your approach may require some tweaking, once the wheels are in motion, you can easily double your profits without doubling your work.
Business Growth Across Different Channels
Switching up your target audience isn’t the only way to grow your business. Why not try selling your service or product through different avenues?
Are you strictly an e-commerce business selling organic snacks? Why not explore the option of vending machines of even opening up a retail storefront?
The same can be applied to brick and mortar businesses – create a website and start selling and shipping your products online. If your product appeals to patrons, chances are, you can quickly build an online following as well.
Share of Wallet
Business growth isn’t always about expanding your market. Sometimes, it’s as simple as selling more products to existing customers, versus exhausting your efforts marketing to new ones.
Chances are your current customer base is packed with loyal clients who trust you and believe in your business. Capitalize on this relationship.
This means placing greater importance on the customer experience. Be available for their needs. Ask questions about what they love about your company and what improvements they’d like to see.
Sometimes, it’s about investing in your current market before branching out. Especially since the hard part is done – you’ve already gained their business and trust.
The old adage, “you get what you pay for”, still applies today. Most people prefer quality over quantity.
Premiumization is about improving the quality of your product or service while also slightly increasing the price. Does the thought of jacking up your prices scare you? Don’t let it.
A shocking 73% of millennials actually claim they’d be willing to pay more for a better product. When you’re investing your time, money, and efforts into building the best product possible, you should be rewarded for it with reliable and consistent business growth.
Just make sure that you make clear, tangible improvements that are backed by proof. Otherwise, you run the risk of losing even the loyalist of customers by boosting prices without improving the customer experience.
New Business Models
All out of ideas on how to grow your business? It might be time to brainstorm some new business models to kick in new business growth.
Don’t be alarmed if this describes you. The need for new business models simply means you’ve perfected your old ones and it’s time to expand. It also gives you a jump on the competition.
While it takes some initial legwork to draft and create a new model, the payoff of being “the first in the industry” with your new product or service will be well worth the effort.
Just be sure to brand and market your new business model as well as the others that have brought continued success.
Business Growth is About More Than Money
That’s right – business growth isn’t just about how much money you have in the bank. It’s about improving the customer experience, building better products, and creating a well-oiled-machine.
And that’s where we come in. Radcrafters focuses on helping you market and manage your business so you can think about the bigger picture.
Ready to partner with someone who cares not only about your business growth but your personal happiness as well? Contact us today and let’s start building a partnership that works!