6 Strategies For Expanding The Market Share

 Think of your business like a Shark that continuously needs to move forward; otherwise, it may die. Growth and expansion are prime goals of the majority of the business owners and entrepreneurs. For small and emerging businesses, continuous growth is crucial to ensure that the activities of the company won’t be disrupted in the future. The business owners who are running small or medium scale businesses have more concerns about the success of an expansion strategy. They should analyze the pros and cons before implementing any strategy, whether it is for local or global expansion. 

 Are you just starting your business or running a small business, and you need to spend time on expansion strategies? At this stage, you might think it is entirely irrelevant to talk about an expansion strategy at this stage, but you are wrong. Businesses who plan ahead of others and keep on growing are the ones to ensure success in the future. Here are the 6 market expansion strategies to help you out in expanding your business locally or globally.

Add Products/Services To Your Product Mix

It is a relatively simple yet effective strategy, and most of the business owners consider implementing it to expand their business. Though it seems quite simple, still executing it properly can be somewhat challenging. Newbies need to figure out which products and services are the need of the hour that your existing customer would be willing to buy from you. Don’t just focus on your customers; instead, think about the bigger picture and try to identify the gap in the market.
 
After this, you need to analyze how much the customers will be willing to pay for the product or services and how that product/service can add value to the lives of the target market. The next step is to govern whether you will be able to send it at a profit or not.

You need to focus on conducting thorough market research before getting ahead of planning or committing your resources to the new product/service. You may ask your current customer whether they will be willing to buy your new product/service ideas, and don’t forget to mention the potential price point. Thorough market research will consist of feedback from potential customers and the estimated cost of the product/service.

Offer More Products/Services To Your Existing Customers

Don’t always try to be a jack of all trades. Instead, focus on one thing. If you think that your customers have the potential to pay for a new product that you can offer to cater tot heir needs, then you don’t need to invest in creating the brand identity to new customers at the starting phase. It is actually the flip side of the before-mentioned strategy and is focused on penetrating deeper into your existing customer base.

You should start by performing an analysis of your market segments to identify which customer segments will more likely be willing to buy, and you should focus your marketing efforts towards these. You need to analyze the customer segments in terms of their demographics to get an estimate about the potential profitability.

Target New Customer Market

The idea behind this strategy is to market and sell your existing products and services into new territory to new customers. You should carefully plan the new location or territory that you want to target, and it can be in different niches/segments or different areas from where you are currently operating. Geographical boundaries should never be a restriction to your branding strategies, and you need to think out of the box to get the desired results.

You will have to focus on the marketing strategies as well and should consider attending seminars/public events and distributing brochures, lanyards, customized items, or anything that can work. 4inlanyards.com can help you with the marketing as their customized lanyards will help you in grabbing the attention of customers.

Target Untapped Customers From the Same Market

Getting new customers to a business can be a daunting or an easy task depending upon your brand identity and recognition. If people already know about your business but can’t afford to buy your products/services, then it would be as simple as a piece of cake for you to attract them and vice versa. Most businesses target their marketing efforts to a specific segment and neglect the fact that there might be a potential customer segment in the market.

You should educate the untapped customers through your marketing campaigns and should consider changing the marketing efforts a bit. There is a possibility that customers know about your product and also need it, but your marketing efforts aren’t triggering them to relate their needs to the products/services you offer. Ramp your advertisements to the segment of potential customers.

Tap Into New Sales & Delivery Channels

There is no doubt that new sales and delivery channels can transform a small business. In this technologically driven era, everyone is going digital, and the businesses that are not offering their products/ services online are lacking behind. Countless companies have reinvented themselves to get the benefit from online opportunities.

Online advertising and SEO techniques are a new boom in the business world. Whether you are a service provider having the potential to reach out to a much broader experience or a brick-and-mortar retailer, going digital can change the game of your business.

Grow Through Merger or Acquisition

The Quickest and most effective method to expand your business is through a merger or acquisition. Acquiring a company that is your potential competitor and is also doing good in the market can literally double the market share and size of your business overnight. Your business will grow in a blink of the eye with doubling the sales and exponentially increasing revenues. But don’t forget to perform with due diligence on the potential candidate before moving any further.
 
Your efforts should particularly focus on the financial condition of the company, the strengths of its human resources, the breadth of its client base, as well as the soundness of the existing contracts. While considering the company to acquire, you need to pay attention to the operating activities, cultural differences, and synergies of managerial activities. 
 
 
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