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What can you do to take your business ahead of the bare sustenance level? What can you do to turn it into the revenue-generating powerhouse you envision? Try one or more of these growth tactics.
Growing a small business to the point where it can rival a large chain corporation is a dream that many entrepreneurs think is unachievable. According to Forbes, as much as 80% of new small businesses are doomed to fail. Just surviving can be a challenge to some companies, and because of that owners tend to forget about aiming big and settle for eking out a living from their small enterprise.
Going big isn't something that a company should consider as an afterthought. If anything, a business should plan to go big.
Turning a business into a revenue generation engine is what most owners should be aiming to do. Inc states that small businesses are indeed the backbone of the nation's economy. The standing of small enterprise as such a mainstay to a country's development is good news for a small business owner, especially one that has sights set on making their business work for them.
No millionaire is made overnight, as looking at George Soros' net worth over time can confirm. What, then, should a small business be aiming to do to bolster its income potential?
1. Innovation Drives Profit
MIT mentions that companies which were engaged in innovating their product tended to grow faster than those that didn't. Taking a product and giving it new uses or innovating on how people can use it brings a new sense of wonder to something that people are already comfortable with.
Maybe through innovation, a company can make it easier or more enjoyable to use a product. Innovating allows a company to compete with more established businesses by offering something new to the consumer that they might not have experienced before.
2. Drill Down into the Existing Market
Finding customers to buy products and services is something most businesses leave to advertising firms. Even so, companies that invest time and effort into social media marketing and targeted ads tend to make a lot more impact on an existing market. Targeted advertising on social media brings high returns for a relatively small cost.
Recommended: [Growth Strategy] How to Scale Your Small Business
Tapping into the current customers within the market that doesn't know about a company's product or haven't bought from the business as yet has the potential to generate massive revenue from sales. More importantly, establishing good relations with customers can create repeat business or even referrals.
3. Using Referrals to Drive Marketing
Word-of-mouth is still one of the most powerful marketing tools available to a company. The marketing field refers to this as 'organic marketing' and this type of marketing, according to Salesforce, is an excellent way for businesses to enable authentic interactions with customers.
Referrals are the most common method of organic marketing and the one that most companies tend to encounter. Having excellent customer service helps to fuel referrals and drive the business' brand outreach through it.
4. Investigate Niche Markets
Niche businesses have started cropping up to capitalize on a particular subset of customers. The benefit of a niche market is that the company has very little competition among other providers. Many times, a niche business might be the only supplier to an area for a particular product type.
Even in small markets, one or two firms have the potential to stand out because of their innovation and through referrals, combining other marketing methods to grow the business' reach and scope.
While a niche market focuses on a narrow spectrum of goods, some companies might find more success in diversifying their product line. Bringing more products to market under the company's brand can help to drive business, especially if the brand is already recognizable. However, diversification might be a better tactic for established businesses rather than new ones.
The more products that the company chooses to market, the more extensive the range of customers it can supply. However, as more the firm offers more products, the company needs to refine its business processes to suit, something more manageable for an established business than for a new one.
Going Big through Marketing
For a company to go big, it needs to get a larger share of the market. A company's income depends upon its interaction with customers. Using marketing can only deliver those customers to the business, but it's up to the company itself to deal with customers in a way that makes them feel genuinely valued.
Customer service combined with marketing methods to spread the company's brand and product line can work together to fuel massive growth and market penetration for even the smallest of enterprises.
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