One of the most undeniable impacts of the pandemic is the decrease of profitable business from 78% in 2019 to 63% in 2020. Even those businesses making a profit are not making as much as before.
You need strong business growth strategies if your business is going to survive 2021 and beyond. As a business owner, you want your business to do more than just survive, you want it to thrive.
Are you struggling to grow your business and don’t know what to do? Learn more about advanced business methods to grow fast.
1. Penetrate the Market
Market penetration is one of those business growth strategies that will never go out of style. It’s a way for your business to sell more of its product to its existing consumer base. Even though most strategies include price reduction, it will make more profit in the long run.
You can repackage your product, making it look new to the consumer. More so, you can offer discounts on big packages or lower prices by cents.
Businesses tend to enjoy an upward curve when they adapt a business growth plan. You will keep the loyalty of your current consumers and have made more sales.
2. Product Regeneration
It’s always wise to regenerate a product or add another in your product line every once in a while. Adding a new product with completely new features will intrigue consumers and increase sales.
Do not feel guilty about dropping products that barely generate sales to create room for new ones.
3. Collaborate With Other Businesses
This does not mean that you have to sell your shares to another business owner. Identify a business that sells a product that consumers use with your product. Your business growth plan can include sharing costs in advertising with a complimentary business.
Most of these mergers need teams from both ends to work together. Thus, they might need business coaching to ensure that the merge is as smooth as possible.
4. Divide Your Market
Organic growth business strategies call for owners to divide their market into segments. Categories like behavioral, geographic, and demographic will help you partition your consumers.
You need to conduct thorough market research before you profile your consumers. This way, you will know how to tailor your product accordingly.
5. Use Diverse Marketing Channels
Your business growth chart should include using alternate channels to market your products. Your consumers likely use different channels online. As a business owner, you need to capture them all.
Your business gains to stand a lot if you have a strong online presence in the majority of the social media sites. Business growth strategies like reaching your clients through emails are quite effective. More so, having a user-friendly website goes a long way in retaining existing customers.
Advanced Business Methods
Expand your consumer base by employing the advanced business methods shared above. First, it’s important to consider the unique factors that affect your industry. This will go a long way in your business growth plan.
Check out more organic growth business tips on this website.