Business Development, Business Planning, Sales & Marketing

5 Growth Strategies For Small Business

Business Advice | 13 March 2023 | 1 year ago

All businesses start off small, but that doesn’t mean you need to stay small. As your business begins to build up a customer base and gain momentum, you can start to think about ways to grow. Below, we have listed five things that should be part of any growth strategy for small businesses.

Test New Channels

There are a lot of different ways to get leads and sales as a small business, but don’t be afraid to try new channels every once in a while. You might already be using Facebook and Twitter, but Instagram and TikTok could be channels worth pursuing. You might have an SEO strategy in place, but this could be boosted by PPC campaigns. By testing new channels, you have the chance to find other sources of leads and sales, both of which are key driving forces behind business growth.

Increase Market Penetration

Reviewing the current market can help you to identify new opportunities to beat competitors. You might find that you can reduce your costs or improve your services, or that you can do something that your competitors are unable to do. This will increase your market penetration, giving you more opportunities to grow as a business. There are a lot of competitors out there, so standing out is key.

Upsell

Don’t underestimate the power of upselling, regardless of what you have to offer. By upselling to your current customers and clients, you are encouraging them to make another purchase and spend more money. As they have already bought into your business, they are more likely to buy again, and you aren’t starting the marketing journey from scratch. They are already interested in who you are and what you do, so encourage them to go one step further by taking advantage of your other offerings.

Focus on Retention

Though it’s important to attract new customers and clients, it’s also important to retain the ones that you already have. This is because retaining clients and customers is often easier than winning new business. You don’t need to market yourself to an existing customer in the same way that you do with someone new, as they already know who you are. Focusing on retention can help you to generate more repeat business.

Expand Offering

A lot of businesses get stuck in a rut of offering the same goods and services, even when the needs of their customers change. By expanding your offering, you could be presented with more opportunities. This will help with business growth by helping you to reach a wider, more varied target market.

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