Growing a successful business is often about grit, positioning and strategy, partnerships, and a smidge of luck. Unfortunately, most people assume that successful business owners just got lucky.
And while some do agree that luck played a role in their success, they’ll also admit that they often worked extra-hard –in some instances pulling 18-hours days- just to make their business work.
The good news is if you’re willing to outwork, outthink and out-strategize, you can and will gain significant edge over your competition and go on to enjoy incredible business growth. That, plus the tips in this article will guarantee your success.
Determine Your Market Penetration Strategy
A smart man once said, “do not reinvent the wheel”. This means you don’t need to start from scratch to grow a business or have an original idea. You just need to take what works, improve upon it, and find a way to position it so it sells to the same audience.
This is where your market strategy becomes important. How do you intend to penetrate the market? Is your product different from the others in the market? If so, how?
For example, it may be that your product works better and faster than others in the market. That, right there, is how you position your product and penetrate that market. So, find your market penetration angle and run with it.
Increase Your Product Line
Is it possible to create various versions or models of your products with more or fewer features for various market segments? If you can, then you can take advantage of the often untapped market share that many small business owners miss out on.
Many smart small business owners often find unique product angles and increase their market offerings. For example, they can sell the premium version of their regular products to other buyers.
These luxury or enterprise versions often come with extra features that the buyers like and desire. If you do the same too, you’ll be essentially increasing your revenue streams without needing to build any new product from the ground up.
Target New Audiences
If you’re facing stiff competition in your target area or audience, how about expanding to other markets and finding new audiences? For instance, if the competition for your business is tough in your city, you can seek out business partnerships in other cities, states, or countries with less competition and offer the same services or products.
You can have distributorship agreements to this effect and take advantage of their established customer base and the relationship those brands have built with their customers. What you’re doing is essentially piggybacking on their success. Businesses in all fields everywhere do this, and with great success too.
Acquire Other Businesses
While this is similar to the tip above, the difference is you’ll be purchasing these businesses –as against establishing a partnership. These already come with a customer base, assets, and even infrastructure that you can just plug into and take advantage of.
For instance, if you’re a drilling contractor in one city, and are looking to expand to other cities, you can look for other flourishing or floundering drilling businesses and buy them. Then, implement the same systems that you used to make your other businesses successful.
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