Business Expansion Strategy
Growth and development are key areas for most of the businesses and the entrepreneurs. The best usual methods by which companies upsurge their business are based on incremental in increasing product inventory or the services concentrated without making comprehensive changes to services or other operational mechanisms.
The business expansion strategy is adopted by an organization when it efforts to achieve a high growth as compared to past accomplishments. When a firm aims to develop significantly by widening the scope of its business procedures in the viewpoint of customer, customer purposes and the technology alternatives, either individually or jointly.
Adding of new products or the services to portfolio is moderately simple, but implementing it can be a little stimulating. For startup companies essentially symbol out which goods and services consumers want, and how much enthusiastic to compensate for them. The next, determine whether or not can sell these products and services at a profit.
The best way to achieve this is to analyze the detailed market research in advance binding any resources to new product or service expansion. Enquiring current clienteles about what they reason about new product and service ideas, including potential price points. The market research needs to focus on client demand for new products & services and budget to manufacture, deliver, and sell them.
The more products and services to your existing customers. This is the flip side of the first plan penetrating deeper into current customer base. Start by execution of a market segmentation study to identifying the customer segments that are likely to buy which can emphasis sales and marketing efforts on these segments. Such analysis may divide clienteles into parts based on standards select (age, gender, location, buying history, etc.) Examining their potential profitability when it methods for marketing new products and services. The business growth strategy equipped with such information, can better allocate sales and the marketing investments.
Expand into new territories. The idea here is to market and sell your existing products & services to new clients. These new clients can be in different niches or segments or different locations from where you currently operate.
Target new client markets. Maximum businesses target their sales or marketing efforts to specific client markets based on demographics like gender, age, and location or psychographics like activities, interests, and values. But are there other client markets that might also be viable for your products or services?
Being able to reach the right target clients through the right mediums, at the right time, is the first step to expanding your business into new customer markets. When growing into new target markets, you need to ramp up your advertising to these markets. This is pretty intuitive, but it’s true.
Tap into new sales and delivery channels. Acquire another business may be the fastest route to growth or expansion. Merging with or acquiring another business can exactly double the size of your business overnight, rising your sales and revenue exponentially. But you must perform thorough due diligence on any potential acquisition contestants before moving forward with a business merger.
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Ankur Gupta, Head Marketing & Communications