Monday, 28th March 2022 | Sales,Marketing,Management
10 ways to prepare for expanding your small business
Small businesses start out small but they don't have to stay that way. If you'd like to grow in size and/or scope, here are 10 ideas on how to expand your small business.
Is your small business feeling cramped? Perhaps it's time to consider expanding. Expansion can bring new markets, increased sales, and broader reach—but it’s not a shift to take lightly. If you’re looking to expand your small business, consider these strategies.
Research, research, research
Once you’ve made the decision to expand your business it might be tempting to just jump in with both feet but the first, and arguably most important, step is to do your research. Among the topics you’ll want to explore are:
- Your current customers and what works (and doesn’t) for them
- Your competitors
- Where future opportunities might lie
Perhaps you want to expand your business by conquering new markets, exporting internationally, creating licensing agreements or acquiring other businesses. Any of those strategies require a lot of preliminary research.
Recapture existing customers by strengthening your retention methods
Small business owners know it costs more to attract new customers than to keep existing ones. Research from Bain & Company puts a number on it: “A 5% increase in customer retention produces more than a 25% increase in profit.” If you’re looking to expand your business, now is the time to focus on your existing customers.
Prioritize customer service
Before you make any moves to expand, make sure your customer service is the very best it can be. Customers should look forward to interacting with your company and transactions should be stress-free.
Increase brand equity with a customer loyalty program
Loyalty programs bring customers back and that’s exactly what you want when you’re considering expanding. Strategic loyalty programs can foster goodwill with returning customers and bring in new ones—and they can help get the word out about your products or services.
Build brand presence and engage with customers on social media
Put simply, your brand needs to be on social media. It’s one of the best ways to attract customers, build loyalty, and engage and grow your presence. Even better, social media knows no geographical boundaries so it’s an effective way to get into new markets. Treat your social media like any other part of your marketing strategy by making a plan and using the tools at your disposal to get the results you want. Make sure you post engaging and relevant content regularly. Also, test other new marketing and sales tactics, and make sure you measure what works so you can refine your strategy.
Ask for referrals, reviews, testimonials
Nobody knows how you do business quite like your existing customers, which makes reviews and testimonials a natural (and free!) marketing tool. Make sure you’re harnessing the power of past successful relationships to bring in new leads by asking for Google Reviews of your business. These are particularly effective because they’re unbiased and can boost your brand. They can also help you identify where there’s room for improvement.
Consider a franchise model
Franchising, where you license your business operations, is a way to gain market share with minimal capital output. A franchise is a joint venture between the franchisor (you) and the franchisee where you license your existing products, branding, and operations. The franchisee pays you a fee in exchange. It’s a way to monetize your proven idea and expand your business without taking on 100% of the burdens.
Improve your lead generation
To fill your sales funnel, you need leads—and this goes double when you’re looking to expand. Start by building an email list and launch an email campaign. Then manage your lead nurturing using a customer relations management (CRM) system. These systems not only help you generate leads but also let you store your data, manage customer relationships, and identify sales opportunities all in one secured place.
Participate in networking events, conferences and trade shows
Now is the time to make the most of face-to-face and hybrid networking events including conferences and trade shows. Especially for a business looking to expand, these events are critical to building brand awareness, engaging with others in your industry, nurturing leads and, ultimately, driving sales.
Consider taking out a loan
Business loans are made for expanding businesses. They’re designed to help you take your good business model to the next level, covering expenses like advertising, real estate, maintenance, supplies, and salaries for new employees. Growth comes at a cost, and a small business loan is a far better source for that capital than your existing operating cash.
Marketing, customer relations, lead generation, and capital: Expanding your business relies on the same strengths that starting your business did. Consider these 10 approaches to increase your chances of success.
Read Also
Marketing ideas for your business in the new year
As the end of the year approaches, it’s time to revisit your marketing strategy to meet current consumer expectations. Forecasting trends is tricky, but what’s clear is that in 2023, customers value privacy, inclusivity, transparency, and overall authenticity, and it’s your job to show them how your business practices meet these ideals. Read on for six steps you take right now to market your business in 2023.
Understand your changing audience
The first thing you need to do is revisit your market. Review your sales and marketing data to make sure you have a realistic grasp on the size, demographics, and character of your target market. Pay close attention to any changes in your ideal customer and use this updated intel to seek out new opportunities. For example, if your business has grown or taken a new direction in recent years, it might be attracting a new audience. Make sure you’re communicating with the most appropriate market segment.
Update your website
Your website is one of your most valuable marketing assets so it’s crucial that it be in good shape. Review your site to make sure all the content is correct and up-to-date. Check to make sure that it loads quickly and displays correctly across desktop, tablet, and mobile platforms. You probably look at your site regularly so consider getting someone with “fresh eyes” to take a look. Ensure that your site works intuitively and offers a seamless customer experience. A site that’s pleasant to use will help you convert new visitors and retain returning ones.
Maximize the potential of social media
With more than 4.7 billion people using social media, your business cannot afford to ignore it. If you’re just starting out on social platforms, now is the time to claim your presence. Set up accounts for your business on top platforms like Instagram, Facebook, and TikTok. Investigate which sites your ideal customers might be using and ensure you’re on them too. Post relevant content, regularly, and make sure that you keep your profiles fresh and current. Try running contests or promotions to boost engagement, and take advantage of the built-in shopping capabilities available on many platforms. You can communicate a lot about your brand values by aligning yourself with other local small businesses through collaborations or sponsorships.
Leverage video content and live streaming
Video content has been a rising trend for the past several years, and is well-suited to businesses who want to increase awareness, improve lead generation and sales, and reduce support calls. Consider how video content might work for your business, keeping in mind that consumers appreciate being entertained. Live streaming is popular and an effective way to connect with your audience in real time. Engage your audience with quality storytelling. Inform them with a clear and concise script. Be creative.
Get interactive with your audience
When was the last time you did an online quiz or game? How about worked with an online calculator or map? Interactive content is engaging, which is why audiences–and marketers–love it. It’s low-cost and can help you increase brand loyalty, generate leads, and drive sales. Think about ways your business can use interactive content to grab your customers’ attention.
Respect consumer privacy
More than ever, consumers are concerned about privacy. Demonstrate respect for your customers’ privacy by compliance with standards like GDPR, by properly acquiring and using user data, and by continually informing your customers of exactly how you’re handling their information.
If you want to stay ahead of your competitors in 2023, now is the time to fine-tune your marketing efforts to communicate your business’ authentic brand and values. Take an inclusive, transparent, privacy-first approach, to reach your target audience.
Marketing