Business Growth – Are You Choosing the Best Way?

One of the best and least expensive approaches to business growth is through your current customer base. It is far easier to sell more to customers who are already buying from you. You don’t have to spend a huge amount on marketing because the relationship is already established.

What you do need to do is to find creative ways to sell them more of what they are already purchasing from you or introduce them to other products or services in your range.

Study your existing customers’ profiles to gain insight into the type of customers you attract and use that information to find more of the same. Look for potentials whose needs are similar and who tend to make purchases in the same way. You should see quick and significant growth to your business with both of the above approaches.

Business growth could come through investigating new markets for your existing products or services. For example, you may manufacture a piece of technology that is sought after by the transport industry.

With research, you may find that it would be equally useful for the aerospace industry, albeit for a slightly different purpose.

Developing new products or services could be the key to business growth. They could be in addition to what you already offer or to replace existing ones that are becoming uncompetitive or obsolete. You should offer these to your existing customers first. In this way you can test and fine-tune your approach before going large-scale.

If your business is small, business growth through diversification is not really for you. It is a high risk approach. It should only be considered if:

o You cannot meet your goals for business growth through the other approaches

o You have the capital to invest and the resources to carry the work through