Most small business owners want to find new ways that really work to grow their business. In the world of large multi-nationals and large corporations, it can be a challenge to get a foothold in your market and continue to grow. However, there are some excellent strategies for small businesses that can really boost growth and productivity.
There is actually no difference in the principles that are required for small businesses to grow or large corporation growth. Providing high-quality products or services, strengthening your brand, and diversifying your market are all effective business growth strategies for small and large businesses alike.
Let’s look at some effective strategies that your small business can use to expand its customer base and sell more products.
USP is short for your unique selling proposition, or in layman’s terms, it’s the factors of your business that sets you apart from your competitors. This doesn’t mean that you have to sell different products but it means that you need to know why your business is unique in your industry.
This is one of the biggest factors that can influence the success of small businesses. For example, it may not be possible to compete on the number of products or services you sell, or you may not be able to compete on price alone. Therefore, you need to set your business out as unique and give your audience a real reason to come to you rather than your competitors.
One factor that hinders the growth of some small businesses is that they are so concentrated on their products that they forget the needs of the customer. So, what is it your customers are really looking for? What solutions can you provide that will solve their problems?
Sometimes, small businesses try to attract a customer base that is too broad that they end up appealing to very few. Once you know exactly who your audience is, you can then market your products and price them accordingly.
Although this sounds like a contradiction of the previous point, the Internet has made it possible to widen your audience. Of course, not all small businesses have products and services that can be sold online. However, you may notice some of the products or services you sell may have a wider appeal.
So, with your small business, you could look for ways to expand locally and in the immediate area. There may be opportunities to market your product in other cities. Or, you may realise that you have products that could appeal to an international audience.
However, in doing so, you still have to know your customer.
It is one thing to know your strengths and focus on them; however, you also need to know the strengths and weaknesses of your competition. Areas where your competitors excel can provide you with a lot of information that you can use for your own success. For example, what decisions are they making? What are they doing differently? Who is their niche market?
In looking at their strengths, you will no doubt come across some of their weaknesses. You may be able to find an opening in the market that they have missed.
Technology is always changing and ways of marketing products and services are also changing. Therefore, you need to keep on top of marketing trends and be quick to use them. Here are some of the latest trends that will definitely boost the success of your marketing efforts and help your small business to grow:
Video content. Customers are looking for video content and it’s estimated that around 60% of consumers prefer watching marketing videos. Videos can also be uploaded to video sharing websites and social media.