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6 Effective Strategies To Grow Your Small Business
Starting a business is a challenge for many entrepreneurs - maintaining and growing your venture can be even more difficult. According to the Bureau of Statistics, there are currently 2.1 million small businesses in Australia. However, according to statistics, over 60 percent of small businesses in Australia also close within their first three years of operation. Despite the high failure rate, many small businesses make it past the critical period of the first several years and continue to thrive. In this article, we will discuss six effective strategies to help you succeed in your venture expand your business to the next level:
1. Identify your target market
Many small business owners can fall into the trap of believing that their products or services are designed “for anyone”. However, correctly identifying your target market and creating your marketing strategy accordingly is key to the success of your business. To do this, you should examine your existing client base, as well as the products and services you are offering. Ask yourself the following questions:
What exactly are ...
... you selling?
What makes your product/service so unique?
What sets you apart from your competition?
Answering these questions should help you identify your target market and will help you match your advertising accordingly.
2. Expand your marketing reach
Effective and successful marketing strategy is key to growth and success of any business. Setting clear goals and objectives, researching your audience and developing an appropriate, multi-channel marketing strategy are all important steps in implementing an effective marketing approach. To expand your marketing reach further, you can add new products and services to your mix, begin advertising and make your products or services available in a new geographical area, and even target new customer markets.
3. Franchise your business
If you have the means and the necessary resources, you could franchise your small business to expand your operations. In order to do this, you will need to consider the costs involved, consult a solicitor and discuss your plans with franchisees. You will need to provide franchisees the exact details and guidelines to run their business. This process will require a lot of time and effort, but it can be a great way to expand your operations.
4. Penetrate your existing market
One of the main goals of expanding your business is to attract new customers. However, as a business owner, it is also important to focus on your existing customers. You can create new opportunities or promotions for existing customers to establish stronger relationships with them. Moreover, to encourage customer loyalty, you could create more ways to communicate with your customers, such as through social media, and provide extra benefits for your most loyal customers.
5. Diversify your products and services
As a business owner, you need to devise effective strategy to differentiate yourself from your competitors. In order to diversify your products and services, you will first need to make sure that your new offerings create value for the customer. While keeping your focus on providing the most value to your clients, you can modify your existing products or services accordingly. Diversification provides variety and options of products and services, and is a great way to expand your reach and grow your business.
6. Exchange referrals
Joining a professional networking group and regularly attending networking events is a great way to meet like-minded business owners and exchange referrals. Networking is the perfect tool to build a business network of referral colleagues to help each other gain visibility and promote your businesses. Moreover, networking is a great way to find new business opportunities and even create valuable, long-term collaborations.
BxNetworking is Australia’s fastest growing business to business networking community. Come along to our meetings and take advantage of valuable opportunities for referrals, connections and collaborations. With our help, you can enjoy networking in a relaxed and friendly atmosphere while connecting with like-minded individuals and exchanging referrals. Join us today!
Welcome to BxNetworking! We are a growing business networking community and provide Business and Education Events in Australia. Book a meeting or become a member today! - www.bxbusinessnetworking.com.au
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