Added on: 1/14/2013 6:28:45 AM
10 Ways to Ensure Business Growth of a Company
A well defined growth strategy is the key to business success, no matter what the nature of your business is. There are numerous ways which will ensure the growth of your company and make you perform well above the average level. Here is a quick review of the top ten most effective ways to ensure business growth.
1.Attracting new customers and increasing market share are eminent parts of every business plan, but most of the people fail to realize that the existing clientele remains a very powerful growth promoter. Increasing customer engagement is a basic growth strategy as it costs less and is simpler to implement most of the time.
2.Referrals are another great growth strategy, but you will have to be fairly active when you try to obtain it. You cannot just assume that anyone who likes your products will agree to market your business. You will have to request them subtly to recommend you to possible clients. If possible, also try to obtain further commitment to your brand and keep their contact details.
3.Most of innovations fail. Try to enhance your products/services in an innovative way or promote alternative uses for your products/services to lure people into buying them.
4.Increase your market penetration by opening up new stores or launching marketing campaigns in different regions. You can also set-up a virtual online store to facilitate your customer’s decision making process.
5.Actively participate in relevant trade shows on a regular basis.
6.Find a niche for yourself, and make sure you dominate it. Focus on meeting with your USPs all the customer needs that have still not been unfulfilled.
7.When competition increases, it becomes more and more important to cut down your costs as much as possible: focus more on profitable products/services, track expenses, and reduce salaries… Cost reduction strategies and economies of scale will make a big difference in the long run.
8.Try to achieve some diversity in your product range.
9.Franchising is an effective and speedy way to boost business growth.
10.Work on getting yourself a place in the international marketplace and in emerging markets. This will obviously take time and efforts but will be worthwhile in the end.
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Riya Replied on 12/15/2015 at 5:16 AM
Expand Internationally, Identify target market and people, Launch new distribution channels,Implemet a loyality program.
Riya Replied on 12/9/2015 at 5:02 AM
Know what you do and what you don't do, Stay focused on the prize, . Remember that people work for people, not companies, Passion is contagious.
aniket Replied on 4/3/2015 at 6:08 PM
Informative article, Thanks for sharing.