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7 All-Economy Business Growth And Expansion Tips

 

Every business owner or entrepreneur desire the growth and expansion of their business. Business growth and expansion play a vital role in business dominance and relevance within a particular business sphere.


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The growth and expansion are mostly measured by the number of customers a business serves, the areas or locality a business or its products and services has covered, the quality of its products or services, the satisfaction of its customers, the popularity of the business and it’s services or products, and most importantly, the number of leads and revenue the business generates weekly, monthly or yearly.

Though, the economic environment of a business can dwindle its growth and expansion. The host environment and economy of a business have a way of affecting the business negatively or positively.

Even though there are business growth and expansion strategies, this article focuses on “all economy” business growth and expansion strategies. An evergreen business growth and expansion tips that work for any type of economy.

Belt up, let’s take the ride!

1: Visibility

Business growth and expansion is a systematic and deliberate action. You need to desire it and take the necessary steps. And one of these steps is visibility; both online and offline visibility. Your business is not existing for you, it is existing to serve people, therefore, it can only grow and expand when a great number of people get to know about its existence. There are two ways to go about this; one is online, the other is offline. For online visibility, create a business page, handle, profile and group. Build a business website and write SEO friendly content on the business site and elsewhere. Run Google ads, and any other social media ads, leverage WhatsApp TV. For offline, build billboards and flyers, and also leverage radio and television ads.

2: Create New Marketing Strategies

Make your business and service more accessible and available to both old and new customers. Open online stores, create a sales funnel and send emails to both old and new customers informing them about new products and other ways of using old products. This is a good way of selling the same product to the same people repeatedly, and also creating a market for a new product. Also, open more offline stores across towns and cities with responsive marketers.


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3: Research New Market And New Demographic Group

Carry out a market survey on the existing products and repackage where necessary. Update your services also, if you are into a service-based business. Research a new group of people who could make use of your product or service like your initial target customers. Run a promotional campaign to get them in.

4: Diversification Of Products And Services

Begin to go into other related or similar products or services to augment the ones your customers already know you for. Diversify into a similar line of products or services. For instance, if you are into an event planning business, you can diversify into ushering.

5:  Get Feedback And Testimonial From Customers

Your new target customers are quick to believe what others say about your business than what you say about it. Get feedback from your existing customers and use them to pitch your business brand to your warm market. The warm market is potential customers; they are interested in your products and services but are still on the fence, feedbacks and testimonials will draw them in finally.

6: Create Franchise And Affiliate Opportunities

This is a form of partnership whereby interested individuals are licensed to run and do business in your business name in other localities and get their commissions according to the terms and conditions. It’s a way of dominating a business sphere.

7: Engage In Trade Show

Engage and participate in trade shows where different businesses come to showcase what they have and also have a one-on-one conversation with potentials. A strong and well-organized trade show is a powerful tool for business growth and expansion.

These are the 7 all-economy business growth and expansion tips you can use to grow and expand your business. You may apply one or more of these tips in your business for the desired growth.

Featured Image Source: Advanced Technology


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Chidiogo Shalom Akaelu holds a degree in English and Literary Studies, from the University of Nigeria. She is a freelance writer, editor and founder of Loana Press, a budding online publishing outlet.

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