Growing a business for any budding entrapreneur can be a very daunting task so here at BusinessAdvantage we have come up with a basic guide on what steps you could take when growing your business.
No matter how cliche’d the business axiom about standing still will make you fall behind might be there is an element of truth to it.
Let’s take a look at how you can stop your business falling behind:
1. Think Long-Term strategy. Without this in place there is a very strong likelihood that your business will either struggle or (worst case scenario) fail completely.
2. Understand your market-place. Without a good knowledge of the industry and your competitors your business operates it is almost impossible for your business to perform at an optimum level.
3. Analyse your competition and how they target the market-place. I strongly suggest spending some time browsing the internet for competitors or take a walk down the high-street and talk to them – you don’t need to tell them who you are or your intentions. You could say that this is indirect industrial espionage – why not? Everyone else is doing it!
4. Examine competitor’s marketing strategy and use it against them, for example, if their primary method to market the product is via Google Pay-Per-Click but Social Media such as Facebook or Twitter is being ignored is there a way you can capitalise on this opportunity? What are you offering the customer that your competitor isn’t? There are 1001 questions you could ask about your competition but rather than asking them why not get out there and see for yourself?!
5. Understanding your target-market. Who are your customers and what do they want? For example, if your company sells IPods your customer demographic might look like this:
Age – 18-30
Sex – 55% male, 45% female
Income – £15K – £35K per year
Interest in movies, music and video games
With this kind of data you can then decide whether you want to expand into other areas such
as selling video games and DVDs as you’re targetting a market that already has an interest in
6. Offer incentives and rewards to the customer when they buy your product. For example, buy an IPod and get a half-price ITunes voucher.
7. Do you have an internet presence and are you making the most of the technology available to you? This is a question any Chief Executive or Managing Director needs to ask themselves. Almost all of the most innovative companies in the World have a web-presence of some description – whether it’s a simple E-Commerce website or a large corporate website. In addition to this your company MUST have a web-marketing strategy. It’s all very well having a fantastic e-commerce website that does everything except sneeze but if you are not marketing the site effectively then visitors to your site will be very low. Any good Web-marketing strategy tends to include the 4 essentials:
Search Engine Optimisation
To find out more about these and Internet Marketing in general then please visit Market Resource
For additional information and resources for business growth then please check out: