Some would suggest that the potential for a business to grow has never been greater. The rise of the internet immediately means that there are an immense amount of opportunities and you don’t necessarily have to have huge financial clout to benefit.
There are hordes of business growth stories providing inspiration as well. You only have to take The Select Family, run by Steve Sorensen, to realize that growth can occur in absolutely any industry and occur in huge doses.
However, apart from the obvious, how does a business grow to such levels? Let’s take a look at some of the best strategies for growth, adopted by many renowned figures in the world of business like Sorensen.
Penetrating the market further
This is probably one of the easiest tactics for a business to implement and tends to be favorable due to the lack of risk.
If a company has tasted success selling to a particular segment of customers, it stands to reason that the easiest way to grow their sales is to just target these customers in a different way.
You can look around any store in the land to see how common this approach has become. For example, most companies will just start selling their product in a different size or quantity.
Selling via different mediums
Suffice to say, if a business has only been donning the high-street for the last few years, it’s quite obvious that they need to broaden the number of channels they appeal to. The obvious way is to take a product to the internet, although some companies also opt for different models such as offering products for rental and so on.
This approach can become even more granular, particularly when carried out in relation to online activity. A company might have a huge presence in terms of organic search, but they may not have invested anything in their paid search activity. It means there is a huge opportunity to trap more custom, merely by targeting a different medium.
Developing a product
This is arguably one of the most difficult and risky strategies, but it can pay off superbly well.
If one product has experienced success, some companies attempt to develop something on the back of that which can take advantage of the brand’s reputation.
While this can still be a challenge, it’s worth mentioning that there’s still an existing customer base to target and these customers have an affinity with the brand. Ultimately, it’s much easier than starting from scratch.
Finding different markets
If you decide to stick with a winning product, another useful tactic can be to just appeal to a different market. This market doesn’t have to include a completely different cluster of people; it could just be a different area of the country for example.
When taking on this method, the smaller changes are the most effective. In other words, simply changing the location or another small factor prompts less risk and ultimately, better rewards. This is an approach commonly used with the staffing and in the example of Steve Sorensen and The Select Family again, it’s something which they performed exceptionally well in.