When you own a business, the fight to remain relevant is always top of mind. Growing and evolving your business is vital. I often get asked, “how can my business stay relevant and grow?”I have come up with a shortlist below that you can use, depending on your business or customer base that may prove helpful. Read more to see how my top five tips for positive growth can help your business.
How can you dig deeper into the market you currently serve? Some may say to do so by discounting your prices below your direct competition. However, I’m not a huge fan of this strategy because price equals the value in the eyes of your customers. Instead, I would find ways to highlight your value or unique selling point over those of your competition.
It’s important to get involved with what is happening in your current market and show up for them.
This can be a 2-fold approach that may go hand in hand. The first is geographic. If you have started your business in one particular town or city, try expanding into another city or town. Use what you learned in the first launch and test those practices in another. Test out what works and any new approaches or lessons you can learn along the way. The second part of this is technology. If you are used to selling via brick and mortar, try opening a corresponding online shop, and vice versa. Say you have been selling only online, try opening a pop-up shop at a market or shopping area. If you have online clients, try mixing in some in-person sales too.
I think a lot of business owners are afraid of honing down to a niche because they are concerned with leaving money on the table. I find this to be the opposite. Finding a niche is more about how to focus your marketing campaigns and asking the universe for your ideal customer. I am a business coach, but yes, I have clients seeking help with career changes and focus/organization.
Referral partners are like unpaid advertising. These partners tell potential clients about you, your services, and the benefits of doing business with you. This method of operation can be far more effective and genuine than trying to toot your own horn. They also have a network that is more diverse or broader than your own.
Lastly, do not forget about current and prior customers. Be sure you continue to evolve that relationship.
It is proven that it costs 7x more money to generate a new customer than it takes to keep a current one! Keep those relationships alive!
There are many ways to expand, pivot, or retain business. These are just a few. A business should continue to evolve and grow so don’t be afraid to try out new markets or strategies, especially if you are maintaining relationships with your current client base. Just keep going and remember these five tips for positive growth. You got this!
