As a business manager, you want to ensure that your business grows quickly and strategically. To do this, you need to create a sales funnel and develop initiatives that will help your company expand in the long term. One of the most effective strategies for business growth is market penetration, which involves marketing existing products in the same market that you have been using. To increase market share, you can reduce prices and advertise, but there are also other methods such as mergers, partnerships, and acquisitions.
Additionally, you can add new locations, invest in customer acquisition, or expand your product line. You can also reduce waste and automate some of your functions instead of hiring more employees. Finally, you should consider the fastest-growing industries in the United States right now such as real estate, hospitality, and consumer retail.
Market Penetration
- Market penetration is when a small business uses existing products and markets to increase market share. This is done by increasing unit sales and dollars compared to when the product was first launched.To do this, you can reduce prices and advertise, but there are also other methods such as mergers, partnerships, and acquisitions.
New Locations
- Adding new locations is one way to grow your business. This could involve investing in customer acquisition or expanding your product line. You can also add a human element to your growth strategy to get things going.Automation
- Automating some of your functions instead of hiring more employees is an example of internal growth. This could involve reducing waste and running a more agile operation.Incentives
- Companies often use incentives to encourage referrals.This could include different or increasingly attractive incentives that include one, five and ten referrals instead of a fixed incentive for each recommendation.Action Plan - Once all the planning, resources and goal setting are complete, you're ready to execute your company's growth plan and deliver results for the company. This action plan should contain a list of action items, deadlines, responsible teams or people, and resources to achieve your growth goal.
