What is one business growth strategy that you would recommend for another small business? Starting a small business is a big step, but just starting is not the end of the finish line. Businesses need to grow in order to be successful. Growth can seem like a daunting task to undertake. However, have no fear.
To help small business owners with growing their business, we asked marketing directors and business leaders this question for their best recommendations. From creating a sense of community to investing in a digital media presence, there are several ways that may help you grow your business for years to come.
Here are twelve growth strategies for small business:
- Extend into a New Market
- Start with Manageable Steps
- Find Gaps in the Market
- Obtain a Clear Sense of Product
- Research Acquisition Opportunities
- Create a Sense of Community
- Join a Professional Association
- Acquire the Right Analytical Tools
- Invest in Digital Media Presence
- Optimize App Integrations
- Study Your Market Segments
- Open Up Multiple Avenues for Visibility
Extend into a New Market
A market expansion growth strategy, often called market development, entails selling current products or services in a new market. As a recruiting company, we decided to venture into the manufacturing market with our services since it is an industry that is growing rapidly. I would recommend a market expansion strategy to any small business that wants to grow. Use your expertise to tap into a new market!
– Ryan Nouis, TruPath
Start With Manageable Steps
Growth strategies can resemble a ladder. Lower-level rungs present less risk but maybe the growth will not be as quick. Small businesses should focus on those strategies that are at the lowest rungs of the ladder and then gradually move up as needed. As you go about developing your growth strategy, you should first consider the lower rungs of what are known as Intensive Growth Strategies. Each new rung brings more opportunities for fast growth, but also more risk. The best strategy is to start with manageable steps first and then push the boundaries as you continue to move up.
– Vicky Franko, Insura
Find the Gaps in the Market
When looking for new ways to grow your business, I find that the best way to do so is always with a SWOT analysis. By doing so, you can uncover how you can improve on your weaknesses and take advantage of new opportunities that may exist in the market. If you can be the first to identify a gap and develop a product or service that solves the customer’s problem, you have set yourself up for success.
– Carey Wilbur, Charter Capital
Obtain a Clear Sense of Product
One of the first steps a company can take when thinking about which business growth strategy to employ is to take the time to really assess your product. Gather your company’s brightest minds and assess a) how you view your product, b) how the market views your product, and c) how customers view your product. Then, using data and other resources, try to align all three so you have a clear and tangible vision for how you’ll grow your product. Oftentimes, companies inhibit their potential for growth by not seeing their product through an objective lens.
– Mike Krau, Markitors
Research Acquisition Opportunities
Acquisition is a great growth strategy for small businesses if they can afford it. While small businesses may not have the capital to buy a huge company, purchasing another small company that can add benefits to your business can produce great results. Be sure you have the capital to pursue this strategy and really do your research to find a business that will provide value to your company.
– Ajay Mehta, Birthdate Co.
Create a Sense of Community
Sometimes brand loyalty often stems from having a strong community rather than the product or service itself. People want to join your community if they see the value in it. You need to offer a much better experience than they may already be used to. Additionally, the wealth of feedback generated by a community of engaged customers feeds directly into making a better product.
– Nina Jensen, 8×8
Join a Professional Association
Not only can joining a professional association help you continue your education and help with networking and possible job opportunities. You can also leverage your professional association to increase your company’s brand awareness. With all of the associations’ connections and resources at your disposal, why wouldn’t you utilize them in order to spread visibility about your company? You can use your connections to help promote your brand or you can use them to start doing business directly.
– Melissa Haws, The Furnace Outlet
Acquire the Right Analytical Tools
Setting up your back of house with the right analytic tools to track investments, traffic, and engagement will be one of the most beneficial things you can do to provide valuable insight to grow your company. From brand awareness to consumer retention, metrics will assess your vantage points, provide a cost breakdown, show you who is responding to emails, and allow you to optimize your site accordingly. It’s virtually impossible to scale properly without knowing your current trends and planning for the future. Investing in all the necessary tools will help you customize your approach and personalize your site to better fit your target audience.
– Katie Lyon, Allegiance Flag Supply
Invest in Digital Media Presence
When you’re first growing your business, you need to be proactive about getting in front of online viewers. Ensure that your social media platforms are professional and engaging and that you’re posting consistently. Put forth a substantial amount of effort into your digital marketing so that you can eventually get a better idea about which characteristics and pain points your most common customers possess.
– Chris Caouette, Gorilla Bow
Optimize App Integrations
Since our founding in 2018, we grew our platform by 300% integrating shoppable live-streaming in 2021. Brands featured on our platform have seen their products sell out in seconds. With higher user retention and signups, we are looking into live videos for the brands for even greater interactivity.
– Savannah Scott, Supergreat
Study Your Market Segments
Market segmentation is the business growth strategy I would highly recommend for another small business. It involves breaking your market into endless segments based on customer interests, locations, preferences, and characteristics. Such segments allow you to build up targeted campaigns in terms of concrete variables, improving your campaigns. Some crucial market segmentation is geographic, psychographic, demographic, firmographic, and behavioral. Hence, segmentation is a powerful strategy mainly employed by small businesses like clothing companies, cosmetic suppliers, and media outlets. If your service or product range is distinct, you will surely get benefitted from market segmentation.
– Caroline Lee, CocoSign
Open Up Multiple Avenues for Visibility
A growth strategy for small businesses is to consider alternative channels. This is a solid growth strategy because it provides additional opportunities for your business to be seen and establish brand loyalty. You can do this by setting up a pop-up shop, selling products at a local market or craft fair, or creating an online store. It all depends on how your current business is operated– in a brick-and-mortar storefront or online and then choose the appropriate alternative channel.
– Alex Czarnecki, Cottage