Growing your business means increased sales and profits. But do you know about all the ways to get your business from where it is now to its full potential? Just keep reading to find out what they are.

Sell online

One of the most effective ways you can expand your business is to move into selling your products or services online. Indeed, with over 2 billion people shopping online, not being in the space is a massive waste of an opportunity. 

However, you will need to pick the right strategy to maximize your sales, while making sure you stay in your customers;’ good books. For example, if you are selling a physical product then it's a smart idea to open an eCommerce store because it streamlines the process for both you and your customers, as well as keeps your costs low. You can also use effective digital marketing techniques such as SEO, PPC, and social media shares to drive traffic to your website and so increase sales. 

On, the other hand if you are selling services online, an eCommerce store is not the best choice. Instead establishing a website with long-form copy that explains the complexity of the problem your service sells is the best approach. Expertise and authority matter a great deal here so digital marketing strategies such as blogging around the topic and establishing topical authority is an effective approach. 

Tap into your existing customer market 

If you are looking to successfully expand your business, never forget about the potential of your current customers. Indeed, too many people spend all their time and resources on gaining new customers, but they forget they already have a wealth of customers that like and trust them to whom they can sell more products. 

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The best way to approach this is to take a detailed look at your current customer base, and then divide this up into specific segments such as location, age, and gender. Use this info to work out which segments are the most profitable, and then start to target those first. 

You can sell products or services to this segment, or you may wish to develop new products designed specifically to meet a need your customers have. One effective and low-cost way to do this is to package your existing products in a way that solves your new segment's pain points, as this will make it appealing to them, and prevent you from having to invest the time and resources into coming up with an entirely new product. 

Leverage the power of referrals 

Another way you can grow your business from where it is now is to leverage the power of referrals. Referrals are when a satisfied customer recommends your business to an interested party. The value of referrals is high because they are more likely to convert than any other type of lead. This is because this word-of-mouth endorsement is seen as one of the most trusted buying signals. 

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The good news is you can incentive previous customers that have had a positive experience with your business to refer others to you. For example, offering them a 15% discount on their next purchase with you, when a referral converts. Indeed, some businesses even offer independent incentives in the form of gift cards for popular businesses like Amazon. 

Expand your product range 

You can also successfully grow your business by expanding your product range. This means selling a wide selection of products to your target audience. An audience with whom you should have already created a good rapport. 

The best way to do this is to stay adjacent to your main business with your new offerings. That means if you currently sell makeup, branching out into skincare is a move that will make sense to your customer base. Also, by staying close to your original product type, you should retain some of your authority and expertise, which will help customers trust you and buy your product as opposed to those in makeup moving into the insurance market where they have no experience or expertise. 

Buy another business 

Another way to grow your company is to buy another business to add to your portfolio. Typically a business that is similar to or complimentary to your own is the best investment here. This is because a new business acquisition should provide you with benefits to your first business as well as additional profit. 

An example of this is if you run a newspaper company, purchasing a business that manufactures paper, means you can supply the paper you need to print. Thereby saving money on your overheads, and increasing your profits. 

Before you buy a new business to add to your own it's sensible to consult a professional accusation service. This is because acquisition specialists like the ones you will find at The Vant Group M&A Advisors can help make sure that the business you are buying is a sound investment. They can also get you through the complex negotiations required to buy a business as quickly and with as little hassle as possible.

Consider franchising your business 

Have you got a great business model that works and is easily scaleable even by those that don’t have experience in your sector? If so then you may wish to consider offering franchises as a way to expand your business. 

The franchise system works because the franchiser provides the brand, model, operational guidance, and support that the franchisee needs to get off the ground. For these benefits, the franchisee pays a percentage of the revenue they make. The benefit of this to the franchiser is that they can charge up to around 20% of the revenue that another business is making while doing and risking very little. 

Franchising can be very successful too with a great number of fast food restaurants like McDonalds, KFC, and Burger King running profitable on this model. 

Final thoughts 

There are many ways you can expand your business effectively. Just remember to do your due diligence and ensure that your business model and finances can support any expansion before you jump in! 

INFOtainment News

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