By Dan Coleman, freelance writer.
When it comes to expanding your business, there are different ways in which you can do this effectively. You should make sure that you time your expansion right, as there will be dips and growth within the market and your industry at certain times. Here’s how you can do it.
Market Research New Areas
Expanding traditional means finding new areas to market and sell your product. It could mean finding new towns or cities to open a physical shop, or it could be finding new websites or links to use online to reach more people. You will know what your business is about, but you will need to try and convince people why they should buy from you.
Researching new areas of potential business will help you in growing your business and lowering your risk. As the last thing you want to do is expand your business too early or in the wrong place as it could lead to a disaster for your actual business. It will probably cost you to expand in certain way, so make sure you invest wisely.
Advertise And Market Effectively
Your expansion will be doomed to fail if people don’t even know you’re doing it. The most effective way of doing this is with an effective market campaign, to help bring attention to new things you are doing. It could be physical advertisements in the new area to inform locals, or it could be an online campaign using per-per-click advertisement that grabs the attention of people looking for a business such as yours.
Either way, you will need to understand the challenges facing expanding and advertising, in order to find the right spot. Then you will be able to expand and focus on the new product or area itself.
Use New Innovative Technology
Expanding your business usually means you’ve been put into a position in which you can look into new and innovative technology. This could come in the form of new software to help manage teams more effectively, or it could be a new piece of machinery to create more products.
In most cases, expanding means meeting new demand. That’s why the supply need to catch up, that is what leads to new production methods to produce the same quality in more quantities, or even better quality with even more quantity. There will be a few different ways to do this, but you should consider looking into Banelec, who offer a range of different automation and technology solutions to help transform and improve productivity within your business.
Get The Opinions Of Your Employees
Expanding your business could mean that there is a lot of uncertainty amongst your team, who aren’t sure what their place will be in the new look of the business. That’s why you should involve them in the communication about the expansion wherever possible.
Communication is important for your business at the best of times, but it becomes more important when you have major business decisions to make. The last thing you want is to expand your business but lose the support of your employees.
Consider sitting down with them to address any issues they may have, or ask them to send in anonymous questions that you can address separately if they feel uneasy asking you directly.
Utilise Social Media
You should ensure you are using social media as an effective tool within your organisation. Even without the expansion, social media should be used to help promote your business and make connections with the consumer.
Social media can be used with an upcoming expansion to help inform their customers about the changes that are coming. Expansion could mean moving to a new area, or it could mean introducing a new product in an untapped industry. Social media gives you a direct link with the people you need to engage with your business, so consider hiring people to exclusively take control over it.
Don’t Forget About Your Old Loyal Customers
Whilst expanding your business can be an exciting time filled with new opportunities and is a key part of growth, you don’t want to forget about who has helped you get to this place. Your loyal customers are effectively the backbone of your business, because if they disappear, you will lose a big part of your income.
Loyal customers are customers who will constantly return to the business to purchase specific goods or use an effective service. If you change your business too much and takeaway what they like, then you could risk losing them for good.
So remember, whilst looking for new customers and trying new things is the natural way for businesses to grow, they also need to maintain their current customer base. Business leaders could even speak to these customers or give them surveys to find out what they would want going forward.