To Grow Your Business Look Outside

If you want to grow your business, sometimes you can be stuck for ideas or a strategic direction. grow your business ideas

At times it may seem that business growth strategies are hiding.

One way to get unstuck is to look at other industries for ideas and strategies.

By doing this you can see if you can take the ideas and adapt them for your business and customers.

Here are a couple of ways looking at other industries that can help grow your business.

Customer life cycle

If you look at the music industry you can see that they have musical instruments for children and adults. As the child grows they learn with larger instruments.

Look at your products or services to see if there an opportunity to develop different versions to cater for growth or changed circumstances of your customers.

This isn’t a new idea and has been around for decades and works. It means growth for the business and a longer relationship with customers.

It provides a simple approach that can be cost effective as it is about different versions of products or services.

Different customers

Another way to get business growth is by being a specialist and catering to the needs of different customers.

Again in the music industry with violins for example there are electric violins, ones that classical violists use; ones for those who only want to experience the pleasure of playing etc.

Each type of violin is for different customer segments and would provide more growth than a business that sells violins for children only.

For your business there are different segments that have different needs. If you specialise you can do a basic version, one for professionals etc. This approach works for those of you who wish to be seen as specialists.

These are two simple ways to consider if you are looking to grow your business simply.

Over to you. have you ever looked outside your industries for ideas or strategies to get business growth? Would these approaches work for your business?
photo credit: watsonsinelgin via photopin cc

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17 Responses to To Grow Your Business Look Outside

  1. Hi Susan,
    There’s really something to be said for looking and thinking outside your industry. In fact, it’s possible to do a disservice to your business by paying attention only to what your competitors or others in your market have done or are already doing. Instead, stand apart. The best way to do that is to open your mind to other possibilities.

    • Can’t go past being open to possibilities can you Heather. Agree with you about competitors and others because if you do focus on them you always seem to be playing catch up.

  2. HI Susan You need to find what works for your customer and not think you know it all. In business I have to cater to larger section of customers. The biggest plus I have found is to ask the customer what they want. You will find they are helpful with advice

    • Hi Arleen,

      Your approach is a good one and I bet it opens up opportunities for your business. Your words about not thinking you know it all is so true and often the hidden stumbling block.

  3. Agree with you Susan. You have to have an open mind and not discard ideas by thinking you can’t do “that” in my line of business.

  4. Great post, Susan.

    One of the additional advantages to this strategy is that it can help small business owners clear their minds and refocus. It so easy to get stuck, as you said, in a kind of intellectual and operational rut.

    The truth is that most growth strategies are fundamentally the same regardless of business size, model, or industry. But, when you are putting so much time, energy, money, ultimately, and yourself into your business, it’s almost impossible to see things objectively and to indentify those opportunities unless you take a step back.

    • Thanks Susan. That is a great point about clearing the mind and thanks for adding it. I agree with you about growth strategies and stepping back. The interesting thing is once you do it opportunities can open up and business life does seem so stressful. Thanks for adding to the discussion.

  5. Susan — I don’t think this is quite what you had in mind with your post, but my goal is to get more business from larger organizations rather than individuals. That’s beginning to happen again. In my former business I only worked with large companies. Having rebranded myself as a social media writer and project manager I’m working my way back. I feel that with my broad marketing background I can add the most value to a large company while deriving more income.

    • Good for you Jeannette and it makes sense with your background. Good luck with it and I am sure you will succeed and your larger company clients will benefit.

  6. Susan – Your post is so practical and very well spoken. Sometimes the hardest solutions are actually the easiest. I completely agree that having customer retention is vital and can be achieved by growing with your customers. 🙂

  7. This approach reminds of the the two versions that exist for Garth Stein’s dog-as-narrator book The Art of Racing in the Rain. There’s the “adult” version and then the toned-down “kid-friendly” version. I’ve read to read the one for younger readers, but it would be interesting to see the differences. I don’t think my story ideas would work for younger readers, but there’s huge potential in being able to market two versions of the same story.

    • It would be interesting to see the difference Jeri and I can’t think of any other authors who have done it. Your stories may not but they may appeal to different reader segments.

  8. When looking to purchase an existing business it is prudent to pull together an “acquisition team”. This team should include your childcare specialist, banker, accountant and lawyer. The advisors are important in helping get a good strategic fit and in reviewing and verifying all the relevant information about the business you are considering.