Or do you have specific marketing strategies in place to make sure your brand grows?
If you do not identify how and by what means you are going to grow it can be haphazard.
Having good sales days and bad sales days can play havoc on your financials, not to mention your stress levels.
Taking the time to consider marketing strategies to grow your business doesn’t have to take up a lot of time.
It does however take focus and action.
Here are three factors for you to consider when developing marketing strategies for growing your business:
You need to know if your market is actually growing or not. If it has natural growth, such as more customers wanting the types of products or services you offer then you need to position your offerings to capture a share of the growth.
If it is not growing then you might want to see if other customer segments within the market that would offer potential for an additional product or service that you can develop.
It is one thing to want growth for your business. It is another to be realistic about the rate and how you can deliver.
For example if you want to double your sales then if you are have service business already flat out with work it could be difficult to achieve with your current practices and prices. This means that you need to look at other ways to enjoy the growth that does not take up more of your time or you could look at increasing your prices.
This is pretty simple. To increase your growth you can look at possibilities for your customers to either buy more or buy more often. Understanding your customers and mapping out their needs can identify simple ways to grow your business.
It does depend on what you sell of course, however sometimes just simple changes or additions to your offerings can mean increased growth. One product I marketed in the corporate days enjoyed high growth by introducing a pack size of 30 as well as 10. It wasn’t revolutionary and it was easy to implement.
These are just three factors for you to consider and the main point of this article is to highlight the importance of working on your business. Even if you select one project to grow your business and work one hour a week to implement it you will probably be ahead of your competitors.
As always I would love you to share any tips on how you grow your business.