Here are a couple of ways your business can grow with some work and persistence!
Idea 1 – Add Complementary Products and Services
One way to increase sales and bring new customers to your sales base is adding new complementary products and services. But how do you decide what to add without turning your business into a third-rate department store?
Start by reviewing the definition of your business. For example, if you sell house siding, ask yourself, are you in the siding business or the exterior building materials business? The result may be that you redefine and expand your business to add gutters and downspouts, roofing and other coverings to your product line!
Another surprisingly simple way to build a list of new products or services is to ask your customers what else they might buy from you if your business sold it. A few friendly conversations with customers and staff will likely get you more information than thousands of dollars spent on professional customer surveys. Be sure to ask how much they would want to buy and how often to get a sense of whether the demand would be great enough to warrant the additional costs of building up this area of your business. (To learn how to build your network, read Small Business: It’s All About Relationships.)
Idea 2 – Look for New Market Niches
One way to find a new market niche is to seek alternative applications for your existing products and services, and we have a Cheez-y example of how this works. Kraft started out with a spreadable cheese product in a jar that could be spread on crackers for snacks – it was called Cheez Whiz. This was fine, but selling a cracker topping will only take you so far in this world. That’s why Kraft expanded the scope of Cheez Whiz and started promoting it as a base for a variety of dips and food toppings. Soon Cheez Whiz was an ingredient in all sorts of recipes. Kraft wasn’t satisfied with only human consumption though. One of the latest unique uses of Cheez Whiz comes from a California fishing lure and bait company that sells Cheez Whiz in a pre-packaged bait application, and it buys Cheez Whiz in 55 gallon drums!
If Kraft had stuck with the spreadable-cheese concept, sure, it would have covered a lot of crackers. But by thinking outside of its original intent, Kraft expanded the market and attracted customers it never would have targeted initially.
(Source and more Ideas Investopedia)
“What is your tip? Consider posting a review or comment for us below!”
Need help? Not sure? Call for FREE 30min advice / strategy session today!
Email firstname.lastname@example.org or call 0407 361 596 Australia