Even while we all want to start 2022 on the right foot, many small companies (SMBs) still face significant challenges. If your business isn’t doing well, you’re not alone. Start-ups and entrepreneurs have felt the pressure on various fronts, but important growth methods may help you re-energize sales and drive growth. It’s critical to keep focused on your long-term company objectives. Whether your firm is young or well-established, here are six strategies to kick-start your business development plan in the next year.
1. Increase your market share via market penetration.
Increasing market share, also known as market penetration, is one of the most influential small company development tactics. Essentially, the aim is to sell more of your everyday items or effectively advertise a new product. Several approaches may be used to achieve this purpose. For example, you may provide further services to current consumers as a free trial or reduced price. You may also give discounts on more significant purchases or lower the cost of competing with a rival’s comparable service.
2. Market expansion: Bring in new clients (and retain existing ones)
You may be an expert at maintaining current clients, but how about acquiring new ones? You might be losing out on a lucrative market if you don’t have a market development plan in place to reach new clients. It is particularly critical if your present product sales have plateaued or if you want to extend your market reach to a new location or demographic. Unless a company seeks new markets for its goods and services, its sales and profitability will likely decline. It is particularly true in the Covid age when many old methods of selling and acquiring items have altered owing to safety measures and supply chain disruptions.
3. Additional channels: Increase your internet presence.
One of the most acceptable ways to expand a company is to use alternate avenues. Many business owners currently use well-known social media sites like Facebook, Instagram, and LinkedIn to market their products and services. However, you should consider how alternative channels might help you reach a new target market by providing a consistent brand experience.
Some marketing channels are a must-have for every company. Email marketing, social media, and your company’s website and blog are the top three. You can also opt for link building services from a reputable brand such as OutreachEmpress. It’s worth mentioning that over a quarter of small businesses (28%) don’t have a corporate website. Those that do frequently struggle to keep it up. Customers want more than “brochure-ware,” although template-based web design tools have made it simpler to build a new website. They want to make safe purchases, contact customer support and do other activities without visiting different websites.
4. Product expansion: Revitalize or refresh your goods.
If your sales are declining, it may be time to review your product development lifecycle to examine how your product features and pricing compare to those of your rivals. Even if your product line has been on the market for months or even years, a product review may still be beneficial.
5. Market segmentation: Target consumers with pinpoint accuracy.
Another small company development method is market segmentation. Instead of lumping all of your consumers together, you may segment and advertise to them based on specific parameters such as customer preferences, buying history, interests, geography, and other characteristics. These segments enable you to design highly targeted and customized campaigns with a substantially greater success rate.
6. Collaborations: Join with firms that are complementary to yours.
Let’s face it: small firms don’t often develop via big-scale acquisitions and mergers like giant corporations. So, how can a tiny business grow in a scalable method that generates revenue? Sometimes collaborating with another company is the best way for a small firm to develop. Partnerships may give additional resources in the form of labor, skill sets, expertise, equipment, or technology, depending on the nature of your firm. Or it might just allow both companies to develop into new areas without directly competing with one other.
You may immediately increase your small company development in the following months by using some or all of these six actions. A well-executed market growth plan may offer the desired outcomes regardless of the sort of organization you operate. When combined with a fully integrated CRM and marketing automation platform, the possibilities are limitless.