You’ve gotten off on a good start with your company and the first few years have been successful. Now it’s time to begin considering what lies ahead and how you’re going to maintain or improve your business.
Every company has their own unique set of operations so it’s tough to figure out where to take the next step. Today we have 5 general growth strategies to further build your marketplace.
1. Entering New Markets
Entering new markets is exactly what it sounds like, you take your product or service and you target a different segment of people. To do this you’ll have to conduct research on your new target. Figure out where they shop, what they enjoy doing and how your product or service can add value to their lives.
GoPro for example was targeting only extreme sports athletes in sports such as snowboarding, surfing, and BMX. To expand their audience they thought about how else the GoPro could be used and that’s when the campaign for families was created. They now market to athletes as well as young families who want to capture the precious moments of their young ones.
Related: 3 Steps to Hacking Marketplace Growth
2. Product Expansion
A very common practice for growing your business is extending your product line, adding new features or specs. You see this happen in the tech industry quite often. Take the iPhone for instance, every year they come out with a new version with slightly better features and they’ve been selling for a decade. Adding new features and levels of service to your product can help you reach a wider audience and bring more buzz to your industry.
A cost efficient way to work with other companies is by entering a partnership. This is a great way to grow your business if done correctly. To have a successful partnership you must find a company that has similar value and an overlapping audience (the same audience won’t help you). Share your partnership on the platforms your audience goes on and make sure it is consistent. Many media influencers partner with makeup and cosmetics brands by creating products together or sponsoring videos. This is also seen in the streetwear industry, Air Jordans is a legend in partnerships and a more recent project is the Yeezy collection with rapper Kanye West and Adidas.
Related: 4 Tips to Writing Attention Grabbing Headlines
If you have the funding for an acquisition it may be a very quick way to gain a following. Finding a smaller company that produces a good or service that aligns with your company’s vision can easily be acquired by larger corporations like Salesforces or the recent buying of Whole Food’s by Amazon. On the flip side if you are the smaller company, an acquisition is a great opportunity to still work within your brand but also have the time and money to create a better product.
These are our top four ways to increase the growth of your business. Of course there are hundreds more! The first step should always be to try and market more, more exposure (in the right times and places) can do wonders for your business.