Now and then we hit a metaphorical business wall. If you feel that your business has come to a halt and you are unsure of how or what to do next, we have some suggestions for you. Have you looked at your business plan recently, if not go get it and give it a once over. You may find some guidance within it or you may not. However, it is still good to refresh your mind with your original goals. Maybe your looking at your plan and notice your not quite hitting your cash forecasting predictions or your target audience has changed. Either way, we have some tips to help you grow your business to what you once thought it could be.
Find Your Target Audience
From when you started your business, you may have found your target audience has changed. Review your demographic by sending out some surveys to your existing and potential new customers. This way, you can get a clearer idea of who you should aim your marketing at. Choose the way you market your business strategically. If your target audience is between aged 12 to 30, then social media is your strongest advertising platform, if aged 30 and above TV or Radio will prove a better alternative. Once you have identified where to advertise, you will see more and more interest from your target audience, leading to more sales.
Create A Customer Loyalty Program
If you have a good customer base, consider starting a customer loyalty program. Customers love to feel special and like they are getting something extra with every purchase. Customer loyalty programs benefit the seller and the buyer. The buyer will tend to spend more money than they usually would to gain ‘loyalty points’ and in turn, receiving a freebie or discount. With a customer loyalty program, you will find you gain more business as customers will recommend you to their friends and chose to be more loyal to your business.
Franchising your business is an ideal form of business expansion. First, you need to evaluate whether your business is right for a franchise. Could you sell it as a package to someone, can it be cloned and will it make you money? Franchising is a big deal as you are essentially handing over the responsibility of your brand. Although a great form of expanding your business, make sure you do your research before deciding that is the way forward for you.
Rebranding is common practice when wanting your business to grow. It shows the consumer you mean business and are investing in a company you believe in. It doesn’t have to be a complete rebranding, maybe focus on updating your website to be more user friendly or sprucing up your logo. Although rebranding can be costly, the return in the long run, will be worth it.
Now you’ve got some top tips on how to expand your business, take action and put your ideas into action. On ways to becoming the best manager for your business, check out Becoming an Elite Manager.