We all have to face it after some years with out own business: The big and scary standstill. You exhausted your local markets and now don't know what you can do to expand your business even further.
But don't worry! I am here to help you and give you some excellent tips on how to expand your business with clever marketing and business development strategies.
First: Is your local market really exhausted?
This is sometimes hard to face but while you think your local markets are exhausted they are often just not interested in your products.
Your local population is most likely highly different - there could be a fifty percent farmers population and a fifty percent townsfolk population. While your "Ranch Country Ice Cream" may sell like hot cakes to the farmer population the townsfolk maybe dislikes your product.
So the first point in expanding your business is to acquire new markets in your local area which only need slight adjustment of your product (like a different name or marketing campaign).
Second: Get the most out of your existing customers
It may seem like a no-brainer but almost two-thirds of all small business owners forget about that. It's a lot easier to make more money from an existing customer than to find a new one. Here are some tips to make the most out of your customers:
1. Get a mailing list. It doesn't matter if you use the internet or traditional mail. Collect the address information of your customers and then send them special offers, coupons, reminders or whatever else fits your business model.
2. Develop a second tier product. What is a second tier product? Well if you sell ice cream most likely your customers are also interested in branded ice cream dinnerware. Just create more products that could be useful to your existing customers. If you adore this advise you will be successful. Because it's much easier to sell to an existing marketing than to find or even create a new one!
Third: If your local market is really exhausted dominate a product line or go national (international)
So there is really no one left whom you could convince to buy your stuff? There are just two things you could do now.
Either you could start to broaden your merchandising or go national or international. I suggest broadening your merchandise first.
Think about the successful internet store Amazon.com: First they sold only books. Then they broadened their merchandise. First they advanced only to related products that would for sure also sell to book lovers like computers or board games.
Today you can buy almost anything at Amazon - from books over a new laundry machine to bottled milk.
If you extended your assortment and are still not happy with your profit then you can only expand either outside of your local market and join the race for national stardom or even go international with your product.
I just want to suggest here you are taking it slow. There is no use in a huge company that conquered international markets in just two years only to decline the next year.
Always make sure you have more than enough savings to make up for some obstacles or mistakes. This is most important if you want to join the battles of international markets.
Author Resource:
Cleo is a busines angel himself and helps small businesses to grow. He also maintains the help-other-people community www.soifz.com .
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