The term “unicorn” was originally used in 2013 to represent $1 billion-plus digital businesses. Unicorn companies and other tiny enterprises have risen in popularity since then. Airbnb, for example, was founded only ten years ago and is now valued at $31 billion.(online business)
You could feel that your firm has frozen in place after seeing these enterprises grow so quickly. Why aren’t you gaining weight?
Developing your business necessitates regular modifications. Your ability to expand is limited if you continue to use the same methods and strategies. If you want to expand your business, you must change your techniques.
How can you kick-start the growth of your small business? Let’s look at seven ways for getting your expansion back on track.
1. Having a wide range of products expands your clientele.(online business)
Your company’s products and services are its foundation. Your company, on the other hand, is constantly improving. So, what makes you think your products should be static? Expanding into new markets requires a review and revision of your product selection.
While growing a product line isn’t feasible for every business, diversifying your services and products might help you stand out from the crowd if you have the resources. You become the go-to spot for whatever your clients require thanks to a diverse selection of services and goods.
By expanding your services, you may take advantage of market opportunities. Starbucks, for example, had been serving breakfast for years but recognised an opportunity to increase afternoon traffic. As a result, Starbucks began selling sandwiches, salads, and protein boxes in some locations. Starbucks was able to increase foot traffic and income thanks to its varied product assortment.
A comprehensive examination of your products might reveal not only new ideas, but also products that aren’t selling. Clearing away non-profitable products streamlines your business and lowers costs.
Some businesses, unfortunately, realise that none of their offerings are lucrative. PayPal’s initial objective, for example, was to be a cryptography company. PayPal evolved into an online payment system after encountering difficulties with this business strategy. PayPal was able to survive and grow by diversifying its services. Its net worth surpassed $120 billion in August of this year.
Diversifying your items can provide you the boost you need to expand your company. Finding new product prospects, on the other hand, is challenging. Can market research assist you in coming up with new product or service concepts?
2. Market Research Shows You How to Grow Your Business(online business)
It’s possible that your new product concept will become your company’s best-selling item, or it could fizzle out within a month. How can you tell if a concept is feasible?
Market research provides you with the information you need to make your next step. Customer surveys can reveal what products your target market wants or needs. Customers may also propose products that they haven’t seen elsewhere.
Checking in on your competitors can help you come up with new product ideas. Perhaps your competitors don’t provide customised products to their customers. Adding a customised product option to your website might help you stand out from the crowd.
Oscar Health Insurance distinguishes itself from the competition by keeping things straightforward. Because most people aren’t insurance specialists, Oscar Health Insurance employs straightforward language to explain what they’re getting. Oscar Health Insurance stands apart from other insurance providers because of its easy-to-understand materials.
It’s great to discover new product ideas, but you could doubt if it’ll work in the long run. Market research can reveal whether your solution will actually solve an issue. Focus groups can also help you identify problems or make modifications to your product before it fails. Knowing how your audience feels about your product might reveal whether or not it meets a genuine demand for your customers.
The founders of Twitter used focus groups to learn what people disliked about rival social media platforms. People thought the newsfeed feature was overly busy, they discovered. As a result, the founders incorporated this criticism into their website, resulting in a more streamlined social media platform.
Market research reveals which products are most likely to attract clients. You know your target market is interested in your new product since you did your research, but that doesn’t make it easier to sell it. New sales strategies are required for your new products.
3. Having a sales process makes it easier to get new clients.(online business)
Sales are the most difficult aspect of launching new items for many business owners. You may be unsure how to pique people’s interest in your services or locate potential clients. Using a sales procedure relieves you and your sales agents of stress.
A sales process helps you identify potential consumers and determine if they are a good fit for your product. Then it directs customers to your product for purchase.
You must examine your present sales before you can create a sales procedure. You’ll need to figure out what’s working for your reps and what you should get rid of. You can utilise those phases as the foundation for your process once you’ve identified what works.
When you research your sales, you may discover that your salespeople require new tools. Tube Form Solutions, a manufacturing firm, relied heavily on traditional sales methods. These tactics were stifling the company’s expansion.
As a result, Tube Form Solutions chose to upgrade its sales process to include new material and personnel training. The company made $1 million in sales as a result of its better process.
Adding in-depth information to your sales process will help you close more deals. 75 percent of buyers said the winning vendor’s content had a substantial impact on their purchase decisions in the 2017 Demand Gen Report’s B2B Buyer’s Survey.
A sales process provides you with the tools you’ll need to persuade your customers. Combining your sales process with useful content could be exactly the thing to persuade someone to choose your company. But your content can do more than that; it can also aid in the development of your company’s internet profile.