Do you feel as though your business is stagnating, rather than growing? Although hitting a wall is often the result of an extended period of growth and success, once you’ve reached your initial business goals, many business owners are left asking “now what?”
Hitting a wall shouldn’t be mistaken for hitting your peak; however it can become this way if you neglect to take the necessary action to move past it. So what options are available to start growing your business again?
Grow your existing market
Can you grow the size of your existing market by highlighting alternative applications or benefits to your product or service? By promoting a wide range of uses for – and benefits of – your business outputs, you may attract a whole new segment of customers to your market without having to change your offering at all.
One way of quickly growing your existing market is through forming strategic business partnerships. Are you on familiar terms with a business that offers a complementary product or service to your own? If so, it would be an intelligent idea to consider partnering with this business in some professional capacity. In the right business partnership, you can double the size of your customer base and halve the cost of production.
Target a new market
Alternatively, if you’re looking for a dramatic change to your business, you may consider targeting entirely new markets to the ones you have historically. Perhaps you want to start offering your product or service to an international market when up until now you have focused on a local, domestic market. Or maybe you have been targeting urban customers and want to begin focusing on a rural market.
Whatever the change in direction, accessing a new market can unlock a great opportunity for any brand as long as the move is strategic and well researched.
Diversify your product or service offerings
If you’re satisfied with the market you currently have, consider whether there are other ways you may be able to improve upon or diversify your product or service offerings.
There are many ways you can diversify your offerings, including:
- Product differentiation: the process of adding or emphasizing features that distinguish you from your competitors
- New pricing strategies
- New product development through strategic partnerships
- Licensing of new technologies
- Distributing a new line of products/services from a new provider
Reaching a business plateau calls for making some drastic business decisions. Reep online software allows a business to model different financial scenarios and predict the financial impact to the business based on past data. If you’d like to try using Reep in your small business, sign up for the free trial today.