Every day I am asked the same question from Entrepreneurs and Small Business Owners, how can I grow my business? In this blogs I am going to give you 3 hacks that you can begin to do now to start seeing growth in your business.
For sustainability, it is important to understand your value proposition. Why are you different from your competitors? Why should I patronage you over your competitor? As an entrepreneur, you should be able to identify your differences, why you are relevant, and why customers come to you for a product or service.
As an Entrepreneur when you do not know who your customer or target market is, it is like throwing a football in an open field with no one around and hoping that someone will catch it. You got into business to solve a problem for a certain customer. Who is that customer? When coaching my clients I have them build an avatar of who their customer is. It is important to nail down your ideal customer, and revert to this audience as you adjust business to stimulate growth.
Once you have your Value Proposition and you know who your customer is, it is time to “Penetrate the Market” I will take a deeper dive in Market Penetration Strategy in another blog but for the sake of this blog I am going to give you a quick 3 in 1 when it comes to penetrating the market:
Step 1: Reducing the selling prices of the products or services, with the intention of attracting consumers with the lower price.
Step 2: Increase promotions for products or services to improve pull strategy. Which means offer special promotional discounts, customer loyalty rewards, coupons, or rebates.
Step 3: Expand your marketing efforts to reach your target market.