Growing your business is a necessity no matter what stage you may be in. Ultimately, every business is unique and will require a unique set of steps to grow. Below is a list of suggestions that can help propel your business to new heights.
Reach your existing market. Sometimes it can be less costly to sell additional products to existing clients rather than to gain new clients. Learn what your existing clients want and need and offer more of those services.
Ask people to spread the word. Asking regulars to help spread the word, either by mouth or on social media, is a great way to get more business.
Add new products. Sell new products or services that complement what you currently offer. Cox has recently launched our newest service, Contour Streaming, which allows users to stream from all of their favorite services directly from their Contour Box.
Extend your market reach. Opening up new locations is a great way to extend to a larger market. If you can’t open another store, consider selling your products online.
Franchising. Creating a franchise model is an easy way to expand your business quickly. It can take a lot of knowledge and knowhow, but is an incredibly efficient way of expanding quickly.
Research the competition. Find out what your competitors are doing and offering. If you can offer a better deal or better services than your competitor, then do it.
Diversify products and services. While similar to adding new products, it is also important to diversify your products and services, make yourself a one stop shop. Cox, for instance, offers high speed internet, cable, telephone and home security services.
Create a loyalty program. Creating a loyalty program is simple. Offer your customers a chance to get a percentage off, or free item, after so many visits. This encourages people to come in as frequently as they can and spend more money at your business.
Utilize social media. Social media is a great way to connect with existing clients and spread the message to new clients at a relatively low cost. Use social media to present new deals, showcase new items and services and connect with clients.
Do what’s best for you. At the end of the day this is your business. You know what is going to be best opportunity for growth. Trust your gut and just remember everything takes time.
Lisa Lovallo is the Southern Arizona market vice president for Cox Communications.