Expand and Thrive by Growing Your Small Business (Part 2)

In this second part of our two part write-up, we will continue exploring tried and true strategies that budding entrepreneurs could adopt in order to grow their businesses. In the previous post, we discussed the use of marketing mix, good quality products and excellent customer service to ensure customer loyalty and increased patronage. In this post, we will be looking at strategies that you can employ to grow your customer base. These strategies include:

 source: www.corephp.com

source: www.corephp.com

4.  Participating in trade fairs: trade fairs offer business growth opportunities. Trade fairs attract people who are already interested in the kind of products or services you offer and gives you the opportunity to show potential customers why your products are the better options. Apart from growing your customer base, trade fairs allow you to study the activities of your competition, and also examine recent market trends and opportunities.

5.  Rewarding customers: This could be done by offering loyalty and membership programs that will allow customers earn rewards for patronizing your business and receive  special treatments like invitation to special events, advance notice of sales, newsletters, etc. Customers could also be rewarded for referring new customers. For example, you could print loyalty cards for customers and offer them huge discounts after they have patronized your tailoring shop for a specific number of times or after referring a number of customers to your business. Rewards make good incentives for customer loyalty and referrals. 

 source: www.timesworld.in

source: www.timesworld.in

6. The use of social media platforms like Twitter, Facebook, Instagram, YouTube, etc to promote your business and attract new customers. These platforms also allow for feedback which can help in product development and ensuring quality delivery. We will leave the juicy details on how you can use social media platforms as part of your business strategy in an upcoming post. So, stay with us!

7. Networking: Try to meet as many potential customers and industry players as possible and always be ready to introduce your business. Business cards and other marketing materials, e.g. fliers, brochures, etc. should always be available. Platforms like LinkedIn have made networking easier by allowing you to project your expertise, meet industry experts and spread word about your business at the click of a button. 

 source: www.fastcompany.com

source: www.fastcompany.com

It is important that you start now to make efforts at attaining the level of growth you desire. While business growth takes time, with diligence, you will be able to transform your small business into a huge and successful venture.The age old adage, "a journey of a thousand miles begins with the first step" still remains valid in business as well as other endeavors. So go right ahead and take the first steps in growing your business.