CareerLeadership/Innovation

6 Tips for Expanding Your Business—Regardless of the Economy

There are forces in the universe you cannot control, but for everything else, some grit and determination will take you far. Don Sadler writes for Fox Business with six tips to keep expanding the business even in tough times.

All Balloon, No Burst

When you want to add new products and services, you first need to know what new types of things customers want, and then determine if you can deliver these things at a viable profit. In other words, do your homework. On the flip side, you can sell more aggressively what you have to your existing customers, using market segmentation to help. If you want to expand into new territories, then specialize your advertising to the new market rather than trying to do a Copy-and-Paste. And when trying to reach out to new customer markets in general, use things like psychographics for help. Remember that new sales and delivery channels are springing up all the time. (“Omni-channel” stopped being a buzzword years ago.) Lastly, if you are doing particularly well for capital, maybe outright buying another business could be the big evolutionary leap you need.

For more details, you can read the full article here: http://smallbusiness.foxbusiness.com/marketing-sales/2014/07/10/6-tips-for-expanding-your-business-regardless-economy/

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