In the above Image there are four generic strategies to expand your user base or customer base. Let’s go through one by one
P3: Increase Awareness
Easiest strategy we all can think of easily to grow awareness about our product/service or business among targeted market. Awareness is typically grown using advertising and if you can manage advertising to deliver great ROI for you then this strategy will help you grow your business.
Typically businesses get listed on Online Directories, Advertise on online/offline media.
Other way to grow Awareness is through referrals. Your spend on referral marketing can be far more effective and deliver higher ROI than Advertising spends, especially for small and medium businesses.
P2: Improve Positioning
You can improve people who are more likely to buy from you by simply positioning your business for a particular niche or segment for whom you are not targeting right now. This will be especially effective if you can come up with customized message or offer for that segment. For example a Real Estate consultant can specifically specialize in office rental deals and customize a package for technology startups. The consultant would be able add new types of customers to existing customer base.
P1: New Sales Channels
You will be able to serve Customers whom you are not available to serve right now because you do not have a sales channel to reach them, if you invest in developing new sales channel for yourself it will be a great differentiator for you and help you grow a lot. But building new channels requires long term commitment and sometimes capital. However there may be innovative ways to distribute your products and services which may help you grow more than others.
P0: Grow Scope of Product/Service
You will be able to sometimes grow Total Available Market by expanding scope of the category. Finding new uses for your product/Services or by helping existing customers by launching some additional value added services. Like a Real Estate Agent tying up with Packers and Movers is able to offer rental solution as well as earn some additional revenue by referring Packers and Movers in the network.
On LetzGain Business Networking App you will find partners, consultants, collaborators for implementing all these four strategies.
Good Luck, Letz Keep Growing!