How to expand business?

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To expand your business first of all you have to set up a strong base of your company and have to target a specific group of customers. As your company is all set then you can expand your business. The first thing you should take care of is finances. Most of the company spends endlessly for expansion of their company and product but they end up in loss. So you have to maintain your finances.
Now, here are some strategies that will help you to expand your business.

1] Addition of new products and services:
As your business is set initially, you have to introduce a new product before new consumers. You have to attract your new audience by introducing new products and services. The strategy sounds very easy, but it’s quite challenging. You have to study your customer’s behaviour and need to figure out what they want. The easiest way to do this is an online survey of customers want. Your market research needs to focus on customers, cost of manufacture, deliveries and other services.

2] Sell more products to existing customers to increase your sale:
By doing this you will gain a firm hold on your existing customers and your revenue will also increase to some extent. Again you have to study customers behaviour and you have to divide your customers into some specific categories like which consumers are consistent, their buying history, which customers are not taking interest in your product and other such aspects. Armed with this information, you can better allocate your sales and marketing dollars.
3] Expand your business in new areas:
Here comes the major part. Here you have to market and sell your existing product as well as new product. The simple way of doing this is to introduce your products online and offline. In online mode you have to make some demonstrating videos and can run ads of your product to increase your product reach. In offline mode you have to physically demonstrate your product and services. This can be done in local market place as well as you can held exhibitions just like trade show marketing. And this will definitely expand your business.

4] Taking up another business:
This is an optional strategy. If you have enough capital then you can merge with another business or company and you can double the size of your business overnight. But you must perform thorough due diligence on any potential acquisition candidates before moving forward with a business merger.



KEY TAKEAWAYS
·     INTRODUCE NEW PRODUCT TO YOUR CUSTOMERS.
·     USE SOCIAL MEDIA MARKETING AND TRADE-SHOW MARKETING.
·     ADVERTISE YOUR PRODUCT.
·     EXPAND IN NEW AREAS.

Consider how you can apply these strategies to expand your company. Remember that by studying your customers choices you can put up right strategy and you can expand your business.
Do let me know your views in comment section below.
Location: India

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