Expanding a business can be a new challenge that involves investing more time, money and effort. However, it’s a very good opportunity for it to grow and increase the revenue you earn from it. Randall Castillo Ortego, the founder of RACO Investment in Costa Rica and Panama, shares strategies entrepreneurs can implement to get their businesses to more places successfully.
Before you start expanding your business, you need to dig deeper into your current market to grow as much as you can within it. You can do this by attracting as many leads as you haven’t purchased your products or services so far. Execute strategies such as offering discounts, promotions or rewards to make them interested and strengthen you in the face of competition.
One action you need to complete before you hit a new market is to identify it to know its tastes, preferences and buying habits to assess what success might wait for you if you cover it. Explains Castillo, “If you want to expand your business internationally, you need to know where they require or demand what you offer, so that your investment and effort is viable.”
Having a wide variety of products is a good strategy to position yourself better and attract more customers, so you can take advantage of and develop new products at the same time as you expand. This will also help you quickly consolidate into a new place and continue to innovate.
If you’re already considering expanding your business, it would be nice if you choose to do so through various sales channels. “For example, if your business operates physically and you already plan to open a new branch, you might choose to join digital platforms where you could get a good stake or even open an online store,” asserts Castillo.
In addition to focusing your efforts on expansion, you should focus on how you can highlight your added value so that when you settle in the places you want. New customers will immediately identify what makes you different from the competition and consider being your regular consumers.
Both your customers and potential customers need to know that you can now be closer to them to meet their needs. That’s why promoting the expansion of your business and what you offer through campaigns that are eye-catching and powerful is recommended. For example, you can create a social media campaign using formats such as video or three-dimensional photos.
Another way to make expanding your business a success is to find alliances with companies that have customers similar to yours. This strategy will help you encompass more market while consolidating your business as high quality by having the backing of your ally. You can even get the chance to learn the tactics they use and complement yours.
When a business comes to encompass a new place or market, it must adapt according to the demand it presents. “If in the new area where you will open your branch, people prefer home service,” says Castillo, “it might be appropriate for you to implement it or generate a strength of quick and effective care. Also, taking care of aspects such as communication, type of service and product quality will help you adapt your business in a better way.”
When expanding your business, you need to be mindful that enough products can be available to supply all points of sale and that customers always find availability of what they want to purchase. To keep this specific point from affecting your business liquidity and finances, you can choose to use credits to invest in it.
The last strategy is to focus on customer service. Outstanding customer service will be paramount to growth. No matter what your business is all about, this is an aspect that can help you retain and attract more customers.