Eban Kays – 10 Most Efficient Strategies to Grow Your Business & Profits

Salepage : Eban Kays – 10 Most Efficient Strategies to Grow Your Business & Profits

Most of us have heard this proverb, but it cannot be overstated. To be successful, each of these 10 company development tactics takes strategy, preparation, and communication with individuals on your team who will implement them. It would be a mistake to undervalue the significance of good setup.

“To fail to plan is to plan to fail.” Franklin, Benjamin

1. Market Share Expansion

What percentage of the market do you own?

Perhaps you don’t have exact figures, but with a little searching, you can generally get a reasonable approximation. Use this to uncover weaker competitors who may have a sizable market share that you may begin to erode.

2. Expansion of Market Segmentation

Is there a market segment that is currently underserved?

Perhaps there is a niche that few people fill well. This might be a product or service that is similar to one you now offer but you haven’t explored how it will answer a new market’s problem, sometimes even with the same offering.

3. Product Creation

You can try to extend your offers and therefore grow your sales by developing new products, expanding your product line, or reformulating/retooling existing products. Get innovative, but not simply for the sake of being creative; consider what your consumers truly want, need, and are ready to pay for.

Another “me too” product line extension is unlikely to succeed in the face of intense market competition.

4. Experimentation

Who hasn’t heard the term “diversification”?

If one or two clients or one sector account for too much of your entire business sales, it may be time to look for other firms or industries to tap, even if they are doing well and growing. Being indebted to one corporation can create a situation in which they have complete negotiation power, which they may use to expand the duration of their payment terms, say from 30 to 90 days, or any other unpleasant decision that you are compelled to accept.

However, you must be strategic in your diversification. Choose thoughtfully the sectors or markets to target; it is advisable to choose profitable ones.

5. Acquisitions or mergers

What vendor, rival, or other firm may you purchase or combine with?

Look for weaker firms and contact them about a merger or acquisition. Whether you’re in a sea of fierce industry rivalry, you might want to check if one of them is prepared to buy you out. Just be aware that in the latter case, you will most likely have limited bargaining leverage.

However, if you have limited financial resources, it may be the best option for allowing your company and workers to develop and prosper. And, once you’ve merged, don’t forget to consider how you’ll integrate both businesses.

6. Alternative Routes

Perhaps you sell everything to wholesalers. Or perhaps you only have one retail location. In any situation, you could add the alternative choice you don’t now have, or you could even add an online buying option. Alternatively, you might begin selling direct in addition to your wholesale route.

The goal here is to communicate through current channels to avoid upset sentiments or lost revenue. Or, if you want to lose business in one area, ensure that it will be more than offset in another, whether in overall sales volume, profit, or both.

7. Price Cuts or Increases

“What? “Raise the prices,” you say? “I couldn’t do that; it would irritate far too many of my consumers.”

True, you may lose a client or two, but that is partly due to how well the pricing is communicated. Customers can often comprehend an increase if their rates haven’t risen in many years and you remind them of this fact along with strong explanations for the raise. Furthermore, conveying this face-to-face with all, or at least, your top clients will go a long way toward convincing them that their company is valued. Here are some pointers on how to raise your rates without losing consumers.

On the other hand, perhaps a targeted price cut for select goods is in order. This might assist drive market share for a product that gets customers in the door so that they can be sold something more profitable later.

8. Copy Competitors’ Strategies

Why not take a leaf from the competition’s playbook if it’s working for them?

Now, I’m not recommending doing anything illegal or immoral, but if you can get information of what they’re up to, why not? Keep in mind that you may need to adapt their techniques to your own firm, but be careful not to water it down too much, or you will lose the force of what works for them.

9. Important Collaborations or Alliances

Are there any other firms or significant persons in your sector with whom you might collaborate to increase your revenue? Typically, these aren’t your market leaders because they don’t require your assistance. However, if you can identify a firm or individual that has achieved a particular degree of success and need the assistance of others to create a win-win situation for both organizations, go ahead and do it. Check out these suggestions for forming effective alliances and partnerships.

10. Brand Distinction

Is your brand and the things you sell actually unique in the market?

Perhaps you have the highest quality or the quickest turnaround. Alternatively, you may have the most sophisticated product on the market. Just make sure you have something truly unique that distinguishes you and important to your consumer, which means they are prepared to pay for it at a price at which you can profit. And make it your key point of distinction from the competition to potential clients.

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