by
Don Kyle
In prior articles, I discussed marketing
and growth strategies for Start-Up and Growth stage companies. This month, I will focus on what Expansion stage
businesses should do.
During
the Start-up and Growth stages, you focused on creating name recognition and
grabbing market share. As your company
transitions into the Expansion stage, one of your main objectives should be
capturing a dominant market share and solidifying your brand. I have listed several points to help you do
just that.
1. Continue and expand
your community involvement activities and let your market know all the ways you
are involved, helping and giving back. This
will increase positive exposure for your business and help your market place favorably
identify and associate you with them.
2. Maximize your brand
in your market area, by flooding your market with your brand name and mark in
all your promotions, marketing and advertising.
Solidify the link between your brand and your market, so that you are
the first thing that comes to their minds when thinking about your specific
products and/or services.
3. Expand your web and
social media presence through expanded testimonials, emphasizing all the
customers who have benefited from your products and/or services. Continue to ask your customers for rave
reviews on Yelp!, Kudzu, and other review sites.
4. Cultivate affiliate
and referral relationships to increase customer sources for your business.
5. Consider additional
market areas (or possibly new product or service lines) for growth. Generally, this step should not be considered
until you have a strong market share in your current market area.
6. Continue ongoing
press releases about all your successes and what you are doing in your market
place to all media outlets in your market, including social media
channels. Keep in name in the spotlight
in as many areas as you can.
7. Analyze your current
advertising strategy and make sure it is consistent with your brand and current
market share.
Taking
these steps should help you capture the dominant market share and fully
establish your brand as you become THE company to turn to in your market.
Don Kyle works with business owners who want more
customers and higher profits. He offers
a free consultation to business owners who are serious about improving their
bottom line and quality of life.
(404) 580-6331, dkyle@smallbizzmbz.com
