How Do I Expand My Business?

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