Growing your business is vital for its long-term success. A small business is much more vulnerable to changes in the marketplace and the habits of customers, and may close entirely if a competitor with more resources moves into town.
If you’re always planning the growth of your business, then you’ll see the opportunities to exploit and be ready to take them. If you’re not consciously planning for the future you could miss those opportunities, and see them taken up by hungrier competitors, big or small.
Attempts at growth don’t always work out: that’s why it’s important to plan. If you pour resources into growing, but haven’t planned and it doesn’t pay off, even at best you don’t get those resources back. At worst, you could do serious harm to your brand as your customers see you fail to meet their needs in full view!
Launching a New Product
Launching a new product is a great way to grow your business but you need to make sure that the product you present your customers with is one they actually want.
Your new product development process is a chance to find out just what it is your customers want from you and optimise towards it. If you have to find a market research company to take the lead on the process of gathering data and testing concepts and prototypes, it’s a good investment. This allows you to feel confident that the product you release on launch day will be something the market can grasp immediately and see the value in.
Expanding into foreign markets is another useful way to grow your business. If you’re looking for stability, establishing a foothold in a market outside your original one means you’re not as susceptible to changes in that original market: you have revenue coming in from other countries that can sustain you until you can meet whatever challenge is facing you at home.
This kind of expansion comes with its own risks and challenges. You can’t simply repeat your original marketing tactics and expect to meet the same success. Even if the content of your advertising materials can remain the same (and they may well require change for the new audience you’re courting) you can’t target them in the same way. You need help to understand your new market: its sensibilities, who has the money and who makes the decisions about spending it, and how you can best persuade people to consider your brand. International-focussed market researchers can help you here, providing research and data that helps your decisions tend toward success in your new market.