rowing a small business to the point where it can rival a large chain corporation is a dream that many entrepreneurs think is unachievable. According to Forbes, as much as 80% of new small businesses are doomed to fail. Just surviving can be a challenge to some companies, and because of that owners tend to forget about aiming big and settle for eking out a living from their small enterprise. Going big isn't something that a company should consider as an afterthought. If anything, a business should plan to go big. Turning a business into a revenue generation engine is what most owners should be aiming to do. Inc states that small businesses are indeed the backbone of the nation's economy. The standing of small enterprise as such a mainstay to a country's development is good news for a small business owner, especially one that has sights set on making their business work for them. No millionaire is made overnight, as looking at George Soros' net worth over time can confirm. What, then, should a small business be aiming to do to bolster its income potential? Table of Contents
1. Innovation Drives Profit MIT mentions that companies which were engaged in innovating their product tended to grow faster than those that didn't. Taking a product and giving it new uses or innovating on how people can use it brings a new sense of wonder to something that people are already comfortable with. Maybe through innovation, a company can make it easier or more enjoyable to use a product. Innovating allows a company to compete with more established businesses by offering something new to the consumer that they might not have experienced before. 2. Drill Down into the Existing Market Finding customers to buy products and services is something most businesses leave to advertising firms. Even so, companies that invest time and effort into social media marketing and targeted ads tend to make a lot more impact on an existing market. Targeted advertising on social media brings high returns for a relatively small cost. Recommended: [Growth Strategy] How to Scale Your Small Business Tapping into the current customers within the market that doesn't know about a company's product or haven't bought from the business as yet has the potential to generate massive revenue from sales. More importantly, establishing good relations with customers can create repeat business or even referrals. 3. Using Referrals to Drive Marketing Word-of-mouth is still one of the most powerful marketing tools available to a company. The marketing field refers to this as 'organic marketing' and this type of marketing, according to Salesforce, is an excellent way for businesses to enable authentic interactions with customers. Referrals are the most common method of organic marketing and the one that most companies tend to encounter. Having excellent customer service helps to fuel referrals and drive the business' brand outreach through it. 4. Investigate Niche Markets Niche businesses have started cropping up to capitalize on a particular subset of customers. The benefit of a niche market is that the company has very little competition among other providers. Many times, a niche business might be the only supplier to an area for a particular product type. Even in small markets, one or two firms have the potential to stand out because of their innovation and through referrals, combining other marketing methods to grow the business' reach and scope. 5. Diversification While a niche market focuses on a narrow spectrum of goods, some companies might find more success in diversifying their product line. Bringing more products to market under the company's brand can help to drive business, especially if the brand is already recognizable. However, diversification might be a better tactic for established businesses rather than new ones. The more products that the company chooses to market, the more extensive the range of customers it can supply. However, as more the firm offers more products, the company needs to refine its business processes to suit, something more manageable for an established business than for a new one. Going Big through Marketing For a company to go big, it needs to get a larger share of the market. A company's income depends upon its interaction with customers. Using marketing can only deliver those customers to the business, but it's up to the company itself to deal with customers in a way that makes them feel genuinely valued. Customer service combined with marketing methods to spread the company's brand and product line can work together to fuel massive growth and market penetration for even the smallest of enterprises.
24 Comments
Pragnesh Shah
12/28/2019 08:38:13 pm
Very nice blog that guides the readers for startups & existing businesses!
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Ganesh Vasudevan
12/29/2019 02:45:11 am
Good. Contents, very informative, simple n update.
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Yash Goyal
12/29/2019 05:54:26 am
Wish you a Happy New Year dear team
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Neha Sharma
12/28/2019 08:38:28 pm
Great Information for the people who want to grow their small business. I really recommend everyone to read this blog and get knowledge.
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12/28/2019 08:49:51 pm
A nice helpful article with lot of amazing information shared with good writing style. Really loved it reading and i think its a must read for all new ones.
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Rupesh Shetty
12/28/2019 08:57:42 pm
A must Read Blog for small businesses this might help them in directing their thought process where they are & what they need to do to grow their foot print in their businesses & scale up.
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12/28/2019 09:01:48 pm
Great Information for the people who want to grow their small business. I really recommend everyone to read this blog and get knowledge.
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Sachin Kumar Gupta
12/28/2019 09:08:07 pm
Very nice blog that guides the readers for startups & existing businesses!
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Wasemuddin
12/28/2019 09:17:01 pm
Absolutely Fantastic Business Article,all Information Very innovative concept startup ideas small businesses & small investment very appreciated thanks🙏🙇
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Namisha jain
12/28/2019 09:30:35 pm
All business ideas stacked up in one good blog...
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Parag Sugaonkar
12/28/2019 10:19:51 pm
nice helpful article with lot of amazing information shared with good writing style. Really loved it reading and i think its a must read for all new ones.
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Hemesh
12/28/2019 10:20:00 pm
Very useful information for the people who wants to grow their running business or want to start a new business.
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Mayur D Gadhiya
12/28/2019 11:05:52 pm
Its really useful for all types of people who does business in worldwide either small or big.
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Sumit
12/28/2019 11:24:15 pm
Great article! Just read it and found so many valuable things. Starting a business and go from small to big is very hard. But, if we consider some things before starting and after then it will definitely help.
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Harsh Doshi
12/28/2019 11:37:24 pm
Put your efforts into innovating.
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Madhvi sinhal
12/29/2019 12:18:01 am
Nice business ideas for me because I am running a small business. The blog gave me hint you be innovative and fair with the customer. I will try these key ideas to grow my business.
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Aakash Chaurasia
12/29/2019 12:20:14 am
Best Motivational article given in this superb blog, it is very helpful to read, also it is very much knowledgeable for the small start-ups/businesses, as we get to learn each steps which are a must for a business while making a plan for new start-ups of a business.
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Narendra Nekkanti
12/29/2019 12:36:15 am
Best article on the blog, it is very helpful for the ones who are interested in Start Up business
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Inamdar Akbar
12/29/2019 05:23:11 am
Very Detailed information, with easy to understand language, It will definitely going to help those who are in small business or thinking to start,
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Susmit
12/29/2019 07:32:21 am
Great useful tips
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Vidyavati
12/29/2019 11:27:58 pm
Best blog explains all the things in detail
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Sengodan Ramasamy
1/2/2020 01:03:07 am
Very informative.. Thanks for update
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