Looking for an effective way to grow and expand your business? Some of the great methods to achieve business expansion include opening another branch, franchising and business diversification. This post will focus on how to diversify your business in order to achieve business expansion and growth.
Offer Complementary Products
If you have already built a substantial customer base for your current product and/or business, it would be a smart step to consider offering complementary products. For instance, if your business line is phones and laptops, you should consider diversifying to accessories that come with these products such as replacement chargers, headphones, casings and so on. This way, your revenue source will become multiple, and your business’ inventory will go up.
In addition to offering a complementary product or service, you may also consider offering additional service. For instance, if you run a restaurant, you may consider creating a section for selling healthy and organic fresh foods – this will help complement and augment the revenue from your restaurant.
Consider Exporting Your Products
Diversification for expansion purpose can also take place through exportation of your current product and/or service. It simply means you are selling what you offer to interested vendors in other countries and boundaries. This option is particularly lucrative and popular among businesses that offer products that appeal to a wider audience. Also, such products usually take less to manufacture in terms of time and resources.
Indeed, exporting is a great way to build a larger customer base. However, there are rules and policies that govern exporting in the U.S., UK, and other countries. So, get in touch with your local business bureau for details before embarking on exportation.
Engage Your Customers on Social Media
Take advantage of social media to expand your customer base and engage your current customers. If your business appeals to the younger generation, social media is a great avenue to gain business expansion — even the older generation is increasingly engaging with social media as well.
Using social media platforms, you can drive massive traffic to your business’s website when you post business updates and events on a regular manner. At this point, it’s important to say that this is more work than it sounds on the surface. Successful social media marketing will make serious demand for your time. So, if this is not something you are willing to pay the necessary sacrifice, you should outsource social media marketing.
Look out for Other Potential Markets
This includes the online market. The starting point is to spot the demographic that intensely patronize your offers, then you can look for avenues such as social platforms to reach out and engage with such demographics. Also, traditional spots can be a great way to expand your business. For instance, if your product appeals to college students, you can look into how to include colleges when you market your product.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Susanne Kahle Keene says: 
Diversifying Your Business to Achieve Expansion
Looking for an effective way to grow and expand your business? Some of the great methods to achieve business expansion include opening another branch, franchising and business diversification. This post will focus on how to diversify your business in order to achieve business expansion and growth.
Offer Complementary Products
If you have already built a substantial customer base for your current product and/or business, it would be a smart step to consider offering complementary products. For instance, if your business line is phones and laptops, you should consider diversifying to accessories that come with these products such as replacement chargers, headphones, casings and so on. This way, your revenue source will become multiple, and your business’ inventory will go up.
In addition to offering a complementary product or service, you may also consider offering additional service. For instance, if you run a restaurant, you may consider creating a section for selling healthy and organic fresh foods – this will help complement and augment the revenue from your restaurant.
Consider Exporting Your Products
Diversification for expansion purpose can also take place through exportation of your current product and/or service. It simply means you are selling what you offer to interested vendors in other countries and boundaries. This option is particularly lucrative and popular among businesses that offer products that appeal to a wider audience. Also, such products usually take less to manufacture in terms of time and resources.
Indeed, exporting is a great way to build a larger customer base. However, there are rules and policies that govern exporting in the U.S., UK, and other countries. So, get in touch with your local business bureau for details before embarking on exportation.
Engage Your Customers on Social Media
Take advantage of social media to expand your customer base and engage your current customers. If your business appeals to the younger generation, social media is a great avenue to gain business expansion — even the older generation is increasingly engaging with social media as well.
Using social media platforms, you can drive massive traffic to your business’s website when you post business updates and events on a regular manner. At this point, it’s important to say that this is more work than it sounds on the surface. Successful social media marketing will make serious demand for your time. So, if this is not something you are willing to pay the necessary sacrifice, you should outsource social media marketing.
Look out for Other Potential Markets
This includes the online market. The starting point is to spot the demographic that intensely patronize your offers, then you can look for avenues such as social platforms to reach out and engage with such demographics. Also, traditional spots can be a great way to expand your business. For instance, if your product appeals to college students, you can look into how to include colleges when you market your product.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
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