Possible Business Growth Strategies

This possible business growth strategies template has 2 pages and is a MS Word file type listed under our sales & marketing documents.

Sample of our possible business growth strategies template:

POSSIBLE BUSINESS GROWTH STRATEGIES MARKET PENETRATION The purpose of market penetration is to increase market share for an existing product, or to promote a new product effectively. Strategies for market penetration consist of advertising, bundling products into packages, offering discounts on larger orders, and lowering prices to beat competitors; a good short-term expansion strategy for businesses selling products similar to those sold by their competitors. For business' that do not have the option to increase or improve product range, promoting existing product and combining them with complementary products in a package is deemed to be a successful alternative. MARKET SEGMENTATION Market segmentation is a strategy that simply consists of dividing your market into various groups (or segments), based on your customer preferences, interests, locations and other characteristics. Such segments help create targeted campaigns based on specific variables. This gives the campaigns an increasingly higher chance to succeed. The most typical segments include: Geographic Demographic Behavioral Psychographic Firmographic This strategy is beneficial for businesses that have a diverse range of products or services. MARKET DEVELOPMENT A market development strategy involves promoting existing products or services to new customers. It also includes launching existing products or services to a new geographical area. This strategy is often for business' that are struggling to attract new customers or clients in local regions due to market saturation. When this is the case, a business must find a new market for its products or services to increase sales and profits. PRODUCT EXPANSION The product expansion strategy is extremely beneficial for small businesses. Expanding a product line or adding new features will help appeal to existing markets. Expanding your product line is also helpful if your business is selling outdated technology or products that are simply no longer hitting targets, evidently affecting sales and profits. ALTERNATIVE CHANNELS Alternative channels as a growth strategy consists of using more than one online platform for marketing. The most common online channels include email marketing, social media, and business websites. More specifically, the most popular online channels include Google Ads (pay-per-click/cost-per-click advertising), Facebook, email marketing and remarketing