Time to get serious and take that next step. I’m growing my business looking for partners. So, if you’re trying to find added income, you will need to be a part of this opportunity.
This is a situation I find many times. A good small service business grows to a point simply via word of mouth marketing and recommendation then again gets stuck at a level. Their challenge you are able to grow business beyond this level by other means. On this page we cover many of the options.
A quick go through the standard new business development model (Ansoffs Matrix) demonstrates the two lowest risk choices are penetrating new markets with existing services or delivering new items to existing markets. The main element to both options is appropriate market research and segmenting industry to identify smaller market segment with a need and a reasonable a higher level existing competition.
It is very important take a step back and check out the current market all together. Which parts (segments) with the market does the business currently attack, those that does it avoid, and why and those that are potentially open to attack.
Starting with the segment with the market currently attacked is there realistically potential growth accessible in that segment. If so what are the challenges stopping the business from taking more business? Could it be simply a capacity issue, can it be the level of competition or is it the lack of a particular product or service.
With this information set up decisions can be made. In the event the issue is capacity remodel which will a higher price service must be delivered to a smaller subset with the market. If it is the degree of competition then what will be business do better and if it is the lack of a site what are the implications of delivering that service. This links on the Ansoffs new service approach.
Using the second possibility identified by Ansoff, it is then possible to go through the other segments from the market not currently serviced. Evaluate when the reasons for avoiding particular segments are really valid. What are the most attractive segments to attack and research how you can attack those segments can be a key process.
With areas identified and researched it is then possible to build a prefer to attack the markets and grow business. Success is unlikely to be achieved overnight so it is important to plan the steps on the highway and have a base to refer back to when things inevitably slip astray.
It is possible to grow business beyond truley what may be secured via recommendation nevertheless it requires analysis, research planning and also the time and courage to see the plan through. The significance of segmenting the market appropriately can not be overstated.