Raising Market Share Through Business Expansion
Mar 4, 2010 Business, Business Problem
Today, people are talking to increase market share through expansion of activities. In the past, when an extension of the hearing, one can easily translate business expansion by physical expansion of factories and / or subsidiaries / offices worldwide.
However, we do not really need to see the number of branches / offices to reach more people in the market to increase. In fact, business has grown through expansion into other market segments that have not been intercepted in the past. Here are some tips on how to deal with expansion.
1. Target market segments (Identified market segments). When a product or service market segment is already saturated, it may be time to move to a different market segment for growth and sustainability.
For example, if your product is made for individual men 30 years old and at the end of their early 40s, you can start with a product for young people, or a new product for individual women of the same age range of brands.
2. Geography. Given that you are still in the sale of local markets, you can expand your business by accepting orders outside the boundary. It can really open more risk, but exposure and will definitely turn some risk that you take in the future to pay.
3. Offers new product lines. Only by adding new product lines, you will expand the size of your company. This means more products to produce, more resources are needed to maintain inventory and more products are expected to seek additional revenue to sell. If your company only selling shoes, you can begin to offer sandals or sleeping.
4. Value added services. As in the past, you are offered only one shoe, you can offer and clean shoes in the future repair your footwear business to improve. By providing services you will really grow your business while serving your customers.
These are just simple ideas but in expanding your current business. You really can combine one or the other to come up with your ideal business expansion. In the end, you will only one to decide how much risk you want to do the research, while the increase in the returns that you expect to get.
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