Many business owners know that when economic times get tough they must adapt in order to survive. Although this is understood on an analytical level, many business owners are unsure as to how to achieve this goal. When one charts and implements a growth plan it can not only save a business, but also lead it into a growing asset. Following are some simple strategies for how to achieve this goal:
- Narrow the target market – It’s better to sell a lot of things to a few people than to try to please everyone. A successful business in a tough economy requires the ability to identify a select market then ensure that all of their needs can be fulfilled within your limited framework.
- Use market research as a guide – Watch for sales trends in similar fields then don’t be afraid to duplicate successes. By ensuring all your customers’ needs are met at your business location it’s easier to get them to do their one-stop-shopping with you.
- Be willing to expand your product/service base – The object is to expand your sales base for a targeted audience. In order to ensure that all your customer needs are met at a single location this may mean that you need to reevaluate your existing product/service line. If the customers are running from store-to-store in order to have all their needs met, you may need to bring on additional key products that you don’t currently carry.
- Know your customers well – Nothing brings customers back faster than the knowledge that they are well-known to a business. This means knowing their names, tastes, etc., which is easy to access if you keep an up-to-date database on prospective, new, and especially repeat customers. Contacting them periodically with newsletters, cards, and flyers will keep you at the forefront of their minds, as well, when the time comes for them to buy.
- Develop a systematic approach – This is the only way to find and tap into new markets as the economy continues to change; but, don’t be discouraged if you don’t get it right the first time. It takes some time, but in the end it will save you thousands. The four steps are to 1) determine the market, 2) do your research, 3) decide what to add or subtract from your existing product/service line, and 4) make the change.
- Determine a strategy or devise a plan that will make it happen – Make sure you set reasonable goals and expectations that will ensure success. Without this your business may become vulnerable to competition and/or continued swings in market trends.
- Be ready to change gears on a moment’s notice – Remember that your customers determine market trends not you. If your customers’ needs change then you need to be ready to change with them and, in a tough economy, this can happen with little notice. Flexibility will be the key to your success.
- Become knowledgeable about the competition – By doing some research to find out what the competition is doing it’s easier to discover how you can fill customer needs while saving them time and money. That will definitely have a positive impact on your customer base. Becoming familiar with your competition as well as your target market, the easier it is to identify your niche in the current market.
Business is an industry that is built on change. The trick is to anticipate changes in the market then take advantage of opportunities as they arise. When times are tough it becomes increasingly important to be able to demonstrate flexibility as well as forward thinking in order to ensure your business not only survives, but grows regardless of the economy. A growth strategy is specifically designed to ensure your progressive thinking is strategically planned.
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