For every business owner, the two most important thoughts in their mind are expansion and growth. No business, no matter the size wants to keep remaining in a stagnant position. Every business wants to grow. However, the reality is, most startups pack up in less than 5 years after their establishment, and all the dreams for growth and expansion become bygones. This article focuses on 3 keys to expand your startup business.
Add the products your customers are constantly asking for
Although this technique sounds very simple, it is not as simple as it sounds. While adding the products your customers are constantly asking after to your product list is a good one, ensure you do thorough market research before adding these products. Also, find out what your customers are willing to pay for the product. The price they are willing to pay and the current market demand for the product will guide you in your decision.
Leverage your existing customers
This is an aspect most businesses often ignore. The fact that you are looking for ways to generate more customers doesn’t mean you should ignore your current customer. When you do this, you are like a father with just one child but who is so focused on getting more children that he abandoned the one he already has. In the long run, he might lose the only child and find himself childless.
Target new market
You continue to shoot yourself short if you focus on a particular market while ignoring others. The fact that your customer fits into a market does not mean this is all your ads should focus on. Target other demography, location, age range, and so on. This would help you to spread out your product. Targeting other markets is not only a good move but also essential to growing your business.
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