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STRATEGIES TO SKYROCKETING SALES AND PROFITS IN BUSINESS!

starry2 months ago5 min read

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Growth strategies involve more than just looking at the long-term success of the business. To have this great success, one must have a tangible plan to avoid losing the market patronage to his competitors.


Key steps to skyrocketing sales and profits in business are outlined below.



1 Market Share Penetration
2 Market Segmentation Expansion
3 Product Development
4 Diversification
5 Mergers or Acquisitions
6 Alternative Channels
7 Reducing or Increasing Prices
8 Steal Competitor Strategies
9 Key Partnerships or Alliances
10 Brand Differentiation
REFERENCES



DETAILED VIEWS


1 MARKET SHARE PENETRATION

This has to do an entrepreneur finding out how much of the market his business owns. That is, how many customers do you have?
Perhaps, the entrepreneur wouldn’t know the precise numbers, but with a little digging around, he could come up with some fair idea. He would then use this to identify weaker competitors who might have significant market share that he can start to chip away at. Here, he looks at what others are not doing that the customers want, and do same, just to win their patronage.



2 MARKET SEGMENTATION EXPANSION

Here, the entrepreneur needs to find out whether there are parts of the market currently being underserved.
Sometime, customers do wait for a long period of time, just for the product to arrive, even upon arrival; the products won’t be enough for all the customers. The entrepreneur needs to find this out and make enough product available and at the right time.



3 PRODUCT DEVELOPMENT

New product development, product line extension, or product reformulations are a few ways an entrepreneur can look to expand his offerings and thus grow his sales.
There’s need for the entrepreneur to be creative, but not just for its sake alone; take a look at what his customers really need, and are willing and ready to pay for.



4 DIVERSIFICATION

If an entrepreneur has too much of his overall business sales with one or two customers or with one industry, such is not secured, as anything could happen, thus an entrepreneur must find other companies or industries to tap, even if they are doing well and growing. Holding on to one company can create a scenario where they have all of the negotiating power, and they may leverage that to increase the length of their payment terms. This can equally be seen in the angle of new product manufacturing.



5 MERGERS OR ACQUISITIONS

There are a lot of industries that are not doing well in terms of sales and profit making, and are willing to partner or possibly be sold off. Look for such, and approach them about merging or acquiring them.



6 ALTERNATIVE CHANNELS

Selling all you produce through wholesalers, or partly through one retail store. In either case, you could add the other one you don’t currently offer or possibly consider adding an online shopping option.
To achieve this, there must be an adequate communication with existing channels so there won’t be loses.



7 REDUCING OR INCREASING PRICES

This can bring about customer leaving your product, but part of that is how well the price is communicated. At times, customers will understand an increase if their prices haven’t gone up for a long time, and you remind them of this fact along with solid reasons their costs is going up.
Or on the flip side, perhaps a strategic price reduction for specific items is in order. This could help drive market share for a product that gets the customer in the door in order to sell them something else more profitable later.



8 STEAL COMPETITOR STRATEGIES

There may be that strategy that your competitors used to outshine you in the market. You need to find these strategies out. In this case, I’m not advocating doing anything illegal, but if you can gain knowledge of what they’re doing that’s making them go up, try it out. Keep in mind that you may need to modify their strategies to suit your own company, but by the same token, be careful not to water it down too much, thus losing the power of what’s working for them.



9 KEY PARTNERSHIPS OR ALLIANCES

Definitely, there are companies out there doing great, what if you partner them to grow your enterprise?
If you can find a company or person that has a certain level of success and needs others to create a win-win scenario for both organizations, then by all means do it.



10 BRAND DIFFERENTIATION

How different are your products in the market? Are your products so unique that even when other companies are presenting your kind of products, customers always await the arrival of your products?
Just make sure you have something that is genuinely unique, that stands you out and actually matters to your customer, making them willing to pay for it at a price you can make profits.



REFERENCE:

Imaginasium




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