If you’re looking to grow your business, chances are you’ve considered adding new products to your current offerings.
But often times, there’s a much simpler and more profitable way to grow – if you are willing to look beyond what you know about your current clientele and pursue new markets instead.
Let me explain…
A coffee shop that I recently consulted with were trying to figure out how to generate more profits.
They were talking about making T-shirts and novelty items for their current clients.
OK – not a bad idea… But realistically, what kind of ROI can they expect from such a move?
If they’re really looking to grow exponentially, what they should be doing to really grow their business is to go after new markets.
It’s simple, really…
Currently their market segment (their targeting and their marketing) is geared toward younger students.
However, if they’re serious about growing the business, what they should be doing is look at how they can get more people from other, wealthier segments to come through the door.
Especially since their coffee (their product) is good enough to dominate the entire coffee market in the city.
They should be working on attracting a broader market using different techniques (marketing campaigns, awareness campaigns) to attract a different clientele.
This strategy has a far better ROI potential than trying to squeeze more money out of their poorer demographic.
That is how they should grow – and perhaps this applies to you as well…
Have you ever considered going after broader markets with your company?
My hope is that you’ll really think about that when you’re making plans to grow your business.
If you’d like help with implementing this strategy in your business so that you can be set for exponential growth, give us a call at 1300 680 223. We can help.