Strategies to Help your Business Scale

[dot_recommends] August 1, 2020 Manufacturing Trends

Strategies to Help your Business Scale

Making your Small Business a Big Business

Implementing specific types of strategies can create immense growth potential for your business. Below are some proven strategies to help your business scale:

  • Current Customer Cross-Sell/Up-Sell– Leverage current customers to repurchase or buy another product. It is significantly more cost- effective to market towards repeat customers than new customers
  • Referrals– Referrals are a tried and true way to use your current customer base. If they like you, they will most likely be very willing to refer others within their network to your organization
  • Innovate or Augment your Product or Service– Discover new use cases for existing offerings to build a deeper bond with current customers, thus, increasing their switching costs.
  • Extend your Market Reach– Re-package your current products/capabilities to a new industry with similar use cases.
  • Contain your Costs– Determine what products are not contributing to the bottom line, and choose to eliminate them from the offering, or alter the design, streamline the production for specific use cases, etc.

To successfully apply strategy into your business, it is essential to set aside time to plan how, when, and why the strategy will be implemented. Planning will ensure that the strategy is suited for your business and will become an asset.

Read the full article: Making your Small Business a Big Business

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With over two decades of experience, Parin leads an expert demand-generation agency, StratMg, that helps industrial manufacturing clients achieve unambiguous and quantified organic sales growth across the US, EMEA & APAC.

Parin has built & positioned StratMg to be a value-added marketing services provider that strives to create a culture of quantified sales-driven marketing initiatives leading to sustained business growth through channel management, diversification, new customer acquisition and retention strategies and tactical execution.

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