Owning a small business requires that you look into ways to expand the reach of a small business. Unlike big companies that have the funds necessary to target millions or even billions of people through effective marketing and advertising, you may have less money available. As your business grows, you’ll increase your budget for marketing and increase profits too. Expanding a small business requires a different mindset than expanding a larger business would.
Choose the Right Markets
Choosing the right markets is one of the smartest ways to expand your business. Instead of going after customers in your own city and then those living in neighboring cities, look at the market as a whole. Find customer groups who do not feel served by existing companies. This might mean advertising to those of a certain age or targeting groups in a specific neighborhood or community. Customers who feel like they have few options or no options will appreciate having a company that cares about their needs and wishes.
Use Promotions
Using promotions is just one of the ways to expand the reach of a small business. Customers will often seek out companies that give them a free gift or another prize. If you sell used cars, you might give away gas gift cards to shoppers who buy a car from your dealership. You can also offer prizes like a free gift with a purchase of $100 or $150. Some companies also entice customers through the use of contests. Each customer who stops by and spends the minimum amount can enter a drawing for a prize like a new car or a vacation. Other promotions include customer loyalty programs and reward cards.
Rely on Social Networking
One of the best ways to reach customers living outside your current market is with social networking. Create accounts on all the popular sites, including Instagram, Pinterest, Twitter and Facebook. Encourage customers to post comments on your status updates and pictures, post videos and add links to articles relating to the products or services that you offer. Make sure that you connect those sites to local pages on Google and other sites. With a local page, your company will come up higher in search results. Customers can use those pages to find out more about your company, including your address and hours of operation.
Join an Alliance
Joining an alliance is another of the best ways to expand the reach of a small business. Karen E. Spaeder of Entrepreneur recommends aligning yourself with similar companies in your field to get the attention of more customers. If you own a small gym, you might align yourself with other independent gyms, with local doctors and with companies that sell fitness equipment and health products. The alliance can include simple things like exchanging links on your websites, but you can also host seminars together or offer discounts that apply to customers who buy items or purchase services from you and those in your alliance.
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Small business owners often have a harder time reaching customers and growing than larger companies do. Whether you offer landscaping services, sell health products or offer other types of products and services, you can look for effective ways to expand the reach of a small business, including using social networking and choosing the right markets.