This could be the right time to expand the marketplace you serve.
It really could.
But often when a small business owner explains their scenario and asks for my advice, the solution is not to expand. Their existing marketplace tends to be more than big enough.
Usually, to get the business results they want, the answer is for them to make their prospects more interested, more engaged and more reliant on the products or services the business provides.
Here’s a quick overview of what this might mean for you and your business.
- It means greatly increasing the value of your services or products.
- It means looking at every detail of what you provide, for opportunities to improve it.
- It means developing new, high-value, high-profit products and services for existing and prospective clients/customers.
- It means getting serious about your marketing.
- It means creating an inspiring wow! factor for your services, products and brand. Creating something so compelling that it attracts attention, attracts buyers, attracts referrals and attracts word-of-mouth publicity.
If you’ve deployed this process already, and seen a significant increase in your market share, then look to expand your marketplace. The work you’ve already done in maximizing the sales potential of your business, will make the expansion spectacularly more effective.
However, if you haven’t already given your services, products and brand this type of radical review AND implemented the improvements, do that first! Then, expand your marketplace.
Is it easy?
No, of course not.
The rewards are huge and the work required is considerable. Don’t believe anyone who says you can have it all, with growth hacks and tricks. That’s bullshit.
Is it possible?
Yes, of course it is.
People in your industry, have already optimized the sales potential of their business and successfully expanded in to new markets.
Will you do it?
Only you can answer that.