“If you always do what you’ve always done, you will always get what you’ve always got” – Henry Ford
Its time for a change! Here’s a few ideas to grow your business by finding new markets.
Create a video channel to increase your profile
If you want to get your goods or services out there in front of a worldwide audience, think about creating a YouTube channel for your business. This is a great way to demonstrate products or share tips with your customers. For example, if you have a background in carpentry and a small business that makes wooden furniture, display some of your products on YouTube to gain a following.
Use Facebook and LinkedIn to grow your connections
Once you’ve connected with your customers on Facebook or LinkedIn, find people in their networks who are interested in your offerings. For example, if you’re starting up a small business making jewellery from your garage, a Facebook page showing your offerings is a logical and cheap place to start advertising. Find out about how to market on Facebook.
Exhibit at trade events or conferences
Build connections, demonstrate new products and develop stronger relationships with new markets by presenting your business at trade shows. See what trade events are in Australia over the coming year.
Investigate opening in a new location
Research the feasibility of successfully opening a new store, office or branch. For example, if you already own a successful wholesale outlet in the North, think about the value of opening another in the South.
Bid for Government contracts to secure long term sales
If your products or services are suitable for government agencies, departments or larger corporates that release tenders for work, you might be able to find a totally new market you hadn’t considered before. For example, if you run an IT company that looks after the electronic data and security of small businesses, are there opportunities to tender for government work?
Investigate wholesaling and retailing
If you’re a wholesaler, consider opening a retail outlet. Or if you only sell through retail channels, investigate entering the wholesale industry. Take a look at https://www.business.gov.au/Planning/Industry-information/Retail-and-wholesale-trade-industry
Hire sales reps
Hire sales reps in other regions of Australia to help your business branch out into different markets. If they’re only on commission, it’s a results driven tactic. For example, if you have a growing business on the Gold Coast that manufactures and leases vending machines, is it worth hiring some sales reps in other cities to broaden your potential client base.
Export out of Australia
Develop an export plan to identify the feasibility of selling outside Australia. For example, you might cure meats and distribute them around Australia to various supermarkets. Have you considered exporting your cured meats to parts of Asia?
Why not book in for a 30 minute meeting to brainstorm some ideas and create a tailored Action Plan to help you increase your market share – leading to more profits for you and increasing the value of your business!
Find Out More
Beck Partners | Business Expertise | Family Values