5/31/2021 Tip: The 9 Ways to Grow Your Business

Today’s Quote

“In the modern world of business, it is useless to be a creative, original thinker unless you can also sell what you create.”
~ David Ogilvy

 

I hope you have a great Memorial Day today!
~ Dave

 

Today’s Tip

There are 9 ways to grow your business as follows. Consult this list often:

  1. Market expansion – Increasing your target market to include more people or a larger geographical area. This is doing more of the same but to reach more people in more places.
  2. Market Saturation – This means getting a bigger piece of the current pie. Whatever target market you are currently in, you would attract more customers from within it and make them “yours.”
  3. Market Diversification – This entails going after additional market segments. If you’re selling donuts to walk-in customers, then you might start selling them in the grocery stores or directly to businesses as well (new segments of your market of donut buyers).
  4. Product Expansion – Adding more variety to your existing product. An example of this would be Coca-Cola adding Diet Coke, Caffeine-Free Diet Coke, Cherry Coke, etc.
  5. Product Saturation – This means customizing products-tailoring custom-made goods for individual customers. If you go this route, make sure to raise your prices for the extra value (and work).
  6. Product Diversification – This means introducing new product lines. The more you have that might appeal to the same group of people, the more likely it is that they’ll buy one of them. You might sell items that complement your flagship product and enhance your customers’ experience.
  7. Expanded Lead Generation – This means advertising through the same channels you have been (magazines, signs, direct mail, etc.) but using more of them (ads in additional magazines, mail to new lists, etc.).
  8. Concentrated Lead Generation – This means advertising more often through the channels you already are. You’ll reach a higher percentage of the market more frequently to increase response and sales.
  9. Diversified Lead Generation – Adding a greater variety of lead generation channels and messages that you’re not currently using, to reach prospective customers in as many ways as you can.

 

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company <—- 

The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company <—- 

 

Trivia

Today’s Question: What type of “helpful” businesses operate on the basis of the Rochdale Principles that were formulated in 1844?

Previous Question: In 2009, Warner Bros. created a website called red2blu.com for customers interested in what type of swap? 

Answer: DVD to Blu-Ray.

It offers customers the chance to mail in any used DVD and receive a Blu-Ray in return for as little as $4.95 each.

Back in February 2008, Toshiba abandoned the DVD format after a high stakes format war with Blu-Ray. The use of their website to explain the difference between DVD and Blu-Ray played an important role in keeping customers educated and informed during the transition.  

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