Are you ready to grow your online business?
It is a huge success to even get a small scale business up and running. But no entrepreneur should be happy to settle with their business merely ticking over.
Growth is the driving engine of business and will allow you to generate more profit from your work.
Whether you are a tiny startup only employing yourself, or an industry-leading enterprise with dozens of employees, the potential for online growth is massive right now. Your strategic vision will allow you to build on your business strengths and expand.
All business expansions should be well planned and thought through to maximize the possibility of success. Here are 10 ways you can begin to expand your online business.
Expand Your Target Audience
To have established your business foothold you will have had to secure customers. Whether you are selling products or services, this will have likely been due to concentrated marketing campaigns.
One of the simplest ways to expand is to try and reach a larger customer base. Think about who you have previously targeted in marketing campaigns and whether you can expand your target audience.
You can build your client list by offering your skills or products to more people. For example, you may sell garden furniture and your primary target is for homeowners in your local area.
However, have you considered approaching businesses?
Businesses like restaurants and hotels might wish to update their outdoor seating and you could offer bulk deals. Think creatively about your product or service.
Who might need it that you have never thought of before? Try to reach them through marketing that is specific to their needs.
Expand Your Range of Products or Services
If you have built up a good customer base who trusts you then you can offer them more opportunities to purchase.
Try to think about the needs of the specific audience demographic you are currently reaching. What other products or services might that same customer base be interested in?
Are there any accessories you could offer?
For instance, if you provide web design to companies, you could also offer graphic design to your clients to provide a consistent look to their brand.
Don't be afraid to ask customers what products they might be interested in as well.
Expand Customer Spend Per Visit
If you already offer a good range of products and services then try to utilize this catalog strategically. Look at customer data and analyze any trends or patterns that you may see emerging.
If your customers are purchasing the same product over and over again, you could offer a subscription service to ensure that you retain the repeat custom long into the future.
Another pattern to look for is items or services that are commonly purchased together. This tactic will help you grow your online business quicker.
Try to offer bundle discounts that will attract other customers to buy multiple items every time they visit.
If an item is commonly left in a basket but the order is not completed, look to see if competitors are offering the same product. They may offer it at a lower price and then you can try to entice customers to complete the purchase.
For example, I offer social media services but have expanded my offering to help businesses with Google My Business as an add-on service.
Retain Your Customer Base
Customer retention is about building a relationship with your clients. The easiest way to ensure repeat custom is by offering high-quality products or services and an excellent customer service standard.
Try to utilize your client lists by creating newsletters or mailouts where you can update them on new product ranges or offers coming up in the future. Rewarding loyalty is also a clever strategy.
You can offer points that can build up and be exchanged for discounts or rewards. Furthermore, you can try to exponentially grow your customer list by offering a discount to them when they refer a friend who purchases from your website.
Make sure you only offer discounts that still leave you with profit, use a percentage calculator to work this out.
Expand Your Global Reach to Grow Your Online Business
Logistics is a primary concern in ensuring a good customer experience. If a product is damaged or delayed in reaching your client then they may be less likely to buy from you in the future.
Try to find a logistics partner who can match the service you expect and deliver products safely in a timely fashion. If you partner with a company that can deliver into lots of countries begin researching how you can expand the number of territories you serve.
This can be difficult as there may be increased paperwork shipping over borders but the rewards can be lucrative as you are immediately opening yourself up to a whole new market.
Be careful not to expand into too many territories at once. This can leave you overstretched and under-resourced as you try to grow your online business.
Look For Partnerships
Not every business in your industry will be a direct competitor, some may offer complementary services or products. Partnerships allow you to harness the goodwill and customer loyalty built up by another business in a reciprocal relationship.
You can often find this used with a good effect within the real estate industry. Real estate agents work with mortgage companies and home inspectors. They can easily refer to one another to clients and go back and forth.
Formalizing a partnership with an organization allows you to promote each other to your customers and increase the potential views onto your website.
Improve Your Website to Grow Your Online Business
The design and layout of your e-commerce website will have a huge impact on your bottom line and being able to grow your online business.
If customers find it difficult to complete a purchase or to find products then they are likely to look elsewhere for what they need.
Try to ask friends and loyal customers for feedback on how to improve your website and listen to their advice. It is often hard for you to notice the difficulties that a customer might experience as you are so familiar with the layout. Websites also follow trends.
Try to keep your website up to date so it doesn't look old or tired on modern devices. Your website should be updated every 2-3 years at a minimum!
Brand Expansion for Your Online Business
If you have a lot of ambition and intend to maximize your online business as fully as you can, you should consider the value of your brand. Using brand loyalty rather than product reliability, you can begin to use the same brand to market to different industries.
A brilliant example of how to do this can be found in the story of Richard Branson's Virgin Mr. Branson opened a small record shop in 1972 but has successfully expanded into numerous territories.
Virgin is a globally recognized brand with a large media division, a variety of travel franchises, and even its commercial space program.
Keep Ahead of Competition
Keeping your finger on the pulse of technology will mean you do not get left behind by more tech-savvy competitors.
Bear in mind that often customers are looking for convenience, ease of use, and good quality products. Anything to save them time is key!
Try to look at what your competitors are doing and don't let them drastically outpace you on digital development.
A Cautious Combination to Grow Your Online Business
Finally, remember expansion is a tricky business. If you try all these things at once your brand might become unfocused and it will be hard to execute them well.
Carefully combine one or two methods of expansion and try them out together. If you are confident then you can begin to increase the rate you are expanding.
But remember the road to success is seldom smooth. So, expect a few dead ends and bumps along the road on the way.
Businesses learn through trial and error. So, as long as you take the learning forward you will always be gaining invaluable skills. These will allow you to expand the business even more in the future.
Your Take
How are you planning to grow your online business today? I'd love to more in the comments below.
