8 Effective Strategies in Doing Business Expansion You can just by the expansion of this business, the products released can be as good or maybe better when compared to products in the previous business. However, no one will know that if you do not show it to consumers. You must explain why the product is the best, and encourage consumers to use it. This can be realized by promoting. Promotion is believed to increase consumer confidence in your product or even your company as a whole. It doesn’t matter if you have started doing promotions before your new business is really physically formed. Do the smallest promotion actively and continuously so that consumers know you from the beginning so that consumers and will be more comfortable doing transactions. You can share leaks regularly about any promotions that will be held.
Looking for a New Target Market
8 Effective Strategies in Doing Business Expansion In accordance with the understanding that has been explained, one of the criteria for business expansion is the creation of new markets. If your business creates products and services that are different from the previous business, of course, different target consumers are needed and according to the product. However, the search for new target markets does not mean you can not find a target market for the previous product. If you are confident in expanding your business, you can still bring old products to be marketed in different areas. This expansion strategy is intended to look for other possible target customers that are right for your products and services.
Open a Branch
8 Effective Strategies in Doing Business Expansion If you have seen developments in key businesses, consider opening a new branch to broaden your reach to consumers. You can choose to open new branches in the same or different areas. Branches in the same area are usually used to help your business serve consumers who may not be served by the main branch. If the aim is to get more profit, you can open branches in other areas where competition for the product is not too tight, and to reach new customers in different areas.
Applying the New Sales System
8 Effective Strategies in Doing Business ExpansionIn this digital era there are a variety of sales options other than just relying on a physical store. People flocked to change their consumption methods by shopping through online stores. Buying activities in the online world is simpler. By using an internet package, consumers can skate from one store to another to get the desired products and services. In addition, the prices offered are quite varied, even cheaper. Not surprisingly, most consumers would prefer to shop online. To expand your business and not get further behind, apply a new sales system for your products and services. You can use social media or open online stores in various market places available.
Mutual Benefit Cooperation
8 Effective Strategies in Doing Business Expansion Another strategy that can be taken to expand the business is by collaborating with various partners, both complementary companies or even your competitors. Of course, this cooperation must be mutually beneficial. Don’t waste time negotiating with partners who are not in line with your business goals. A good partnership will identify clearly and create solutions that are useful for both. Even when it’s with your own business competitors. Combine ideas to expand the market by creating the latest products for the same market, different markets or even wider markets.
Buy a Competitor Company
8 Effective Strategies in Doing Business Expansion In addition to the cooperative method, business expansion can be directly carried out by buying a competing company. This is usually done when a competitor is having a difficult time. This purchase can be done in two ways, namely mergers or acquisitions. According to Brealey, Myers and Marcus (1999), a merger is the merger of two companies into one. Where the company conducting the merger will buy all the assets and liabilities of the merged company. As a result, companies that merge at least have a 50% stake and the companies that are merged must stop operating. It could also be by acquiring or expropriating directly a company by buying shares or the majority of the company’s assets. Here, the company that is purchased still exists, only the shareholders are different.