To Grow Your Business Look Outside

If you want to grow your business, sometimes you can be stuck for ideas or a strategic direction.  To Grow Your Business Look Outside  image business growth sales 254x300To Grow Your Business Look Outside

At times it may seem that business growth strategies are hiding.

One way to get unstuck is to look at other industries for ideas and strategies.

By doing this you can see if you can take the ideas and adapt them for your business and customers.

Here are a couple of ways looking at other industries that can help grow your business.

CUSTOMER LIFE CYCLE

If you look at the music industry you can see that they have musical instruments for children and adults. As the child grows they learn with larger instruments.

Look at your products or services to see if there an opportunity to develop different versions to cater for growth or changed circumstances of your customers.

This isn’t a new idea and has been around for decades and works. It means growth for the business and a longer relationship with customers.

It provides a simple approach that can be cost effective as it is about different versions of products or services.

DIFFERENT CUSTOMERS

Another way to get business growth is by being a specialist and catering to the needs of different customers.

Again in the music industry with violins for example there are electric violins, ones that classical violists use; ones for those who only want to experience the pleasure of playing etc.

Each type of violin is for different customer segments and would provide more growth than a business that sells violins for children only.

For your business there are different segments that have different needs. If you specialise you can do a basic version, one for professionals etc. This approach works for those of you who wish to be seen as specialists.

These are two simple ways to consider if you are looking to grow your business simply.

Over to you. have you ever looked outside your industries for ideas or strategies to get business growth? Would these approaches work for your business?

photo credit: watsonsinelgin via photopin cc

This article originally appeared on M4B Marketing. Republished with permission.

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