Business Growth Strategy - Increasing Sales in Existing Markets
I’m always on the lookout for articles about improving businesses, and I found this article about Business Growth Strategy - Increasing Sales in Existing Markets. Here are a few snippets:
The captain of the Peerless II knows a lot about fishing. But she also knows a lot about business growth strategies. Each time her boat comes to port in the season with a load of fresh halibut, cod, or salmon, she uses her automated messaging system to call all of her regular customers, letting them know that it’s time to go down to the dock again and buy fresh fish - an example of a business growth strategy that any business can use.
It's Easier to Sell New Products to Existing Customers
Increasing sales in an existing market is one of the easiest business growth strategies. You already have a head start with this growth strategy as once your business is established, it has regular customers, and, like most businesses, you’ve probably collected various kinds of information about them. The key to successfully increasing your sales in an existing market is to know your customers’ buying histories, both generally and individually.
Offer Discounts or Buyers Programs to Repeat Customers
Looking for a shortcut for implementing this business growth strategy? Institute a frequent buyer reward program. Such a program doesn’t need to be complicated. One way to do this is simply to offer your regular customers a straight discount on whatever they buy, such as 10 percent.
Customize Your Sales Efforts
Bulk buys, purchase incentives, and frequent buyer reward programs are all examples of business growth strategies for increasing sales in existing markets based on the general buying histories of your customers. Business growth strategies based on individual customer buying histories can be even more powerful. An individual customer’s buying history gives you insight into her preferences and attitudes and allows you to customize your sales and marketing efforts.
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Thanks,
Robert