3 Pitfalls to Avoid When Expanding Your Business
A successful business is a business in growth, there’s no doubt about it. Yet, expanding from your safe and secure size to a new territory that is both unpredictable and offering no promises of success can be really daunting.
To some business owners, the whole process is scary enough for them to avoid it – and they never really manage to grow.
There are many ways to ensure that you grow successfully, though, and without giving up on your existing customers. Here is a handful of the best ways to ensure future success and a safe expansion into new markets. It just makes it a lot easier to stay calm and manage your business properly.
First: Research the new market
Sure, you probably know this already, but you’d be surprised at how easy it is to skimp on the planning. Perhaps you already have a way to get into the market and would like to act as soon as possible – or maybe you just want to avoid waiting too long in general as the opportunity might pass you by.
While it’s never a good idea to wait too long, it’s also not beneficial if you jump into it straight away. You need to understand the market completely and even tweak your product or the way you’re selling it in order to suit the customers. Check out blog.hubspot.com for more tips on market research.
Next: Take care of your existing customers
The last part is particularly scary as you don’t want to lose the existing customers you have either. They have grown to love your brand and product so make sure that you reward them for sticking around for so long as well.
Keep in mind that, just because you’re changing the way you pitch the product in the new market, you don’t have to change your brand.
This is the key to making sure that they stay loyal; keep everything they adore about your company, give them incentives for being there for you, and continue to grow that customer base nonetheless.
The tech tools over at bpmonline.com/l/bpm/software/products can help you out with this one as you’ll be able to have a comprehensive overview of your business processes as well as your customers.
Last: Listen to the new market
Now that you know how to understand the new market and keep your existing customers, you’re ready to interact with the area you’re dipping in to. The trick is to always listen to the new customers as they will inform you about their values and what they prefer to see in a product.
The number one mistake when expanding your business is forgetting to listen; your new followers will have so much to teach you, and the best way to ensure success is to remember to listen.