How to get a bigger slice of the market OR How to increase your market share
Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business.
The first Salt Business Success Series is 4 articles full of ideas to help you grow your business.
The 4 key areas are:
1. Increase your customers
2. Find new markets – with existing products or services
3. Develop new products or services – to open new markets
4. Improve profit
In case you missed the first article we sent out about increasing your customers, click here to read it now.
Here’s the second area...
How to find new markets
Create a video channel to increase your profile
If you want to get your goods or services out there in front of a worldwide audience, think about creating a YouTube channel for your business. This is a great way to demonstrate products or share tips with your customers. For example, if you have a background in carpentry and a small business that makes wooden furniture, display some of your products on YouTube to gain a following.
Use Google Global Market Finder to identify customers in similar markets
Look for customers you’re interested in targeting in markets that are similar to yours. Google’s Global Market Finder generates a spreadsheet based on monthly keyword searches that ranks the opportunities of doing business in certain geographical locations.
Use Facebook and LinkedIn to grow your connections
Once you’ve connected with your customers on Facebook or LinkedIn, find people in their networks who are interested in your offerings. For example, if you’re starting up a small business making jewellery from your garage, a Facebook page showing your offerings is a logical and cheap place to start advertising.
Exhibit at trade events or conferences
Build connections, demonstrate new products and develop stronger relationships with new markets by presenting your business at trade shows. See what trade events are in Australia over the coming year.
Investigate opening in a new location
Research the feasibility of successfully opening a new store, office or branch. For example, if you already own a successful wholesale outlet on the western side of your city, think about the value of opening another on the east.
Bid for Government contracts to secure long-term sales
If your products or services are suitable for government agencies, departments or larger corporates that release tenders for work, you might be able to find a totally new market you hadn’t considered before. For example, if you run an IT company that looks after the electronic data and security of small businesses, are there opportunities to tender for government work? Please contact us if you need assistance to bid for Government contracts.
Investigate wholesaling and retailing
If you’re a wholesaler, consider opening a retail outlet. Or if you only sell through retail channels, investigate entering the wholesale industry.
Hire sales reps
Hire sales reps in other regions of Australia to help your business branch out into different markets. If they’re only on commission, it’s a results-driven tactic. For example, if you have a growing business in Sydney that manufactures and leases vending machines, is it worth hiring some sales reps in other cities to broaden your potential client base?
Export out of Australia
Develop an export plan to identify the feasibility of selling outside Australia. For example, you might cure meats and distribute them around Australia to various supermarkets. Have you considered exporting your cured meats to parts of Asia?
Next Steps
Why not book in for a 30-minute meeting with one of our expert accountants and business advisors to brainstorm the above ideas and create a tailored Action Plan to help you increase your market share – leading to more profits for you and increasing the value of your business!