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Successful businesses must continue to evolve and cater to a wider audience if they hope to have recurring periods of dominance in an industry. Focusing on your best strength is important, but it can also get stale. You have to find a way to expand your business reach and grow your customer base.
You can do this by introducing products in new spaces. It can also be by capitalizing on the internet revolution and promoting products in modern ways. Using social media and celebrity endorsements can be incredibly effective for sales.
This also means you need to figure out the logistics behind the changes. If you’re going to start delivering your food products and you didn’t do so in the past, you might need business auto insurance.
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If you’re going to cater to the TikTok generation, for example, bring in some people who have experience with this app. This doesn’t necessarily mean hiring all young people, but rather folks who are in touch with social media. We’ll discuss all the ways you can transition and transform your business so your competitors don’t pass you by.
The pandemic has been one of the all-time make-or-break scenarios for businesses. Industries that had never allowed their employees to work from home had to encourage them to do so. In order to maintain and sometimes even expand their business reach, restaurants had to start delivering food. They began doing takeout at a record rate. It showed that business expansion is sometimes about simply surviving. To do it, you have to adapt or die.
The internet is a key helper in all areas of business. If you’re an entrepreneur who is trying to expand right now, you have to use technology to grow your brand. Use video marketing on Twitter and Instagram. Start selling your products online at a faster clip. There are so many ways to get the word out that you are still open and still going to thrive.
Now that we’re fully engulfed in this “new normal,” businesses can start to go back to what they know how to do best. This means they have moved on from the survival stage and gotten to the expansion one. This is only if you paid attention to the technologies available to sell your products online. Once you are covered there, you can get back in front of people and begin building your business reach again.
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Location Counts for Something in How Far Your Business Can Reach
You may have even noticed that certain areas of the world loved your products more than you ever could have imagined. If you have the capital, you can start to choose new business locations with retail stores and small kiosks.
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Think about the small details of your business, though, before you expand your reach into new physical spaces. Are there too many competitors where you are attempting to move in? Is the target demographic you want to sell to concentrated in this area? Putting more summer apparel in California is obvious, but other states like Colorado and Utah get good amounts of sun in the summer, too.
Looking at the factors that may get overlooked will aid you in your quest to expand. Don’t try to stretch too far, but also remember that being too conservative will mean others in your industry will put their products in these potential locations.
There’s moving into new spaces physically to expand your business reach, and then there’s moving into new ideas and creative fields. Selling is all about the rage at the moment. You may think the chicken sandwich at Popeyes is a fad, but if you’re in fast food, you need that item on the menu right now.
It’s why Microsoft and Sony dabbled in motion-controlled video games in the mid-2000s after Nintendo dominated the market with the Wii. Competitors dictate where customers’ minds and desires are. You must react to the flavor of the month or create a new one altogether.
Decide what you already do well, and then mix it up just a little. If you sell bathroom products, switching to a hamburger line is going to be a little too far for your customer base. They need to trust that you already have good merchandise in your area of specialty. Then you can use that good faith to go a little further.
Stay in the same relative sphere or industry. If you’re in food, stay in food. If you’re in apparel, think of different types of clothes to sell. It can be a fine line to discover, but using your intuition and being confident in your ability to understand what your customers want at this specific time is the only way to expand properly.
Think About New Expenses as You Widen Your Business Reach
The last thing we haven’t touched on is that expanding the reach of your business in these ways is going to cost a lot of money. Decide whether the potential profits outweigh the losses, and go from there. For example, many companies got involved in delivery services throughout the last two years.
This requires the decision to go through a third-party driver, like Uber or Lyft, or take on this responsibility yourself. Driving for business purposes is going to require a business auto insurance policy so you don’t suffer major losses in the case of an accident. You may not get the best rates if the agents you talk to know that you are new to delivery.
A history of car insurance claims can also affect your rates, as car insurance claims can stay on your record for three to seven years.
There’s no way to guarantee that your estimates of potential risks versus profits will be completely accurate. Sometimes you need to look at the market you are in. Also see what other businesses in your industry are doing to change their strategy and see how it works out for them.
Advertising is an area that costs a lot of money. If you can find cheaper ways to market your products this is the best way to cut down on expansion costs. Television advertising is still effective, but very expensive. As we talked about, paying for a simple social media post might be the better way to go. Make it unique but simple, so that it has viral potential.
Expand Your Business Reach in Ways That Work for Your Company
As long as you evaluate all the risks and benefits of expansion equally, there is no reason to fear the change that must occur. Businesses and entrepreneurs have to figure out new ways to succeed. And they have to decide where to stop the buck and do what they know is right for their company. This is how you can expand your reach efficiently and effectively.
About the Author
Shawn Laib writes and researches for the insurance comparison site TheTruthAboutInsurance.com. He wants to help entrepreneurs understand the details of business expansion and productivity.