Three Ways To Expand Your Business

  Posted on 2/28/2013
Three Ways To Expand Your Business

Every growing business needs to have a plan to jump to the next level. In today's world, business is more competitive than ever and features numerous ways for you to grow to new markets – and numerous ways for your competitors to get there first. How can you expand to new audiences and new clients without wasting dollars on dead ends? Here are three suggestions of the most current, and most fertile opportunities for smart expansion.

1. Japan. Maybe it sounds like a cliché, but doing business in Japan is a huge opportunity for any company. Japan is on extremely friendly terms with the US and is actively seeking ways to invite more US companies to do business within its borders, or to form international partnerships. Japanese companies value American innovation and ingenuity, and Japanese consumers adore American culture. Japan offers numerous marketing opportunities and one of the most stable and Western-friendly economies in Asia, the world's fastest growing marketplace. What could your business do in Japan? It's worth asking.

2. Stop paying for social media. Social media strategy has gone through as many contortions in the last five years as a magician's assistant. But at the moment, many companies are paying far too much to officially promote themselves through sponsored social media posts. A sponsored Facebook post can cost thousands and only puts your brand in front of a fraction of your followers. If you really want online exposure, there are virtually free ways of doing it – such as hosting a contest to make the best ad video for your company. Consider pulling out of any paid social media opportunities altogether, and put your money into growing your online following on your own digital turf.

3. Generics. If your company manufactures a product, is there a generic version available? If not, why not create it yourself? In many industries, the generics are either made by, or virtually identical to the name brand version. The main difference is the lower price tag. You can make the generic version of your product simply by leaving off the logo and changing the packaging, thus netting additional dollars from the budget version of something you already produce. The lower price is offset by not paying to advertise it, and it won't steal sales – the people who buy generic likely wouldn't have bought your main product anyway.

These are just three ways your business can find room for rapid growth without spending a fortune. Are you ready to do business in Japan? Or to make the Malt-O-Meal version of something you already make? What other ideas do you have? Share in the comments and show us what kind of visionary you really are.

 

Jillian Johnson is a professional content marketing writer and blogger with a particular interest in writing about business and finance. To read more writing by Jillian, follow her @MissWritey.