How To Get A Bigger Slice Of The Market - MB+M Group
How To Get A Bigger Slice Of The Market
Business Growth

How To Get A Bigger Slice Of The Market

Growing your business means more cash for you now, plus a higher future valuation if you sell your business. So with this in mind we have put together a series of articles with tips, tricks and advice as how you could go about growing your business as outlined below.

This is the second article in the “Grow Your Business” series. The first article was “How To Increase Your Customers In Two Key Ways” and over the next two weeks will publish the third and fourth articles. These articles will be full of ideas to help you grow your business.

The four articles will cover:

  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

Here’s the second area… How to get a bigger slice of the market

ARTICLE

HOW TO FIND NEW MARKETS
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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 show 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.

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Use Google Global Market Finder to identify customers in similar markets

Look for customers you’re interested in targeting in markets 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 potentially 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 advertise. Find out about how to market on Facebook.

Exhibit at trade events or conferences

Build connections, show new products and develop stronger relationships with fresh 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 in one city/town, think about the value of opening another in another city/town.

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. Take a look at https://www.business.gov.au/Planning/Industry-information/Retail-and-wholesale-trade-industry

Hire sales reps
How to get a bigger slice of the market

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 result-driven tactic.

For example, if you have a growing business in Shepparton 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
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If you missed our first article in the “Grow your Business” series click on this link to read How To Increase Your Customers In Two Key Ways. Look out for the next articles in the series which will cover:

  1. Develop new products or services – to open new markets
  2. Improve profit

Why not book in for a 30 minute meeting with one of our expert accountants and business advisors to brainstorm the above ideas. They will create for you a tailored Action Plan to help you increase your market share – leading to more profits for you, and increasing the value of your business. Call us on 03 5821 9177  and speak to one of our expert Accountants.

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