Almost all entrepreneurs want their small business grow into a big competitive business, right? If you are one of them, you have to learn what big business growth strategies can effectively work for you.
In this article, you can find helpful growth strategies that every small business should also consider. However, not every growth strategy you can find here will be appropriate for your own situation, but there are also some strategies that might offer a great opportunity for your small business.
Appropriate Market Segmentation
Market segmentation simply means choosing a subset of the whole marketplace where you can organize the sales efforts around. You have to identify who are those people you want to sell your products or services with. Know your own target market so that you will know who are those people affected by any marketing tool you might use. Many big businesses are great at identifying their target market and make them know the products and services they offer. As a small business owner, you should start identifying your own set of target market and do whatever you can to make the people know what your business is all about. For example, Red Bull targets its energy drinks to those young and adventurous crowd. That is how they segment their market. That is also the reason why they own a Formula One racing team, as well as an antique chairs company in the UK.
Another example for this situation is how the Pepsi Company proved that their brand can make it despite the heavyweight Coca-cola Company. Like Pepsi, many small business owners (such as the Hospital CEO at your local hospital) might also be happy with building their own name despite of heavy weight competitors and increasing debt due to business loans. Pepsi was almost losing its battle against Coca-cola as the heavy weight company for cola. However, instead of planning out how Pepsi cola should beat Coke, Pepsi has focused more on a fun-loving and young demographic. That resulted with many Pepsi commercials that show younger celebrities, music stars or even young status symbols. That means, Pepsi has already stopped targeting the crowd aging 30 and up and finally segmented its market. That made the Coke still on the top. But thanks to market segmentation as it helped Pepsi built a successful brand too.…