There comes a certain point in your# business where the brand or the #product of the organization has reached its maturity stage and is getting closer to the decline stage. During this stage we see that the #sales are decreasing rapidly, #employees are leaving #jobs or it’s getting hard to level up the employees. During this stage, one should try and come up with new #strategies of either #diversifying or changing their #strategic approach of their business. Some of the ways you can diversify or grow your business are:
TRY AND REACH YOUR #CUSTOMERS IN DIFFERENT WAY
In today’s times, both online and offline presence of a store has become important. Try and reach out to customers through email campaigns or by distributing posters about your business and its services.
CREATE #CUTOMERLOYALTY PROGRAMS
Loyalty programs are the best way to increase your sales. Building loyalty programs for your customers helps to retain them as well attract new customers. Build an attractive loyalty program and make it accessible to your existing customers and watch sales skyrocket over time
IDENTIFY #NEWOPPORTUNITIES
Analyze your business opportunities in different geographical and demographic areas. Understand the distribution channels to your competitors in that area. Once you do the analysis you will understand the opportunities that are present to grow your business.
FIND WAYS OF #COLLABORATING WITH OTHERS
Find companies that best compliment your business, try and collaborate with them. This will not only help you reach a bigger market area but will also help you to enter into a new market. Strategic partnerships with the right companies can truly make a world of difference.
CONSIDER A #FRANCHISE MODEL
You can also think of expanding your business through the franchise model. Though it may be quite expensive to set it up but it would make a lot of difference if you are truly looking for expanding your business
#LICENSING DEALS
Licensing deals are a great strategy to expand your business without putting in a lot of extra effort. It’s a great strategy to grow quickly if you have a product that you can license to others and split the money. Taking a popular or profitable product and selling it to a major corporation can help you reach market saturation faster.