The business development life cycle is a five-stage process: launch, growth, shake-out, maturity, and decline. When a company comes to the maturity stage, there are only two options left: reorganize the business and move forward with it, or finish its lifecycle and exit the market. In most cases, the right call is to give the business a boost rather than abandon the project and start another.
1. Develop Your Website
Statistics show that about 80% of customers purchase goods online. It’s quite a reason to have a digital environment where customers can learn more about your business and buy your products.
The business value of a corporate website goes beyond providing info about a brand or products and services it offers. It builds a connection between your company and a client and creates a sense of credibility. A corporate website also helps market your products and addresses customer uncertainties.
Your corporate website forms the backbone of the partnership with potential buyers. That’s why such a responsible task as its creation should be performed by a reliable web and mobile development company.
2. Get More Customers
Business expansion is closely related to increasing the demand for its products and services. You can do that by expanding the customer base and raising brand awareness. Here are the ways this can be achieved:
Releasing new products and services.
Integrating a referral program so that your customers can bring in even more customers.
Participating in events relevant to your niche.
Offering discounts and other types of incentives to customers.
Re-contacting old customers with a special offer via direct mail or phone call.
3. Expand Your Online Presence
A solid online presence makes your brand and its products well-recognizable and drives sales. In a modern society, advertisements on social media are nearly as effective as the expensive TV commercials.
A recent GWI study demonstrates that 27% of social media users use social platforms to find new products to buy, while 31% of respondents discover brands through television.
Remember that you need to post info regularly. This way, you will keep reminding your followers about your business and its offerings.
4. Search for Partnerships
Expanding your business through strategic partnerships can bring stellar results if done right. In order to form an efficient relationship with a partnering company, you need to do some groundwork. Take some time to answer these questions:
What are you trying to achieve with the help of a partnership? What type of partner are you looking for? Do you want a partner in transportation, distribution, promotion, driving traffic to your website, etc?
What do people need before and after they turn to you for your product or service?
Who can best complement your offering?
Once you have answers to these questions, your search for a partner will be much more effective. Look within your industry and market for influencers, major players, and businesses that may share your values. You can also find useful contacts at networking events, seminars, trade shows, etc.
5. Provide Constant Improvements
There is a concept called the “Kaizen approach,” which implies a cycle of continuous improvement. The main idea here is to make informed decisions regarding small but regular advancements. These ongoing changes undergo the stages of measuring, comparing, innovating, and standardizing, and finally result in the business delivering gradually improved products.
Moreover, you should aim at optimizing business processes. It means reducing the cost per unit of product, for one, or speeding up service delivery. Transportation, management, manufacturing, and other processes can always be streamlined to benefit the price and quality of your end product.
6. Literally Expand Your Business
It may sound vague, but behind the concept, there are some serious measures to try:
Move into new markets. These may be different locations or new market segments.Acquire a business that complements the existing one. You can buy a company that supplies your manufacturing site with raw materials or purchase a consultancy agency if you own a software development business. Claim a niche market. If your products are intended for a broad range of users, you may want to release a new type of goods intended for a very specific type of customer.Add new products. Launch new products or services and offer existing customers to benefit from them. Just remember not to go too far away from the core business. Implementing any of these approaches comes with financial and other risks to the business. It’s better to make sure that your strategic decision is well-justified.