Generally, entrepreneurs launch their business after identifying the opportunities which are feasible, commercially viable and environmentally sustainable. Most of the entrepreneurs begin their business with a small customer base and become successful. Although small in initial stages, it helps to build a loyal relationship with the customers. This also gives confidence to the businessman that the products are satisfactorily serving their purpose. The success gained at local markets enables the idea of further expansion of business to a serve a large population and to yield more profits. However, it requires the ability to identify the right opportunity and using marketing tactics, creativity along with good networking to increase the customer base. New business-building practices with a clear cut plan are a need for further industry expansion.
Following are some of the ways in which the locally established business can expand their growth to the global markets:
- Building trust: Businessmen should avoid narrow focus and use more tactics to obtain potential new customers. Trust building is one of the major ways to achieve the same.
- Increasing the network: After having established trust one should leverage it. Entrepreneurs should be in contact with existing network of businessmen and determine who can be most suitable for their product. The customers themselves can be referrals.
- Construction of a relationship map: This map of identified relationships will guide in the direction whom to approach for further expansions. Example: recognizing and having a suitable partner with good contacts with clients will help to increase business.
- Speaking at events or hosting a workshop at a business level: Whenever a businessman gets an opportunity to deliver a speech or host a workshop it helps to demonstrate a product in front of a wider population, and helps to increase the number of customers. This effort explains the value the product or service provides so that the customer understands it usefulness. However, speeches should be short and concise.
- Advertising: Speeches, blogs, newsletter, an instagram post, will engage the customers in understanding the product.
- Offer free trail of samples of the product: Free samples of products are good way to get new customers, to obtain their reviews and testimonials. This method gives more feedback on new products and allows improvements to be made. This practice instils the value of the product and how it is better that any other product.
- Conducting a case study: The case study” or providing a detailed account of the benefits of your service can be a great way to get new clients. It helps to built new business, since it assumes that the service works and that the customers are happy. It increases the brand exposure, builds trust and credibility within your field.
Overall, it is necessary to overcome thinking in old fashioned way and generate new ideas to grow exponentially in market. There is need to stretch and increase capabilities with current