This approach involves the promotion of existing products into new markets. These could be industry sectors or geographical territories. This approach requires the firm to invest in market research to define which markets are best to target. There is an element of risk to this strategy, as it requires both time and money in order to conduct the research and to develop appropriate marketing campaigns.
LIRIC can help look at some of the basic concepts and financial drivers to increase sales and profit – contact LIRIC to find out more.Most businesses want to grow, but with little bank finance available these days it’s not easy to buy out a competitor. If you can’t grow by “mergers and acquisitions”, you need to develop a strategy to grow your business organically which can prove a much slower process.
Organic growth is especially prevalent during the early stages of a company’s commercial llife, but opportunities continuously present themselves if you listen to the market. If your business is committed to meeting the needs of its customers and is commercially driven with you having a good control over costs, you can use the following strategies to develop business growth.