News
2010
as seen in Carolina Business Connection
4 Growth Strategies to Pump Up Your Sales Volume
by Gilbert Pagan
11-12-2010
The good news is that economic indicators have convinced news pundits that the recession is officially over. Along with the recession being officially over, there are many opportunities and doors that have been opened wide. Guess what?? Business growth is following.
What can you do to get your business on the right track and growing with the opportunities available? Concentrate efforts on growing the sales funnel again.
While my inner circle certainly knows that I am a great advocate of cold calling, networking, referral selling, and social media as excellent tools to build a pipeline, they are the tactics of an overall growth strategy.
As the foundation for growing your business successfully, increasing market share through market expansion is a time-tested method used by countless other businesses to achieve growth goals. And, no, I’m not crazy to talk about expansion today! Even in better economies, competitors challenge you, customers stray, sales people disappoint. If you’re willing to take a small risk, consider something new, can stay focused and switch up your business strategy, you can enter into a new period of growth just as the economy turns around.
Here are 4 ideas for market expansion to consider:
1. Further penetrate your market.
The first thing that comes to mind when thinking of growing your business is getting new customers. But how about using your valued customers you already have to attract new ones? It’s easy and more cost-effective to get people who are already buying from you to spread the word through reviews and referrals to influence new customers to buy from you.
2. Diversify your products or services.
The key to successfully growing your business through diversification is similarity. You want to focus on the related needs of your already established market or on market segments with similar needs and characteristics. An artist might also sell frames and framing services, for instance.
3. Conquer a niche market.
A niche market serves a narrowly defined group of customers. Think of them as a subset of your existing customers whose needs are not being met by your current products or services. Concentrate on meeting those unmet needs to carve out a whole new segment of business from your customers. A nursery, for instance, might offer a specialty in roses and stock a more extensive selection of roses and products to care for them.
4. Extend your market reach.
There are several ways of growing your business by making your product or service available to a new pool of customers. The most obvious is to open new locations, such as opening a store or kiosk in a new town. New locations can also be virtual, such as a website with an online store. Support this approach and extend your reach through advertising, sponsorships, trade shows, etc.
Now, what if I told you that there are thousands of new buyers moving to our area in the next 11 months? You read that right. Thousands of new customers to buy homes, autos, insurance, groceries, clothing, furniture—you name it!
It’s true. Nearly 50,000 military personnel will be relocated to our area as a result of the 2005 Base Realignment and Closure (BRAC) and the closing of Fort McPherson in Georgia. The result will be a net increase at Fort Bragg of more than 150,000 people, including military, military dependents, civilian Department of Defense employees and defense contractors. The impact will be felt in all counties around Fort Bragg as tens of thousands of military families come to call North Carolina home.
The BRAC-directed relocation of the headquarters of U.S. Army Forces Command and U.S. Army Reserve Command is underway in earnest, with a deadline of September 15, 2011 to complete all moves. And a new initiative has begun to support the families moving to our area that presents huge business opportunity for all of us.
Lease A Sales Rep and The Army’s Army
Local businesses in North Carolina will have the opportunity to promote their products, services and solutions to a massive influx of personnel: moms, dads, kids and other business owners through The Army’s Army. The world’s only volunteer organization of citizens and businesses who have pledged their support to those in the military, The Army’s Army enables businesses to reach out to a massive new set of customers.
How to Get Involved
Businesses can partner with The Army’s Army to generate interest and sales for their products and services. There are currently 46 partners that include realtors, auto dealers, banks, restaurants, business equipment, office supplies, IT services and much more. Sponsorships are available that fund events to introduce these business partners to their new customers.
Talk about market expansion! Growing your business is not only possible in the next 12 months but is a sure bet when you become a part of the mission of The Army’s Army. More customers mean more sales, positive cash flow, larger deal sizes, higher volume, more billable hours, and profitable, long term growth for your business.
To make it easier to learn about the wide variety of options The Army’s Army offers to gain exposure for your business, visit http://www.leaseasalesrep.com/WorkWiththeMilitary.html where I’ve gathered all the pertinent information all in one convenient place.
About Gil Pagan:
Gil Pagan is the founder of Lease A Sales Rep, a contract sales organization providing sales support and sales execution programs for businesses nationwide. His strong belief in social responsibility has led to Lease a Sales Rep’s community service devoted to furthering the mission of prospering businesses and the lives of others through the work of many hands. Lease A Sales Rep is working in partnership with The Army’s Army and The Fayetteville Convention and Visitor’s Bureau to support the program. Contact Information:
Gil Pagan
CEO
Lease A Sales Rep
1215 Jones Franklin Road
Raleigh, NC 27606
919-783-4182
gpagan@leaseasalesrep.com
http://www.leaseasalesrep.com
http://www.leaseasalesrep.com/WorkWiththeMilitary.html
