2022 is the year when your business is destined to grow. There are several techniques and strategies that you can use to ensure business growth and development for your service business this year. According to Hinge Marketing, firms often don’t take the time to analyze risks and determine how likely a new growth strategy is to truly be successful.
Before implementing the following strategies that can help your service business grow, take a closer look at your business and what you need to help you grow.
If you need help with identifying which areas of your business can use some business growth, here’s a business plug that can help you on your journey!
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4 Business Growth Strategies to Help You Grow
Here are 4 business growth and development strategies for service businesses:
1. Offer more services to your current clients
This in business terms is called market penetration. As a service business, you might specialise in more than one area and you can offer more business services to your current clients. Let’s say for instance you own a marketing agency and you have one client that you currently give creative services to, you can now offer them some content services to help grow your business. This way you are already tapping into a revenue stream that you already have.
2. Increase sales of services to unexplored markets
This is what many business textbooks refer to as market development. According to Hub Brussels, market development involves an analysis of how a company's existing offer can be sold on new markets, or how to grow the existing market. If you are a business offering accounting services to small businesses in the IT industry, you can develop your business by exploring and tapping into creating service offerings for businesses in the manufacturing industry.
3. Launch new services in your business
This is referred to as product development. With product development, you can launch new services that can work in the current market. This works if you are a small business with fewer offerings but you have identified that some of your clients can use a particular service. You then introduce this service to your business and offer it to your clients. An example would be an IT service provider who only offers installation and maintenance services but can see that cybersecurity is a major concern for most clients. The service provider can therefore expand his service offerings to include cyber security.
4. Offer new services to a completely unknown market
This is by far the scariest move when it comes to business growth and development. This offering looks at offering a completely new service to an unknown market that might not know what your business is and how it can help them. For example, an IT service provider taking his/her new services such as cybersecurity to a market in rural areas. Many businesses there do not understand why they need that service and might not receive a reliable product offering either.
There are many opportunities for you when it comes to business growth. One other way you can help grow your business is by joining a marketplace.
Joining a marketplace is the most effective way for your business to gain exposure. Marketplaces are visited by a large number of people daily and having your business listed there means that are guaranteed brand exposure but can also get sales from being available.
How Serv B2B Marketplace Can Help You
Are you a B2B SME looking for leads? Join Serv today for as little as R125 per month and start getting leads straight to your inbox. Using Serv, small B2B businesses can market themselves, save money, and start competing with big businesses.
SMEs looking for B2B Service Providers can also easily and quickly find a local B2B Service Provider. Whether you are looking for an accountant, web developer, or business consultant, explore Serv today and find a trusted service provider.
Learn more about Lead Generation and Serv B2B Service Marketplace on our FAQ Page.
