Learn How Innovation Can Help You Expand Customer Relationships, Make More Money and Grow Your Business Fast
One common goal we hear from small business owners is a desire to expand their businesses. That’s not surprising–It’s fun to try new things and grow in different ways. As your business expands, your skillset grows, and you may add new members to your team, expanding your network and boosting your profits. What’s more, we’ve found that it gets easier to clearly see what’s next on the horizon for our business with every move.
But, sometimes, expanding the customer base for your existing products is a struggle. You’ve tried different marketing approaches and tapping new pools of potential customers, but it seems like a nut that just won’t crack.
In that situation, we find one of the most reliable ways to expand is by adding products or services that complement your existing offering. Adding services and products can round out your offering, help you stand out from the competition, find new customers and grow revenue.
Think of a restaurant adding a new menu option to appeal to a broader audience–that’s a product addition. If the same restaurant starts offering catering, that’s a complimentary service. These additions fall into the same realm as the restaurant’s original service. But, the changes will help attract new customers and provide additional services to existing customers–both of which can drive growth and increase sales.
While a restaurant is an easy way to visualize the concept, the idea works across all businesses. Consider a Virtual Assistant who primarily responds to email inquiries and manages calendars for small business owners. The VA may notice one of the people she supports is doing a lot of travel. With that knowledge and her existing relationship, she may decide to add travel planning services to complement her other work and pitch the service to the client she knows has upcoming travel.
Here’s another example. At HireMyMom, we added concierge services to help our customers who need staff right away and don’t have time to go through a traditional hiring phase, which can take attention away from their core business.
We’re looking at other ways to grow, too. For example, we are working on expanding our overall Human Resources services. New services could include helping with onboarding, creating policies and procedures for employees, and developing standard operating procedures for small businesses.
Other options include offering custom-written targeted emails to increase the exposure of specific jobs or lending the expertise of a Human Resources specialist to help employers enhance job postings to attract the right candidate.
Find the right products and services
No matter the business you are in, there’s likely a way to expand by offering additional products and services. The key is to determine what products and services your customers may want and which you can provide. Here are some ways to do some market research:
- Listen carefully to the questions your customers ask. If your customers routinely ask if you provide a particular service or know who does, that’s a clue that demand exists, and it’s likely something your current customers might eagerly add to their orders with you.
- See what the competition is offering. Take a look around at your key competitors and see what types of additional products and services they offer. There’s a good chance those same options may appeal to your customers.
- Ask your customers what else they need or want. Inquire about how they use your main product or service and what could improve the experience.
Build the right team
Once you’ve decided on a new product or service to add, it’s time to make sure you can reasonably provide it. In some cases, you may need to add staff members to offer the option. In other cases, your existing staff may be able to absorb the work. Also, you may need to purchase new supplies or find space to store materials or do work.
Doing a little upfront planning can make the transition easier. The first few times you provide the product or service might feel a little rough. But, it’s all part of the product development lifecycle.
Check out our free Online Tools and App Every Entrepreneur Needs to find resources to help you expertly navigate this phase of your business.
Need inspiration? Join Mastermind
If you feel stuck or aren’t sure what types of services and product extensions might make sense for your business, an outside perspective can help you look at your business with fresh eyes.
HireMyMom’s new Small Business Mastermind could be just the catalyst you need to identify the types of add-on products and services that can take your business to the next level.
Through the program, you’ll find the path for meaningful growth and success based on what matters to you. You’ll create deep and authentic relationships with business owners on the a similar path.
The group will meet bi-monthly to discuss business growth, discuss ways to expand, and explore marketing ideas. The peer group dynamic will help fill you with fresh ideas and unique perspectives to develop new viewpoints and see your business with fresh eyes.
The group will explore ways to improve business systems, build better processes and automate your work.
A private group app puts all the tools and resources at your fingertips. Group sessions will provide an opportunity to share thoughts, get support, and find encouragement.
What’s more, the group sessions will help you stay accountable to your goals and will offer you a chance to network with other like-minded moms who you might not have otherwise met.
Sign up now and start envisioning your next chapter.
Happy growing!