When it comes to growing your business there are many different ways that you can go, you can simply expand the markets into which you are selling your product or service, diversify the product that you make or even move into whole new market areas. In order to be able to do this you need to have a strong financial backbone in your company and a solid product. One option for financing your business growth is New Business Loans Northern Ireland, this can give you the much need capital injection in order to be able to begin expanding your business. Asset Finance provide new business loans in Northern Ireland and see how they can help you.
There is a certain amount of research that you should undertake before deciding which avenue to go down when growing your business.
First and foremost, you should always undertake some customer segmentation work which will help you to identify exactly who your current customers are and to be a profile up of them. You should look at areas such as age, gender, location, educational level, level of income, lifestyle, values etc. This will help to give you an accurate of the types of people that are buying your products. Based on this you can make sure that you are using all the marketing means you have available to you to place your product in front of other people that fit your customer avatar.
Once you have completed this research you should look into something that is known as purchase situation analysis. This information gives you research into when and how people purchase your product or products similar to yours. This means that you can ensure that you have all of these at your disposal when selling your items. There is no point in looking to grow your business into new product lines or even new countries if you first haven’t exhausted all of the buying opportunities in your local area.
Next is looking at your competition and seeing what it is that they are doing well and what their top selling products are. This is known as direct competition analysis. You can then compare what you are doing as a business to what your competitors are doing. You will find that there are some things that are doing better then them, give you an advantage and things that you can learn from them as well.
You should complete all of this research before you start looking into other sectors and countries for your products.