Increasing revenue requires finding new customers or increasing the recurring business with current customers. With so many opportunities, it’s difficult to determine which will yield the best results while trying to run the business on the day-to-day.
Always a favorite place for businesses to start, opening new markets has massive potential to increase revenue by multiples, but often at significant costs while the business makes mistakes and learns this new space effectively.
Growing into a New Marketspace
Finding customers by focusing on new markets is very tempting, and is usually quite successful with the right strategy, plan, and flexibility to adapt to new conditions. The greatest challenge comes from maintaining or concurrently growing the current customer-base. It is difficult, but do-able.
Using Products and Services in New Ways
A satisfying and exciting moment is when a client informs the business that they’ve found a new way to use a product, in an interesting and creative way that the business hadn’t thought of before. This is a new and powerful message when trying to find new customers. Communicating this new method, new use, and creative approach can create buzz and generate a word-of-mouth message to new markets, and in effect, new customers. Capturing an event like this requires a high level of communication with customers, and a well-run campaign and messaging program to reach the farthest and the quickest to the new markets.
Competitive Failure and Weakness
Openings for a sudden growth of market share appear when a competitor falls down or fails to repair a well-known weakness. It doesn’t matter why the competitor hasn’t acted on the issue, as long as the customers feel that the failure isn’t being addressed. These opportunities must be fully vetted by an objective party to verify the strength of the problem, as well as the potential opportunity.