Even the top companies in the world are constantly looking for ways to expand their business. However, with today’s slow-growth economy, this can be a long and winding road. That said, there are some good ground rules and expansion strategies organizations can follow to make this process easier. In this article, we’ll explore a few of these strategies in more depth and look at examples of companies that have implemented them.
Add a Diversity of Products to Your Mix
Businesses often stagnate if they don’t develop new products or services. By having more options, companies can expand their reach and gain exposure to new audiences. We especially see this use of product and service diversity on online platforms, such as online casinos. For instance, casino operators like Paddy Power give their customers the chance to play online bingo for real money or for free. That’s because some people, while they enjoy playing bingo games, would rather play knowing nothing is on the line. On the flip side, some players prefer the feeling of knowing they could win real money prizes.
Catering products to multiple audiences is one of the best expansion strategies. It might seem like an easy strategy, but updating a company’s product line requires thorough market research. This research often involves focusing on both customer demand and manufacturing costs.
Move into New Industries via Partnerships
Offering a variety of products to consumers that are already interested in your industry is one thing. But entering into partnerships with companies in sectors that are the complete opposite of yours is another expansion strategy. The streaming giant Netflix have done this recently by entering into a partnership with Riot Games, one of the leading drivers in the video game and eSports industry, to create an animated series called Arcane. Netflix has made its ambitions to move into gaming very clear. And by partnering with Riot Games, the streaming service has been able to dip its toes into the gaming sector, all while gaining exposure to Riot Games’ audience.
Improve Your Web Design
It might not be clear how improving your website’s homepage is a good expansion strategy, but it’s one that many top companies and business professionals swear by. For instance, if you’re not implementing search engine optimization (SEO) tactics in your website’s content, there’s a good chance that it’s falling down Google’s search engine ladder. And no one will be seeing it. By improving SEO, a company’s content will reach new and old audiences more regularly.
Don’t be fooled into thinking that new product and service development is a long and costly endeavor. Like anything, it takes hard work and consistency, but adding new products is essential to a company’s long-term success. It is also often regarded as the catalyst that drives business operations to higher levels. Fortunately, there are many ways to do this, including adding new products that cater to individual needs and entering into partnerships in new fields.
Alex is fascinated with “understanding” people. It’s actually what drives everything he does. He believes in a thoughtful exploration of how you shape your thoughts, experience of the world.