Lee Otto of Alexandria, Minnesota, Shares Ways You Can Continue to Grow Your Business as an Entrepreneur
When you’re running your own business, just getting off the ground is a major step. But if your goal is to grow, which is the main goal for most companies, that’s an entirely separate challenge.
Alexandria, Minnesota’s Lee Otto, who is a leading remote sales expert working with digital marketer Hibu, knows it can be a struggle to break new ground when running a business. However, as someone with a proven track record in sales in a variety of roles, he has some suggestions to reach the next level.
Leverage Social Media
First of all, you should be reaching out to as many potential customers as possible through social media. Not only can you easily showcase your newest offerings, but you can also gauge what your customers are saying about what they like and don’t like about your products or services, and respond to them.
Attracting new customers can be an expensive proposition. However, by creating rewards for your existing customers, you can hang on to them while also potentially attracting new ones looking for a reason to buy elsewhere, says Lee Otto.
Form Business Partnerships
If you want to create some synergy, then you’ll want to look at cross-promotions with other like-minded businesses that maximize reach while creating more buzz. These are companies that don’t compete with you directly but have something your customers might be interested in (and vice versa).
Look For Acquisition Opportunities
Lee Otto says that if you’re ready to really take a bigger step and are in a financial position to do so (along with considering a number of other factors), you can acquire competitors or complementing enterprises. That way you’re taking on their client base while also potentially expanding your product offering.
Expand Beyond Your Borders
You don’t have to be confined to one geographic region when doing business. You can cater your offerings to outside markets, but it has to be done carefully while considering many points, says Lee Otto.
One way to achieve this is by committing some resources to market research to see if a full-scale expansion elsewhere is viable. Once you’re confident that there’s potential, you can consider setting up a remote office and hire talent from that area to run it (while monitoring it closely).
If you’re running an e-commerce business, you can reach a wider audience by partnering with platforms that are already set up for this.