How you can Grow Business without Word Of Mouth

A quick look at the standard new business development model shows that the two lowest risk options are penetrating new markets with existing services or delivering new services to existing markets. The key to both options is appropriate market research and segmenting the market to identify smaller market segment with a need and a reasonable level of existing competition.

It is possible to grow business beyond that which may be secured via recommendation but it requires analysis, research planning and the time and courage to see the plan through. The importance of segmenting the market appropriately cannot be overstated.

Grow Business without Word Of MouthWith market segments recognized and researched it is then possible to build a plan to attack the markets and grow business. When things inevitably slip off track, success is unlikely to be achieved overnight so it is important to plan the steps on the road and have a base to refer back to.

If the issue is capacity then perhaps a higher price service should be delivered to a smaller subset of the market. If it is the level of competition then what could the business do better and if it is the lack of a service what are the implications of delivering that service.

Starting with the segment of the market currently attacked is there realistically potential growth available in that segment. If so what are the challenges stopping the business from taking more business? Is it simply a capacity issue, is it the level of competition or is it the lack of a particular product or service.

A good small service business grows to a point simply via word of mouth and recommendation but then gets stuck at a level. Their challenge is how to grow business beyond this level by other means.

Taking the second opportunity identified by Ansoff, it is then possible to look at the other segments of the market not currently serviced. If the reasons for avoiding particular segments are really valid, evaluate. What are the most attractive segments to attack and research how to attack those segments is a key process.

It is very important to take a step back and look at the current market as a whole. Which parts (segments) of the market does the business currently attack, which ones does it avoid, and why and which ones are most likely available to attack.

Starting with the segment of the market currently attacked is there realistically potential growth available in that segment. If so what are the challenges stopping the business from taking more business? If the issue is capacity then perhaps a higher price service should be delivered to a smaller subset of the market. Taking the second possibility identified by Ansoff, it is then possible to look at the other segments of the market not currently serviced.