By Kibet Tobias
Learning how to grow your business in Kenya today isn’t just a worthy goal; it is often a necessity for your business’s survival and your economic well-being. What can you do to get your small business to the highest level?
There’s no specific formula to running a successful business but these are the proven strategies that have worked for the successful Kenyan entrepreneurs.
Try one or more of these tips and they will successfully work for you.
Here’s How To Grow Your Small Business In Kenya
1. Penetrate your existing market.
When a new product is being launched, there exists the risk of it being successful or not.
And when you think about how to grow your business, the first thing that probably comes to mind is getting new customers. But the customers you already have are your best bet for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you.
An effective way to penetrate into the market is to properly communicate with the customers and be sensitive to their requirements and wants.
2. Ask for referrals.
That’s not to say that getting new customers is a bad approach. One of the easiest ways to do this is to ask your current customers for referrals. But notice the verb.
Having good products and great customer service and just assuming that your customers are passing the word about your business isn’t going to do much to increase your customer base; you have to actively seek referrals.
During or after every job or sale, ask your satisfied customer if he knows anyone else who would be interested in your products or services.
3. Be Innovative
Innovation in your business can mean introducing new or improved products, services or processes. You can do this by analyzing the marketplace
To move your business forward, study your marketplace and understand how innovation can add value to your customers.
Remember by discovering and promoting new uses for your products or services is a great way to both get existing customers to buy more and attract new customers. Innovation will not only improve the chances of your business surviving, but also help it to thrive and drive increased profits.
4. Extend your market reach.
There are several ways of growing your business by making your product or service available to a new pool of customers.
The most obvious is to open stores in new locations, such as opening a store or kiosk in a new town. New locations can also be virtual, such as a website with an online store.
Another approach is to extend your reach through advertising. Once you’ve identified a new market, you might advertise in select media that targets that market.
If your new market consists of a younger demographic, you may want to use social media for advertising. You can use Facebook, Twitter, WhatsApp, Instagram and many others.
5. Participate in trade shows.
Trade shows can be a great way to grow too. Because trade shows draw people who are already interested in the type of product or service you offer, they can powerfully improve your bottom line.
The trick is to select the trade shows you participate in carefully, seeking the right match for your product or service.
6. Cut your costs.
Surprised? Bear in mind that when we’re talking about growing your business, we’re actually talking about growing your business’s bottom line. If your business has slow periods you can use your family members wherever possible to reduce staffing costs.
You can also reduce your vehicle expenses by using public means. Remember if you own a vehicle and your business involves travelling to reach your customers, fuel and servicing costs can be financially dangerous. So again, choose the public transport.
7. Diversify your products or services.
The key to successful growth through diversification is similarity. You want to focus on the related needs of your already established market or on market segments with similar needs and characteristics.
You can add features that will make your product or service appealing to a different group of consumers.
Are there products that go along with what you sell or do that your customers or clients purchase from a different vendor? In short, find related products and sell them with yours.
This is a marketing concept which can be adopted by an organization as a strategy for business expansion.
In this case you can make arrangement to grant another party the right to use your trademark or trade-name as well as your products and services to produce and market according to certain specifications. You will pay them a fee plus a percentage of sales revenue as royalty, and gains
If you have a successful business and can develop a system that ensures that others can duplicate your success, franchising may be the fast track for growing your business. Is Franchising the Business for You?
There you have it; how to grow your business in Kenya. Don’t let this list overwhelm you; pick one or two of these ideas that are suitable to your business and your circumstances and get your plan for growing your business underway.
While you probably won’t experience growth right away, whichever way of expanding your business you choose, you will see progress if you keep at it, and will successfully transform your business into all you want it to be.
The writer is a Content Writer at Career Point Kenya. Email: firstname.lastname@example.org.