Extending the Reach of Your Company: 4 Tips
As a leader, you tend to hyper-focus on extending the reach of your company. What happens, though, when your company hits a profit plateau? At that point, it may be time to focus less on growth and more on reach.
What’s the difference? Think of your organization like a large tree. A massive tree can’t keep getting taller (a.k.a., growing) unless it has a supportive, extensive root system. The intricate root system doesn’t just stabilize the tree, though. It keeps everything above the ground nourished and thriving so more growth can happen.
In terms of business, your reach serves as your roots. And as your brand’s reach broadens and matures, you can pull from a variety of areas to fuel your plans. As a result, you will be more able to control your scaling efforts.
What tactics can you use to widen your reach? Try these methods to give your corporation’s “root system” a serious boost.
1. Optimize your workflows.
One of the first steps toward extending the reach of your company is to make sure your team is as efficient as possible. By streamlining your employees’ operational workflows, everyone will have more time to devote to the most important tasks of their day.
For instance, if you sell goods online, you could consider outsourcing some or all of your logistical operations. According to Tradefull, a complete e-commerce solution, working with a third-party logistics provider can serve multiple purposes.
First, you’ll be able to optimize your warehousing, dropshipping, and returns. Just as importantly, you’ll be able to leverage the provider’s expertise to cost-effectively explore untapped markets. And if you can find a partner similar to Tradefull that has cutting edge technology like autonomous robots, you can minimize worker duties and boost efficiencies.
Supply chain management and logistics aren’t the only areas you can optimize. Financial processes like distributing payroll and logging invoices are often places begging for improvements. Overall, you shouldn’t be afraid to invest in technology to smooth out friction points so you’re primed for outward expansion.
2. Hone your customer experience.
Customers don’t just like working with brands that offer a consistent, reliable experience. They become devoted fans because they appreciate the way they’re treated.
Consider Disney World. People come back to the magical park year after year, even into their adulthoods. The Disney-themed site AllEars posits that one of the reasons is that Disney is synonymous with never-ending quality. Accordingly, people know that if something is related to Disney, it’s bound to be spectacular.
Your company doesn’t have to promise fairytale experiences, of course. However, eliminating all objections to working with your brand can produce appealing dividends. Not only will buyers rave about you online but you’ll start to build more of a brand cache.
Never underestimate the “reach” possibilities if your brand experience encourages positive buzz. A recent CNBC article chronicling Trader Joe’s rise shows how reputation can prompt empires. Trader Joe’s grew its reach by finding ways to exploit loopholes and bring customers exceptional merchandise at unexpectedly reasonable prices. As long as it met those shoppers’ expectations, it kept earning a mystique that made it popular. Your brand could do likewise by crafting an experience that helps you stand out.
3. Seek out new audiences.
Are you marketing your goods or services to everyone who could use them? Maybe not. Often, businesses overlook key audiences who might be interested. And uncovering an untested audience can stretch your reach and propel business growth.
Gather your team together and look at your Google Analytics as well as customer data. Brainstorm about who might find value in what you’re offering. Challenge everyone to get creative. Not coming up with much? You can always ask repeat buyers how they use your products to discover new marketing personas.
As soon as you come up with one or two audiences, test them out on a small scale. If you find out they’re gaining traction, you can invest more into your marketing.
4. Partner with a non-competing company.
Corporate partnerships aren’t anything novel but many small businesses overlook their value. When it comes to growing your reach, a thoughtful partnership can get your brand in front of a different set of people. Plus, it can assist you in deepening your network as an industry leader.
A prime example of this type of co-branding technique is the Doritos Locos Taco offered through Taco Bell. Though the final recipe reportedly took three years to perfect, the fast-food creation was a hit. Not only did it satisfy Doritos enthusiasts but it brought them into Taco Bell out of curiosity.
What are some ways to find the perfect “peanut butter” to match your “jelly?” Go back to your market research. Review your data to think about what would “go” with what you sell. Then check out other brands to figure out which ones might make good friends. When you make your pitch, be sure that the partnership you’re proposing promises a win-win.
Getting more revenue without acquiring more prospects or customers can be tough. Consequently, if you’re trying to scale, work on extending the reach of your company first. The more sweeping your brand influence, the easier it will be to nurture and sustain future growth.