Rule #8: Look for Opportunities for Expansion

April 11th, 2010 by Rob Willis Leave a reply »

If you’re like many new business owners, your enterprise relies almost entirely on a few concentrated sources of traffic and buyers. Outside of this fixed pool of buyers, it isn’t clear to you how you might expand your business, scale it up, and bring in more profits as a result.

For the time being, you might think this is fine. But once you’ve expanded to your business’s maximum size within this pool of customers, you’ll want to expand, so keep an eye open for opportunities to expand and market.

For starters, consider each of the following marketing strategies for locating new leads:

1.         Banner ads

2.         Pay per click ads

3.         List-building

4.         Social media, such as Facebook and Myspace

5.         Viral videos

6.         Product giveaways

7.         Joint ventures

8.         Firesales

9.         Paid email advertisements

10.       Print advertisements

11.       Free reports

12.       Creating an affiliate program

13.       Blogging

14.       Forum posting

15.       Article marketing

You have many options. And it may be the case that none of these is the best for you, but at a bare minimum, you should consider each.

You should also pay especially careful attention to new channels through which you can market. For instance, viral videos and social media marketing have become two powerful channels for driving traffic to websites. Even if you don’t feel comfortable using these channels yourself, you could hire a freelancer from Elance.com, Guru.com, or Rentacoder.com to do the work for you.

At the end of the day, your open-mindedness, flexibility, and willingness to consider different advertising channels will reward you with constant growth while other businesses plateau or stagnate.

To Your Success,

Rob Willis

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