Sales Strategies for Business Growth

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  • 0:02 Sales Strategies for…
  • 0:18 Increase Market Penetration
  • 0:42 Introduce New Products
  • 1:39 Find New Distribution Channels
  • 2:32 Create a Joint Venture
  • 3:29 Lesson Summary
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Lesson Transcript
Instructor: Sean Kennedy

Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.

Sales strategies for business growth help companies gain more profit. In this lesson, we will discuss why it is essential to increase market penetration, introduce new products, find new distribution channels, and create joint ventures.

Sales Strategies for Business Growth

Imagine you're a business owner who doesn't know the next step to help your business grow. Maybe your company's growth has come to a standstill. Having a sales strategy for business growth can help your business increase profit and build a stronger brand.

Increase Market Penetration

One sales strategy that can help you grow your business is seeking greater market penetration, which involves increasing the market share of an already existing product through advertising or price discounts.

Maybe your business isn't growing because you aren't advertising and promoting your products enough. Before moving into introducing new products, the company should first concentrate on trying to increase revenue with the product you already have.

Introduce New Products

Once your company has increased market penetration, the next sales strategy to encourage more business growth is to introduce a new product or service. Your company should focus on introduces new products that are complementary to what you're currently selling. For instance, if a company sells baseball gloves, a complementary new product might be a baseball or even a baseball bat. While it's not essential to sell complementary items, it is beneficial because it allows your company to stay in the same market.

Companies can also introduce new products that may not be complementary to their current product. Because it's more difficult to be in a new market, the company should do extensive research to help determine how to operate in this new environment. Strategies to enter a new market include product testing, building a marketing campaign, developing unique packaging, etc.

Introducing a new product can be risky, because if it does not work out, it could affect the company's financial stability. But when a new product is successful, it helps the business grow.

Find New Distribution Channels

If your company is trying to grow, it is essential to enter into new distribution channels to help get your products into different stores. Big distribution channels can be beneficial to a company because they have access to a lot of stores. Some products do benefit from the exclusivity of only being available in certain stores, but it's still important to find the right distributor to help increase sales. Switching up distribution channels can be so effective that this strategy alone can help a company achieve business growth.

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