One of the biggest challenges that SMEs face after launching is growing the business so that they can compete with larger names in the industry. Although it can be challenging, there are a few excellent ways to grow your business which could help you to reach the next level and find success.
Increasing Brand Awareness
One of the most effective ways to do this is to increase brand awareness – the more people that are aware of your company, the more likely you are to increase sales. The best way to increase brand awareness is through internet marketing practices like SEO and PPC which will increase your visibility online and allow you to compete with the top names in your industry.
Expansion is another effective way to grow an SME. This could include opening another premises or adding to your product/service range, but another way to expand is to sell your own products to larger retailers as part of concession agreements. When you can achieve this it allows your products to be placed in front of your target audience on a huge platform which can transform your company and boost reputation.
Selling to Retailers
So, how do you go about selling to retailers? First, you should identify key retailers that you want to sell your products and then work on tailored pitches to show why your range would be a good addition to their shelves. This pitch should also show your credibility with evidence of sales records and any press releases or reviews that you have had. The pitch should always be delivered in person along with product samples, so first you should email the retailer to request a meeting – be upfront, include a photo of one of your products and get to the point quickly. Another good way to meet retailers is to attend trade shows with your own stall set up so that you have retailers coming to you.
You will also need to think about how you will deliver your goods to the retailer and this must be outlined in your pitch to show that every area has been considered. The easiest and most professional approach will be to use a reputable logistics company like National Pallets who will be able to arrange fast and secure delivery of your goods to the retailer.
Growing an SME after finding stability can be a huge challenge. The key to growth is to make your product and brand more visible to increase your customer base. This can be achieved through internet marketing, but also through approaching larger retailers and showing why they will benefit from stocking your product. If you can secure a deal, you should see results very quickly and enjoy a huge amount of growth.