The growth of one’s business is the next logical step for any profitable company, no matter how big or small. It is a matter of evolution – you reach a certain level where you’ve come out on top, so what then? You, as a developing moving company, have to keep growing. However, this is not something you can blindly achieve. Instead, what you need is the implementation of one or more popular business growth strategies. And given that there are many of those, you have to weigh the ones that suit your type of business best. However, before you make that call, we will point out some of the more popular strategies for you to consider.
6 most popular business growth strategies for movers to consider
We mentioned already that there are many ways to achieve your perfect business strategy. Here are the most common several ones:
- Increase sales or take on additional clients.
- Develop creative marketing campaigns.
- Expand into additional markets.
- Develop new products.
- Expand your services.
- Expand through acquisitions.
Bear in mind that each of these popular business growth strategies has its advantages and downsides. So, make sure to carefully consider which one to practice before actually choosing any particular one.
Increase your share of the market through sales and new clients
For small moving companies, the usual and logical beginning is your local market. Hence, you build up your business by signing as many clients as possible, given that you are sharing the market with other companies. However, at a certain point, you have a stable number of local clients, and you are standing still. Why? Because you are not exploring the market deep enough.
This is where the so-called technique of market penetration comes into play. This is one of the more popular business growth strategies because it carries minimal risk and investment on your part. You already have a foothold in the market – you just need to exploit it more. The way to do that is through winning over a larger piece of the market share. And how does one achieve this? Easy – competitive prices and higher quality of services. The goal here is to stay ahead of the competition.
The development of creative marketing campaigns
Marketing for moving companies is not different from other industries. In fact, most marketing ideas (with a little adjustment) can easily be applied to our industry as well. This is where you need to implement creativity and innovation to ensure progress and growth.
Most companies tend to reach a certain point where they have explored most of their ideas and tend to go in circles. And this is easily solvable – a fresh set of eyes. Yes, it’s that simple. Marketing is a fluctuating entity, which means that you can never really master it completely. There will always be something that you haven’t tried or thought of out there. Guerilla marketing strategies are one of the best examples for this – just explore the Dollar Shave Club campaign.
If you’ve already explored the concept of penetrating your local market, perhaps the time has come to expand your reach. After all, we are talking about business GROWTH strategies. Growth implies an expansion in one way or another. For moving business such as yours, this could refer to a number of approaches:
- Opening a franchise in a different city or state.
- Exploring new marketing channels to promote your services.
- Investing in your online presence and conversion rate.
All in all, you are left with a number of viable options to choose from. And the best part is that any of these can prompt new leads and income growth opportunities.
The introduction of new products
We are aware that, as a moving enterprise, there is not much that you can offer clients in terms of products. However, all it takes is a little market research and innovation. Perhaps you have customers that prefer to pack by themselves – invest in an online shop for packing supplies. On the other hand, some might prefer to conduct their own moves – consider renting moving equipment. Another idea that comes to mind is the offer of portable storage containers.
And these are just some off the back of the head. Sometimes, the introduction of something new to your offer is enough to take a business to the next level. And this is why business growth strategies are so important.
The expansion and diversification of services
If your moving business deals in residential moves only, consider how to expand that offer. It wouldn’t take much to provide estate relocation services or dorm moving services. Either one of these could prove tempting to a particular customer base. However, this all largely depends on the market you operate in.
On the other hand, you have the diversification of services as one of the popular growth strategies. This is where you can offer new services to new markets. So, instead of offering residential moving, you could offer commercial moving services to a completely new market and audience. Bear in mind, however, that this type of tactic requires careful planning and organization. This is why most consider it a risky step forward.
The use of acquisition for the purpose of expansion
Business today is a competitive and hungry beast. It has to be fed, otherwise, we risk ending up served on a silver platter. Hence, there are many companies that practice business acquisition as an expansion technique. Now, as far as popular business growth strategies go, this one falls under those more demanding. After all, you have to make a large investment to buy out a smaller business and incorporate it into your own brand.
However, you should also take the benefits into consideration. As a result of an acquisition, you can gain a new team of people, a pre-existing customer base and additional property/equipment. So, these are the advantages that you need to weigh before opting for this particular undertaking.
We leave you with this in mind
Each growth strategy—and its related risk and effort—should be carefully considered as part of your overall business strategy before implementation. There is no doubt that any of these popular business growth strategies will work for your moving business. It’s simply a matter of which will have the maximum effect for you. Best of luck with your choice!