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Here’s what we will cover today:

• 9 actionable growth strategies for your business

• Learn about an AI tool that can create a business plan for you

• Learn why chasing trends is no longer an effective marketing strategy

Quote of the Day

“The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty.”
~Winston Churchill

Today’s Tip

There are 9 ways to grow your business as follows. Consult this list often:

1. Market expansion – Increasing your target market to include more people or a larger geographical area. This is doing more of the same but to reach more people in more places.

2. Market Saturation – This means getting a bigger piece of the current pie. Whatever target market you are currently in, you would attract more customers from within it and make them “yours.”

3. Market Diversification – This entails going after additional market segments. If you’re selling donuts to walk-in customers, then you might start selling them in the grocery stores or directly to businesses as well (new segments of your market of donut buyers).

4. Product Expansion – Adding more variety to your existing product. An example of this would be Coca-Cola adding Diet Coke, Caffeine-Free Diet Coke, Cherry Coke, etc.

5. Product Saturation – This means customizing products-tailoring custom-made goods for individual customers. If you go this route, make sure to raise your prices for the extra value (and work).

6. Product Diversification – This means introducing new product lines. The more you have that might appeal to the same group of people, the more likely it is that they’ll buy one of them. You might sell items that complement your flagship product and enhance your customers’ experience.

7. Expanded Lead Generation – This means advertising through the same channels you have been (magazines, signs, direct mail, etc.) but using more of them (ads in additional magazines, mail to new lists, etc.).

8. Concentrated Lead Generation – This means advertising more often through the channels you already are. You’ll reach a higher percentage of the market more frequently to increase response and sales.

9. Diversified Lead Generation – Adding a greater variety of lead generation channels and messages that you’re not currently using, to reach prospective customers in as many ways as you can.

Today’s Resource

Turn Doubts into an Actionable Business Plan

What’s stopping your business dreams? Is it the overwhelming feeling of where to begin, or the fear of falling short in front of investors and lenders?

PlanPros.ai eliminates those fears. 

Our AI software doesn’t just help you start; it gives you a roadmap to grow, fund, and succeed, all in minutes. 

Answer simple questions, and watch as we transform your idea into a professional business plan with financial projections, strategies, and investor-ready designs.

Don’t let doubt hold you back another day.

Trivia

Today’s Question: THINK was the company motto for more than 40 years, for the company often referred to as "Big Blue." What is this frequently acronymed company?

Previous Question: Born and raised in the Texas-Arkansas border town of Texarkana, what U.S. businessman founded Electronic Data Systems and later ran two of the most successful third-party presidential campaigns in U.S. history?

Previous Answer: Ross Perot

Henry Ross Perot (June 27, 1930 – July 9, 2019) was an American business magnate, billionaire, politician, and philanthropist. He was the founder and chief executive officer of Electronic Data Systems and Perot Systems.

News

The Most Important Fundamentals for Marketing a Product

The Days of Trend-Chasing Are Over

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