Thursday, November 17, 2011

Grow Your Business- Even In a Slow Economy

It's Global Entrepreneurship Week, which is the world's largest celebration of the innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare.

During one week each November, GEW inspires people everywhere- through local, national and global activities- to explore their potential as self-starters and innovators.

To observe this occasion, below are some tips on how you can grow your business in this economy from CEO Coach Yolonda Mason. Although the economy may be slow, there are some entrepreneurs who are successful. And their success comes from remaining focused on the main strategies that ensure success. Here are some ways you can be successful, too:

Discover your 10 sales balloons. These represent the different ways a business will set out to generate leads and boost their brand awareness. The strategies will be different for each business, but the main thing is to do some of everything, all the time. Examples include getting referrals from customers and clients, networking, hosting workshops or seminars, distributing a newsletter and creating strategic alliances. All of these are strategies you can use to connect with potential customers. Mason says that entrepreneurs should be sure their businesses use all 10 strategies as opposed to just one or two-- you never know when a prospect might hear a marketing message. And if you only focus on one or two methods, you may miss out on certain opportunities.

Target market. In a not-so-great economy, it's even more essential to focus on who, exactly, your target market is and the marketing message. You must be sure you're talking to the right customers, and that's why you must understand your target market. If you're creating a business, do market research before your product launch. If you're an established business with declining sales, it might be time for you to revise your market research; some of your target market's demographic might have changed.

For two more ways to grow your business, check out my source, Tips from the CEO Coach: Tips to Grow Your Business in a Slow Economy.

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