Small businesses find it challenging to enter new markets. They may fail to perform due to poor business strategies employed. This paper identifies key strategies that the health pet food/product vendor should consider to increase returns. It will explore the metrics that maybe used to evaluate the identified strategies.
Key Business Strategies
Small businesses including healthy pet food vendors contribute to around 54% of all sales in the U.S.A. However, ensuring that the business is able to generate sales and at the same maintain the customers may not be an easy task. Below are some of the strategies used.
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Relationship Selling
Establishing customer relationships is an old idea that is still used in modern business. The owner of the business can nurture loyal relationships with their customers through one-on-one relationships. Such relationships involve listening to the customer’s needs and doing the best to satisfy a good number of them. This involves a huge investment of resources and time but the outcome creates a long-lasting and successful business.
Utilizing the Web
The advantage of modern-day technology can be highly advantageous to any business. The owner can utilize the web to reach out to a huge customer base through diverse social media such as Facebook, twitter among other business sites. For instance, the business can sell the pet products online and allow its customers to give reviews about how they perceive the product. This will lead to improved sales and also help identify customers’ preferences.
Diversification Strategies
The business may diversify its sales by selling new products to new markets. This may be viewed as a game changer but the business will require a careful plan and marketing research to determine whether or not the new market will probably like their new products.
The most useful strategy in regard to the current situation
The most strategy in regard to the current situation of the business is to utilize the web. This will help the business to compete with other similar businesses and possibly even share prospective customers when they offer similar products. It will also help the owner to personally engage with prospective customers easier and faster.
Metrics for evaluation of Web Utilization
To begin with, year-to-date sales growth can be used to evaluate this particular strategy. The sales can be tracked weekly, monthly, or yearly to compare the business performance with the goal of the business (Stiegler, 2013). This can be compared to previous sales in order to determine the number of sales and number of new customers too. In case of reduced sales, the business may consider increasing the website traffic in order to get quality leads which leads to increased sales.
Net promoter score can also be used to evaluate the strategy used. For this case, the website can be designed in such a way that customers can give their reviews and scores of particular products (Stiegler, 2013). Basing on their score, the business can be able to know which products need improvements. In order to be safe, the business should ensure that they do their best to provide remarkable customer products.
Conclusion
In sum, small businesses often find it hard getting into new markets. However, they can develop strategies like the use of the web in order to capture a huge market and as well monitor their sales. This will help them grow and compete with other similar businesses.
References
Stiegler, Z. (2013). Regulating the Web : Network Neutrality and the Fate of the Open Internet . Lanham: Lexington Books.
