You are successfully running your retail business in North America and you’ve gotten to a place where your company is stable and profitable? Congratulations! That’s a huge accomplishment. But now you are wondering “What’s next?” If you are looking for inspiration on how to take your business to the next level you are in the right place. We have explored various ways for business owners to grow their retail business.
Analyze new sales channels
When you start planning your retail business expansion, one of the first things that crosses your mind is - to test out a new sales channel. And it is a great start to getting to know your customers even better. Especially now, when there are so many options where you can place and present your products. The most popular platforms at the moment are Online stores, online marketplaces, Instagram, TikTok, and physical stores. Be creative, listen to your audience, and discover where they love to spend their time. And make sure you are connected with them on all relevant platforms.
Move around to find new locations
If you already have a store, you might consider opening another one elsewhere. This is a great way to promote your brand, create awareness, and reach new customers. When you are feeling ready to balance your local strategy and develop a new one - go for it.
Businesses that are not in that phase yet have other solutions. Partnering up with other players in the retail industry will help you promote your products.
Broaden your offer
Constantly adding new items, services, and lines to your retail store can only help you grow your business. But make sure that whatever you add is valuable for your clients and that it meets their quality expectations. To learn more, you can always do a customer survey that will help you identify whether something is worth investing in or not.
Delve into new markets
When we are successful in our market, we tend to get in a comfort zone, but new markets might be just the opportunity you’ve been looking for. You never know where the potential might be. For example, Birchbox (the subscription service) started by being focused exclusively on female consumers. Once they tapped into the male market, they discovered that they have room for launching Birchbox Man. How did they manage that? Not without the risk, that’s for sure. But they were listening to their clients and the feedback they were getting. Everything started with a small, limited-edition test product. And from the results, they discovered that people are interested. You might not be successful the first time you try a new market, but keep your eyes open and the opportunity will appear. If you are mainly selling your products in North America, you might want to test the European market. With the great potential and enormous base of potential customers - Europe might be the way to go for you.
EuroDev - Your boots on the ground in Europe
Do you think it's the right moment for your business to grow in Europe? With many different languages, countries, and cultural backgrounds - the European market is not easy to penetrate for any North American company. To be successful, you will need boots on the ground in Europe. And that is where EuroDev can help you out! Our company was established in 1996 in the Netherlands with a single, defined purpose to help mid-sized North American companies expand their business in Europe. So far, we have partnered up with over 500 companies and helped them define and meet their European business goals. Services provided include Sales Outsourcing, HR Outsourcing, and Digital Marketing.