Find a First Bank location near you. Search branches and hours, ATMs and more.Find Us
Enjoy an improved online experience, better app and more security with new Online & Mobile Banking.Learn More
Reach out to if you have questions, are looking for assistance, or would like to share feedback.Let's Connect
Make progress toward your goals and uncover the loan that fits your business by partnering with us.Learn More
Apply for your next home loan online 24/7 and enjoy quick, local service for your next mortgage or refi.Apply Now
Turn to us when you need flexible access to capital, new equipment or real estate for your farm.Learn More
Once you’ve established your business model, developed client or customer relationships, and filled in any gaps in your team, it’s time to scale your business, also known as the Build And Grow stage of a company’s life cycle. You may feel like everything is happening at once, with plenty of fires to put out. From new hires to streamlining day-to-day business processes, preparing financial documents for the scrutiny of potential investors, and lots of problem solving, these articles and tools will help you survive this challenging and exciting stage.
If you want to grow your business, you’ll need a strategic plan – which should include how you’ll find new customers and get your products or services into new markets.
Profile your existing customer base to re-establish your target consumers, and then determine different distribution channels that you could exploit. Think about selling:
Bring your target customers to life by creating marketing personas. For example, if your ideal customer is a 30-year-old stay-at-home mom, give her a name, learn more about her, and write up a detailed profile that describes her lifestyle, education, income, problems, and other important demographic attributes.
The better you know your target customer, the better you’ll be able to find more customers that fit the profile.
Where do people who match your marketing personas live and work? Is expanding into different geographical locations an option?
If so, research consumer demand for your goods or services in different locations. If the demand is large enough, determine how to go about serving those customers. For example, do you want to open and run a physical location or would franchising be an option?
If you’re a wholesaler, can you add a retail outlet? Likewise, if you’re a retailer, it might make sense to add a wholesale channel.
Are there any competitors or complementary businesses looking to sell? You might be able to buy them out to extend your reach and customer base.
Selling online creates a new avenue for your customers to purchase your offerings. You’ll also widen your audience – and therefore your reach – to potential customers. Consider:
What are you doing to attract new customers to your business? Use the following three strategies to attract new customers:
If you’ve exhausted the growth opportunities in your existing market, or your existing market feels flat, finding a new market may be the way forward.
Overseas markets offer opportunities to expand your business, but there’s a lot to consider. Exporting can be both risky and highly rewarding, making research crucial.
Conduct high quality, on-the-ground research in the countries you’re considering. Make sure to find out what regulations, tariffs, and business risks are present in your new target market.
You’ve built a business serving a particular slice of the pie, but other segments could also be receptive to your business. For example, if you’ve built your business with a focus on consumers (B2C), consider whether your goods or services would be of use to other businesses (B2B). Perhaps the government or education sectors have opportunities to explore.
In either case, you may need to tweak your offerings slightly to appeal to the new market. For example, while your existing products or services may be useful to both B2B and B2C markets, businesses and consumers have different:
You may need to adjust your marketing to address these differences and position your offerings as the solutions.
Finding new customers and markets could open the door to business growth, but it requires foresight and action. Get started today.
Your security and privacy matters at First Bank. Before you send us an email, please be sure that you are not sending confidential or personal information – like your account number or social security number. If you need to share this type of information with us, please call us at 1-800-538-3979.