Let’s assume you aren’t a retail brand looking to add stores. Your growth options are actually quite limited.
You can find new customers. This is necessary, and it is not generally prioritized.
You can get existing customers to spend more. This is hard, it is almost always prioritized, and is often a waste of resources.
You can add product lines and/or create new brands. Non-competing product lines are one of the best ways to grow. If you sell Women’s Apparel and you move into Kids, guess what? You’ll sell more merchandise. If you sell Women’s Apparel and you move into Widgets? That’s a lot harder.
You can move into other channels. It’s the reason many of you sell on Amazon. They do the hard work, they take a chunk of your profit in kind.
As it becomes harder to find new customers, it becomes necessary to explore new product lines and/or new brands.
