For business owners, rest never comes easy. After you have gone through the ordeal of watching your brand survive the turbulent startup phase, you must continue to work hard to foster future growth.
Growth is, after all, crucial for long-term survival, acquiring assets, attracting new talent, increasing performance, and, most importantly, making more money. Without further projections, your business will soon lose its capital. Eventually, the name you’ve made for yourself will quickly disappear into the sand. So, to make it, your business needs a growth strategy.
But what exactly is a growth strategy?
According to Gartner, a “growth strategy” in business is “an organization’s approach for overcoming the present and potential future hurdles to fulfill its goals for expansion.” In simpler words, future growth strategies are agendas that allow a business to continue its course and strike gold.
Continue reading to discover the most successful business growth tactics firms use to outperform the competition.
- Pick the Growth Area you Want to Focus on
It’s fantastic that you want to expand your company, but in what specific ways? Now might be a good time to upskill yourself if you need to gain the necessary knowledge to strategize your company’s growth policy. By enrolling in a business strategy online course, business professionals can learn to think and act strategically and use effective frameworks that offer value to a company and its overall performance.
Furthermore, your business growth strategy should consist of some key growth areas. Deliberate growth struggles frequently have the following goals:
- Increasing the number of employees in your company
- Adding to your current office, warehouse, or retail space
- Expanding into new areas, cities, or nations
- Adding new goods or services
- Increasing the number of purchasing locations (by opening new stores or an online store)
The best growth doesn’t occur in a vacuum, so your future growth strategy will likely include more than one of the above mentioned efforts.
- Market Penetration
A business growth approach known as “market penetration strategy” (also known as “market development”) is trying to sell your current items in new markets. According to the Hook Agency, 48% of businesses spend 4–10% of their money selling services/products in various markets. Thus, finding new markets to expand and market your current product portfolio is the best way. It will help you increase your market share.
Furthermore, this segmentation may include targeting a new industry, a new corporate department (such as finance or HR), or a new geographic area. Facebook is a prime example of a company that has used market expansion as a growth strategy.
They began as a service only available to Harvard University students. From there, they grew to include Stanford, Columbia, and Yale. Then they let all Ivy League colleges and a few Boston-area schools use the platform. After that, they opened up access to colleges across the border.
- Widen your Online Presence
Another effective strategy for business growth may be to utilize alternate online channels.
Statista says the number of smartphone users worldwide today is more than six billion. Many entrepreneurs currently use well-known social media sites like Instagram, Facebook, and LinkedIn to advertise their businesses. However, you should consider how different channels can assist you in expanding your target market.
Another study by Statista indicates that mobile devices generate about 54.4% of traffic worldwide. So, to make the most of your marketing efforts, it is essential to use all resources necessary. The top three are email marketing, social networking, and your company website and blog.
Nowadays, customers want to avoid visiting many web locations to make safe purchases, contact customer service, and complete other transactions. Omnichannel marketing is helpful in this situation. This strategy goes beyond keeping a website and a few social media accounts.
Thanks to omnichannel marketing, companies can contact customers wherever they are and provide them with what they want on any medium or device. Instead of merely using the corporate website, your business might provide customer service via Facebook Messenger, live chat, email, and phone. In addition, WPForms reports that 73% of users prefer and trust brands that offer a more personalized and supportive experience. So, with every method of reach available on your website, customers can make straight purchases without ever leaving your site.
- Create Strategic Alliances
According to Forbes, forming a strategic partnership with another business might assist you in expanding your clientele or coordinating growth with your business plans.
Starbucks’ strategic alliance with other well-known national retailers like Target or Barnes & Noble is a prime example. The arrangement broadens the coffee chain’s customer base and earnings by bringing it into numerous retail locations around the nation.
Even better, you may ally with a supplier to aid business growth. Moreover, it’s crucial to manage business partnerships and keep solid vendor associations, no matter what kind of cooperation you create.
- Expand Your Team
Expanding your personnel is frequently required to increase your clientele and revenue. In addition, just as you must focus on providing outstanding customer service, you must also pay attention to the level of the people who join your staff.
Search for various viewpoints that can fulfill the job’s demands and provide novel perspectives different from yours. A team driven by “yes men” risks developing a hostile internal atmosphere and self-serving practices. A diverse workforce brings new ideas to the table that wouldn’t otherwise be present because of its members’ unique origins, perspectives, views, and skill sets.
As you search for new employees, you should also focus on advancing your current staff. Show them how much you value what they provide for your business. Involve them in the goal-setting conversation, give them more chances to lead and interact, and even cover their seminar and staff training.
- Calculate and Refine
Make sure you actively track success however you decide to try and expand your brand. Changing without specific objectives or important outcomes in mind won’t be good. Without them, your growth strategy may quickly transform into an expensive scheme that ruins your company.
If you do not see success, don’t be hesitant to end or refocus projects. You may permanently set up new iterations and try the procedure again, finalizing your strategy to find the most fantastic route to victory. Continue to track and tweak even after you’ve scored a run. Growth may result from a series of workshops or new product lines for a while, but that might quickly change if you’re not paying attention.
Growth in a business doesn’t happen by chance. It is the product of proper planning, consideration, and hard work. Using some or all of the abovementioned strategies can quickly accelerate your growth opportunities. Even if your market is facing some turmoil, you can still capture a massive market share, stay ahead of the competition, and increase sales. Furthermore, it is difficult to identify which strategy will offer the most growth in the long run, as every business has unique objectives and goals. Thus, you must try as much as possible, and once you’ve identified which strategies work best, adhere to them and give your business a fighting chance.
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