Customer Success = CX + Customer Outcomes. When you invest in delivering a world-class customer experience and a program to proactively nurture and drive growth, you are multiplying the lifetime value of your customers and future-proofing your business." Daphne Costa Lopes
If you want to expand your company or organisation and find long-term success then you must have a solid business development strategy in place. You need to plan and think ahead and avoid getting too comfortable in one place if you’re going to truly excel. It doesn’t matter what level you’re operating at currently, there’s always an opportunity to expand and reach the next level if you approach this task in the right manner.
With a business plan for growth, you’ll know where you’re heading and how you’re going to get there and will have a better chance of ensuring your growth goals are met. Learn more about what a business strategy for growth is, why you need one, and the different types you may want to consider at your workplace.
What is A Business Strategy for Growth?
A growth strategy is considered to be your detailed plan or roadmap for how you will overcome current and future obstacles to meet your goals for expansion. Some ways you can go about doing this is by increasing revenue or market share, improving your products or services, or acquiring assets. It’s a framework that is in place that will allow your business to grow.
The desired outcome and what many businesses will experience is an increase in customers and additional revenue. A business strategy for growth can be used for startups and small businesses as well as for large corporations. Small businesses need to be wise about how they spend their money and may find a market penetration strategy to be the best option.
Why You Need A Business Strategy for Growth
While growing a business is not always easy, it is necessary and a wise move on your part. There are several reasons why a growth strategy is important to not only consider but to have ready to go. You need this plan in place and it’s important because it outlines what you want to achieve at your company as well as includes every detail about how you’ll get from one step to the next and meet your goals.
You want to avoid becoming another statistic in that you aren’t able to keep your doors open over the long term. With a strategic avenue and growth strategy, disciplined businesses can most likely experience sustainable growth and positive and long-lasting results.
How do they Work?
As far as how a business strategy for growth works, it will require you to align your marketing team with your long-term goals. Once this is communicated and formulated then you must have an action plan documented that will walk you through how you will achieve each goal.
There must be a marketing strategy for growth that is fully committed to the goals and where all departments are focused on growing the company from all angles. When done right, growth strategies have been proven and known to work.
Growth Strategy Types & Possibilities
The most vital aspect of a business growth strategy is to know the different types and possibilities and which ones you should be focusing on.
Market Penetration: This is a strategy in which your company chooses to market current products within the same market as you’ve been doing. Increasing market share is deemed as the only way to grow using existing products. You may be able to lower your prices to hold more of the market share from that of your competitors. What you’re attempting to do is take away market share from those you’re competing against whether it be with pricing or how you’re positioning your brand.
Market Development: Market expansion or development is when you opt to sell your current products in a new market. You may do this if there isn’t room for growth in your current market or if you are looking to increase sales and profits. You might be able to find a new use or a different industry for your product as well. What you’re doing here is developing a market to then successfully sell your service or product offering.
Product Development: A product expansion strategy or product development entails when you innovate and develop new products that will exceed customer expectations. It’s when you work to meet the needs of your target audience even better.
Acquisition, Merger, Partnership Growth Strategy: This is a chance to quickly consume additional market share by merging or partnering with other businesses. It’s the opposite of organic growth and instead, you’ll have accelerated timelines recorded and will rapidly deploy your resources and capital so you can build up a unit or business to expand your operations.
It requires a significant investment so you must know precisely what you want to achieve before moving forward. While it’s a risky move, it’s not as chancy as a growth through diversification course of action.
Growth through Diversification: If you’re a small business you may decide that you want to sell new products in new markets. You must be able to safely say that new customers in these markets will like the new products you’re selling to them.
How to Develop A Successful Business Growth Strategy?
As a company or organisation looking to grow and expand you likely are also wondering how to best go about doing so and develop a successful business growth strategy. What’s most important is that everyone is on board and on the same page so that you’re all working toward the same goals. It requires swift coordination between a cross-functional group of stakeholders.
Here are some pieces of advice and ideas that can help you overcome the challenges and ensure a smooth and successful implementation of your business growth strategy:
1. Create a value proposition and identify business growth steps. You need to know what it will do and why your customers need it.
2. Take into account brand relevance and customer experience as well. It’s not only about building relevance but also providing a rewarding customer experience.
3. You should evaluate long-term business growth and know where you’re heading. Make wise decisions for the future based on your business strategy for growth.
4. Have a plan for expansion into new markets, customer segments, and categories. If you’re going to make big moves forward then the core of your business needs to be solid before you do so. Use small wins to your advantage and track your developments as you go so you know how you’re progressing.
5. Grow at a steady and realistic pace. This one is important since growing too quickly or slowly can cause setbacks.
Modern Marketing Research
Penetrating a target market requires many carefully curated traditional marketing strategies. Start-ups and small business growth rely on perhaps a more intersectional approach.
One that comprises Customer Experience, search engine optimisation, customer journey mapping using digital metrics. Enter growth hacking, a new field of marketing that focuses on meeting customers where they are and increasing conversion rates through the use of data analytics.
Small business strategies for growth focus on your target audience segment. Naturally, your business development plans should allow for their needs and trends to be monitored and met carefully. You are building a relationships-not series of transactions.
Overcoming the Challenges
Achieving organic growth business is not a linear journey. A robust company growth strategy or business growth planning includes, growth marketing, smart goals and perhaps future projections on mergers and acquisitions.
Business development goals will be your north star as you navigate expansion, changes to your workforce, external sectors like politics, economy, supply chain issues, technological and societal trends and much more.
Instead, conduct market and industry research and set growth goals. Also, be willing to revisit and review your plan as you go so you can make any necessary adjustments.
A strategy for growth in business is an essential component of any company or organisation. It’s a chance for you to increase sales and profits when you apply a particular method for implementing your growth strategy. The method you choose to use will largely depend on your current financial situation and the competition you’re up against.