Strategies for Business Growth
Whether you’re in retail or construction, health or education, growth is challenging for most industries. No matter if this is because the market is over saturated or just extremely competitive, there are a number of tried and tested tactics that help drive growth. Whether you give them all or try or just a couple, start your business growth journey today.
What is a growth strategy?
Simply put a growth strategy is a plan of action that will allow you to achieve more of a market share than you already have. They can be either short or long term depending on your business goals. There are typically four types of smaller strategies that would form your overall growth strategy. These are:
Product development – growing by developing a new product to serve your market.
Market development – growing by expanding your client base or current users of your product.
Market penetration – essentially anything you can do through marketing after your product is created.
Diversification – growing by entering new markets.
Different tactics to use
Because every company’s strengths and weakness are completely different, there’s no one single approach to growing and expanding your business. There are, however, some key tactics that you can use and adapt them to suit your industry and overall business model. Here are some you can try when on the growth and expansion path…
Expand to new locations – no matter if you’re in the world of retail, a restaurant or an online business, if you expand to new locations (be those physical or digital), you may be able to increase your profits and customer base.
Develop new products – you may feel as though you’ve exhausted your product range, but you may be surprised. Don’t forget that your favourite coffee shop once started out only selling hot drinks – now they’re likely to sell food and even merchandise!
Explore the use of introducers
“What are introducers?” you might ask. Essentially, the role of an introducer is to generate leads for you through their contacts by making introductions. Introducers can help generate successful partnerships and therefore work towards growing and expanding your business. One of the most important things you need to do if you bring introducers on board is to look after these relationships. A partnership is a two way street remember.
Marketing, marketing, marketing
Marketing, whether that’s though SEO, social media or good old fashioned newsletters, is a great way to grow your business. Through targeted campaigns, products launches and paid advertising, you’ll be able to keep your existing customer base informed while generating new ones too!
You’ll likely need to hire a marketing expert to execute all of your grand plans, but it’ll no doubt be one of the best investments you’ll make as a business.