Business growth strategies are drawn in the boardrooms with marketing vision, organization goals, past performance and a need to address the pain points as the backdrop to the story. Every company will have its way of dealing with their business growth-related issues. However some of the ground rules remain constant for all, though it is not necessary that everyone engages in them.
If you have read the first few lines of this article, then you must have found this an intriguing or you are curious. Whatever may your reason be, let me state that this article will explore the strategies which you might just say “we already know about this”. If that is so, then it’s probably a good time to introspect and understand if you have lost sight of these common, simple yet core principles of business growth.
Here are some of the basic yet inevitable business mantras that each business has to bear in mind while formulating its strategies.
Understanding The Target Audience:
Take stock of how much or what does your delivery team understands about your target audience. A lot of organizations and businesses lay a lot of stress on surprise tests or evaluations of their resources.In fact some go so far as to make these evaluations a part of appraisals.
Such evaluations are especially needed to assess if the people who run your business are aware of the business offers. More importantly these test help you to understand if they know who they are offering these services or products to.
Training on products and services is comparatively easier since your sales team will always have brochures and reading material to refer to. However, gauging a potential prospect takes experience and a willingness to find their way of assessment.
Research The Market:
A business can grow only when it can
- Offer a product or service that is needed;
- Offer an existent service or product but which they can understand; and
- Introduce a new invention that is perceived as necessary.
To continue your business’s growth story you must have a solid research report in hand. The report will answer all the crucial questions on success and failure. Your next step will be to then make business growth strategies to maintain and exceed the aspects which lead to your success, countering those business competition aspects that had let you down and work on addressing grievances, on priority.
Play The Market Deeper And Expand:
In other words don’t stop at the stop called Success. That is just one of the stops. Penetrate the market, reach out further. A good example would be smartphone market penetration.
In India, a smartphone was meant for the urban, mobile and on the go population. However, the target audience expansion was so high that the product ended up penetrating a completely new market.
Here we cannot overlook the fact that marketers painstakingly seasoned this new market to accept smartphone which was expensive as a more “normal” phone while phasing out the basic models. This is an apt instance of deeper market penetration while expanding the market, across geographical limits and demographics, within the country.
This ground rule for a successful business growth strategy, especially in B2B service providers, comes to fore more prominently. An instance will be able to explain this better. A human resource firm is a typical B2B service provider. The core business is to score channels for resumes to connect the best-suited resource for the profile and serve the client that this HR firm works for.
This, in turn, makes such a firm dependent on database providers and job portals. Hence here is where a human resource firm will find contractual partnering with a database provider, beneficial. Such partnerships, deemed strategic partnerships, is a call a business must take while drawing its business growth strategies, where ever needed.
We often hear of a brand acquiring another or a company taking over another. As a marketer you are already aware, among many advantages, the distinct plus points that an acquisition helps with:
- You are looking at expanding operations, geographically;
- Diversifying your business; and
- Acquiring production base.
So how does acquisition help in etching successful business growth strategies? Here are a few pointers to help you reiterate:
- Right to access the acquired company’s capital;
- That with high ranking officials of the acquired company comes experience and knowledge base; and
- That now you’ll have access to technologies which were at the disposal of the acquired company;
Brainstorm And Look For New Revenue Avenues:
Still reading this article? Does this make you recall the basic rules like the back of your hand? Read on then!
Revenues or the ROI or the Bottom line of business are jargon that plays a major role in the discussions of your boardrooms. The bottom line is profits. Business dealings and closing sales calls are the most prominent and tangibly core avenues of revenue generation.
How about merchandising, expert advice, social media query conversion, and others. Keep looking for ways to get money into the business.
Learn From Your Competitors:
Your business is operating in a particular domain. You have competitors and they might be faring better than you in some aspects. So should it matter as long as your revenues are in place?
Frankly yes since they are doing some things right. Learning is never wasted and adopting a business model that has proven profitable for another business can go along way in devising ideal business strategies for you too.
Business growth strategies are the road maps for business growth. Many of these might not be apt for you, such as the point about an acquisition. However, most of the points mentioned will be apt for businesses. It takes only a re-brushing to recall these basics to start implementing them.