Growth in any domain of life is influenced by the mindset and the paradigm of a person’s thinking. If you believe in crash courses and overnight success, you will not be on the right track for growth.
A growth strategy isn’t a plugin or a set of installable functions that will skyrocket your company’s growth in one day. It is better to address growth as a plan to continually work on, learn from, and adapt to overtime for achieving the desired results.
Here we will introduce eight killer business growth strategies that will add value to your knowledge of business growth and shift your mindset towards the real path of growth and success.
1. Strongly-Defined Business Growth Plan
A business growth strategy is a routine and agenda you follow to increase your market dominance. When properly followed, a growth strategy helps increase market share, and eventually, you become a pioneer in your domain.
- Devise goals with a timeline
- Define the goal hierarchy
- Craft strategies for achieving goals
- Market demand evaluation
For a detailed breakdown of the growth strategy principles, read “What is Business Growth Strategy?”
A shared workforce, tools, services, and experiences increase the chance for success. Divided risk allows you to make decisions with peace of mind, access to alternative customer bases introduces new avenues of opportunity, and market dominance and market penetration multiply as you collectively work on a shared product or service.
Common partnerships include:
- Distributors, Influencers, and Promotors
Distributors deal with consumers on a large scale. It is one of the best examples of a B2C business model. Initiating a partnership with a distributor who has access to a large customer base and is eager to promote and sell your product is a winning strategy.
The distributor model isn’t always the best fit for all businesses. Alternative partnerships come from tapping into the ever-growing network of influencers and promotors who already connect with your target audience. Research your niche and identify the individuals who can promote and distribute your product to their vast audience.
- NGOs and Social Organizations
Partnering with Non-governmental organizations (NGOs) and social organizations to promote your product or service is an excellent way to grow your brand identity and establish your core business values.
3. E-Commerce and Online Presence
E-commerce sales are increasing exponentially and are projected to increase by almost 10% by 2023. Suppose your business does not have a website and an online storefront. In that case, you are missing out on a significant source of sales and potentially funneling your customers to competitors who have a strong online presence.
The benefits of e-commerce include:
- Multiplying Your Reach
Having a website with a robust online presence multiplies your chances of sales conversions as the number of prospective customers visiting your virtual storefront has increased.
- Brand Credibility and SEO
Your website is so much more than a virtual shopping cart. Blog posts and informative content housed on your website increase your brand credibility and provides valuable resources to your visitors.
Search Engine Optimization ranks your website higher in Google’s search results, driving more traffic to your pages. Utilizing the expertise of SEO specialists is the best way to achieve and maintain your top rankings. Getting people to your website is half of the struggle–the rest falls on your website design. If you hire a great website developer and build a site that suits your niche, your visitors will likely choose you over a competitor.
4. Market Penetration
Market penetration refers to how much impact your product or service has on the market. A simple method to increase market penetration is by promoting existing products. Offering discounts or marketing a promotional offer is a traditional approach with proven results.
Some useful strategies include:
- Using attractive packaging with identifiable branding
- Enticing sale prices
- Discounts on bulk orders
5. Developing a New Market
As a natural part of the business lifecycle, markets become saturated. Branching out and establishing a place in other booming markets is a killer business growth strategy when implemented diligently. The keys to entering a new market are extensive research and a plan for market entry.
- Launching your product in a new geographical area
- Attracting a new target audience
6. Innovative Marketing
Digital marketing is a tried and true way to optimize ROI. Businesses who consistently utilize one or more digital marketing strategies see growth in traffic, leads, and sales.
Common digital marketing strategies include:
- Email marketing
- Text/SMS marketing
- Social media (content and advertising)
- SEO campaigns
- Pay per click (PPC) campaigns
- Targeted ads (Google, Facebook, LinkedIn, etc.)
Read more about our Digital Marketing Services
7. Product Line Expansion and Innovation
Products that generate substantial but fixed revenue are prime candidates for innovation. Launching variations of the same product will continue to cater to your existing customers’ needs while appealing to a larger target audience generating more sales for your business. Invest in research and competitive analysis to ensure your launch is successful and sustainable. Expanding and innovating your product line is a lengthy but rewarding process.
8. Market Segmentation
Segmenting your customer base is critical to making data-driven decisions and implementing targeted marketing campaigns.
Audiences are commonly categorized into the following models:
- Demographic (age, income, gender, etc.)
- Behavioral (specific decision-making patterns, i.e. teenagers buying videogames and adults buying home products)
- Psychographic (lifestyle, personality, values, etc.)
- Geographic (city, state, country, region)
- Firmographic (company size, number of employees, etc.)
Utilizing a CRM tool like HubSpot, Salesforce, or Keap is a great way to streamline segmentation and store your customer data in a single location, making it easier to analyze and report on trends.
What Growth Strategy is Best for My Business?
A profitable business growth strategy may involve one or more of the methods mentioned above. To determine which approach is best for your business objectives, you may consider consulting an expert in the field.
DreamSite Gurus is a Denver-based agency helping local, national, and international businesses implement powerful growth strategies since 2013. DSG understands that every company has unique objectives and takes pride in helping businesses of all sizes implement result-oriented growth strategies.