Everyone wants to grow business fast no matter how big or how small is the business. Every business requires a growth business strategy to grow whether its the lifestyle business or the growth business. Growth is thus considered to be one of the key fundamental aspects of survival of the business.
If you look at the bureau of labour statistics and lending tree research, approximately 20% of the new businesses or startups fail just within the first to two years, 45% within the first five years and 65% within the first ten years of start. This clearly shows that there is always a need in the development of the business and the strong strategic business plan for the growth of business.
Similar to the ways on how to promote the blog there are also a ways on how to grow the business with growth business strategy. Similar to the marketing strategy there is also an equal amount of or more than a need of concrete growth strategy.
Starting the best lifestyle business idea is a great way to kickstart your entrepreneurship journey. With the help of best problem-solving tool along with the best business plan it becomes very much easier for anyone to grow their business fast.
- 1 What Is Growth Business Strategy?
- 2 How To Grow A Business Fast or How To Grow A Company Successfully?
- 3 Types of Growth Strategies – 12 Business Growth Strategies For Your Business
- 3.1 1. Viral Loops
- 3.2 2. Milestone Referrals
- 3.3 3. Word of Mouth
- 3.4 4. The “When They Zig, We Zag” Approach
- 3.5 5. In-Person Outreach
- 3.6 6. Market Penetration
- 3.7 7. Diversification and Product Development
- 3.8 8. Acquisition Growth Strategy
- 3.9 9. Market Development
- 3.10 10. Alternative Channels
- 3.11 11. Market Segmentation
- 3.12 12. Partnerships
- 4 Questions To Ask Before You Implement Growth Business Strategy
- 5 Conclusion
What Is Growth Business Strategy?
When we speak about surviving in the world of competition among many businesses that too when the digital marketing industry is booming, many terms including the growth strategy, marketing strategy, strategic business plan, lead generation and so on plays a vital role in the growth of business. That’s where the word, the growth strategy for business comes into play.
If you are looking for the meaning of growth business strategy, it goes something like this:
What is growth business strategy?
“Growth business strategy is that strategy that allows companies to expand their businesses to the truest potential rapidly and consistently. The growth of the business can be achieved by either expanding the business with outside investments, stepping into new locations, releasing new product range lines, stepping into new markets, and so on.”
Thus, the growth focused business strategy always lies in the customer satisfaction, customer service, and working with the niche industry focused target market influencers thereby choosing the right, relevant and pin pointed growth strategies that you are going to adopt.
Hence, it becomes very much important for you to lay down a perfect strategic business plan that is designed and developed based on the available resources to focus towards the growth of business. Make sure that you consider the following aspects, when you are developing the business plan focused on growth:
· Stepping into New Locations
· Bringing Outside Investments
· Designing, Developing and Releasing New Product Range Lines
· Investing in Customer Acquisition
· Technology Partnership or Alliance Partnership
· Explore the Franchising Opportunities
· Start Selling all Products Online across Various Platforms
· Partnering with Target Market Influencers
· Implement Digital Marketing Strategies and Content Marketing Strategies
· Implement Social Media Marketing and so on
In growth business strategies, most of the decisions are made based on your niche industry and the target market audience.
How To Grow A Business Fast or How To Grow A Company Successfully?
The heart of the fast growth business strategy lies in the new customer acquisition that plays a vital role in the success of business development. When you implement all the stages of growth business, no matter what type of business it is or what type of company it is, the growth is always ensured. Starting an online business is great, but implementing growth strategies for online business is not an easy task.
If you are looking for how to grow your business with growth business strategies then you must implement the following steps:
1. Use a Growth Business Strategy Template
The best way to kickstart your fast growth business is to make use of growth business strategy template. This template helps you immensely in developing, planning and documenting your growth business strategies.
These templates eases your work of keeping growth strategies just in your mind and enables you the option of keeping track of business strategies on one platform, so that you can achieve them effectively and successfully based on a targeted timeline.
The growth strategy template often consists of the following key requirements:
· Growth Action Plan
· Growth Team
· Growth Requirements
· Tools and Software
· Additional Resources
Growth Action Plan:
The growth action plan is the section where in you are going to explain how you are growing by outlining the projects key tasks and responsible parties.
Timeline is that section which consists of a table that outlines which tasks are required to be done and by when they must be completed in order to achieve the level of growth you are intended to grow for. The timeline table looks something like this,Growth Team:
This is a section where you will be listing out all of the key stakeholders’ names or key parties that are involved in the growth project. This table must cover their name, role in the project, team and email address.
This is the section where in you will list out all requirements and needs in order to grow. The more, clear is the growth requirements, the more, clear will be your growth business strategy.
In this section you must clearly specify how much capital that you will be needed in order to see this project through. If you already know from where to acquire the funding for your business and from where the money to be sourced from, the funding requirements must be laid down properly. Make sure that you enter all funding requirements here.
Tools and Software:
In this section it all talks about what tools and software you need to complete thus project. As part of growth business strategy, its also very important for you to consider the other related resources that are required to complete this project.
Along with this you must also understand how each of the tools are different from each other and how they can help the team to meet their goals. Thus, you must capture all the requirements of tools and software here so that you can transform your growth strategy for your business.
This is very important section of growth strategy for your business as you must need to capture and explain clearly which of the services you need for the growth of your business. Such services could include,
· External consultants
· Subject Matter Expertise (SME’s)
· Planners in any specific field of area
· Market researchers
· Analysts and so on
Hence, in this section you must list down all the services that you need as part of growth strategy so that you can better execute the project.
This is the section where in you can list out all the additional resources that you need for business growth strategy which you have failed to identify in previous sections. Its better to have a complete list of additional resources along with the clear reason on how they will help you reach your goals.
Such additional resources could be anything but not limited to,
· Logistics and so on
As you can see that the growth business strategy template helps in laying down a step-by-step plan to help you achieve your goal. This template helps in best to organize your thoughts, processes and expectations for corporate business growth.
If you are looking for corporate growth strategy then this template will eases your work by putting you in the right direction and success path. To get better results you can document and plan for the corporate growth in the following areas:
· Sales and Revenue Growth
· Addition of New Branches or Locations
· Growth of Customer Base
· Expansion into New Regions
· Addition of a New Product/Service
· Growth in Employee Headcount
· Growth in Customer Acquisition Rate
· Expansion of Physical Space
2. Choose Your Targeted Area of Growth
You have taken the first step in growing your business by working on the growth business strategy template. You realized that you need to grow your business, which is great and amazing that you are thinking of growth.
Well, the word growth is just not a phrase. In-fact its way more than that. This means, you must ask yourself what you really want to grow? Which is the area that you really want to grow?
This means that your business growth plan must focus on specific areas of growth or simply a specific growth area. The common growth focus strategies and strategic growth initiatives may include the following:
· Employee Headcount Growth
· Expansion of Current Office, Warehouse Space, Renovation, Shop, Retails and so on
· Adding New Locations or More Branches of your business or company
· Expansion into New Regions, New Countries or Cities
· Adding New Products, Services, New Assembly Lines or Manufacturing or Processes
· Launching of an Online Store
· Selling in New Locations or Stores or Retails all over the world or country
· Growth in Revenue and/or Profit
· Growth of Customer Base or Growth in New Customers or Growth or Expansion in New Markets
· Growth in Customer Acquisition Rate
· Growth in Sales or Profit Margins
· Growth in Rankings or Customer Ratings
· Growth in Investments
It doesn’t mean that you need to work on each one of the above-mentioned strategies as part of growth business strategy. When you start working on one targeted growth area, it will automatically trigger the other growth areas too, enabling for you to grow your business.
For example, when you target your sales growth, it automatically helps in increase of your revenue, headcounts, expansions, new locations and so on. Thus, it becomes very important for you to wisely choose the perfect growth target so that it also results in achieving the other growth targets too.
3. Conduct Market Research and Niche Research or Industry Research
When you finally found the growth area that you want to grow, now its time to justify the same on why you want to grow in the area that you chosen. Before you proceed further make 100% sure that the growth is possible in this growth target.
But how do you find out that there is a growth possible in this area? For this the best way to find out that the growth is possible and feasible in the chosen area is to conduct market research or industry research.
The possible examples of market research or industry research could include conducting surveys, online surveys or offline surveys, online research of existing industries or competitors and focus on the customers including both existing as well as potential customers. Conducting research in your niche industry would allow you to grow your growth business strategy.
Conducting industry research will allow you to gain all the knowledge you need around your niche industry and the facts that you determine will eventually help you to shape your expectations including growth goals. With this you can easily determine the timeline of the project, budget of the project and the goal of the project.
For some reason if you don’t have resources or time for conducting industry research or market research, then you can hire freelancers or gigs from fiverr. Fiverr is a great place to find freelancers who can do the job of market research for you. Why wait don’t have time, pick from the list below or sign up for fiverr and find freelancers for later stage.
If you are someone who wants to conduct market research or industry research on your own, then you can follow the below steps to conduct market research.
How to conduct market research:
When you think of market research or industry research there are basically 5 steps in marketing research process that you can follow to conduct market research so that you can gather and understand the required information that is needed to determine how best that you can meet your growth business strategies.
5 Steps to conduct market research:
Step 1: Defining and Locating Problems or Issues
The first step in conducting any market research or industry research is to define and locate the issues or problems on the niche industry that you are working on or you are going to work on. In this step you will be focusing on uncovering the nature and boundaries of a scenario, situation or a question related to your growth business strategy or marketing strategy and its implementation.
When you are going to define the problems and issues, you must take into account of the purpose of research, scope of research, relevant background information, what information is required and what information is not required along with how this information will be used for decision making.
Step 2: Modelling and Designing the Research Project
Modelling and designing any research project always involves in the development of a detailed timeline including and capturing each individual tasks that involves to solve a problem or issue that arise. This step completely focuses on creating an in-depth research plan that is focused on how you’re going to solve the problem.
A research plan or a project timeline is nothing but an approach, framework, or a blueprint for conducting the market research for the project. This also can be laid down in the form of procedures that are required to gather necessary information for decision making, or to test the hypothesis of the interest of the problem so that you can find the possible answers to your questions.
Thus, any research design involves the following steps:
1. Secondary data analysis
2. Qualitative research
3. Methods of collecting quantitative data (survey, observation, and experimentation)
4. Definition of the information needed
5. Measurement and scaling procedures
6. Questionnaire design
7. Sampling process and sample size
8. Plan of data analysis
Step 3: Data Collection
Data collection is one of the important steps in any kind of research and plays a vital role in the development of growth strategies for businesses. Hence, in this step you are going to collect all the information that is needed to resolve the issue or the problem that you have identified in the previous steps.
In growth business strategy for businesses, the aim is to collect all the data you can pertaining to the issues that you identified either through personal interviews, on-site visits, on-site investigations, or surveys and so on. The data collected then can be utilized to develop and grow growth business strategies.
How to collect data and the methods of data collection:
Basically, when it comes to data collection, there are two types of data collection.
1. Quantitative Data
2. Qualitative Data
A qualitative data is descriptive rather than numeric. The qualitative data is less concrete and is less measurable when compared to quantitative data, as it contains descriptive phases and options. Few of the examples of qualitative data are,
· An online review written by a customer on a product that he has brought in the form of descriptive phrases
· A descriptive phrases answer to a question on a survey
· A conversation of a customer that he had with one of the customer service representative
To be precise, the qualitative data helps in explaining the “why” behind the information that he wants to explain for a quantitative data. This is the reason why you need to supplement the quantitative data over qualitative data which helps in the foundation of your business strategy for growth.
Whereas the quantitative data comes in the form of numbers, quantities, and values. The quantitative data describes the things in concrete that are easily measurable terms. Few of the examples of quantitative data collection are,
· The number of customers who has bought a given product
· The product rating given by the customer out of 5 stars
· The amount of time that the visitor has spent on your website
Since the quantitative data is numeric and is measurable, it becomes a perfect companion for analysis as it lends well with analytics. When the quantitative data is analysed, it helps to uncover the insights that helps to develop and implement the growth strategy for business, thus by very well understanding your audience. The quantitative data can be considered as the KPI’s or Objectives as it offers the growth success measurement.
How to do data collection:
Even though there are many methods of data collection for quantitative data collection, you will be following the same fundamental process that we have explained below:
1. Determine what information you want to collect
The first step in any data collection is to choose what details you want to collect. For business growth strategy, you may required to collect the related topics for growth and business strategy, from whom you are going to collect the data from, how you are going to collect the data and how much data you need to collect.
The data collection should sync in with the goals of your business strategy and helps to find answers for your questions.
2. Set a timeframe for data collection
You can’t just keep on carrying on with the data collection. There should be a point where you have to stop. There should be a timeframe and timeline that determines how long you should spend time for data collection.
Some types of data collection such number of visitors that visits your website needs continuous data collection for which you can setup analytics tracker such as Google Analytics, ahrefs, SEMrush, MonsterInsights, and so on. However, for some of the campaigns you might required to collect data for a limited period of time.
3. Determine your data collection method
Determining what type of data collection method is suitable for use will help in the core data strategy for growth strategies of your business. Hence, you make sure that you select the right data collection method depending upon the type of information that you want to collect, the timeframe for your data collection and other factors that determines the growth strategy for business.
4. Collect Data
Once you have determined your data collection strategy, its time to start collecting data. Store all the data collected on the preferred platform of your choice, store and keep monitoring the progress and data regularly.
Additionally, you can also schedule data review or data monitoring or progress on timely basis so that you make sure that you are in the right track of business strategy for growth. Based on this you can update your business plan, timeline plan, or project plan as and when needed for changes.
5. Analyze the data collected and implement your findings
Once you have finished collecting data, its time to its time to analyze the data and implement your findings. This stage is very critical because you will be converting the raw data to valuable insights that helps in enhancing growth business strategies, growth marketing strategies, or business decisions and so on.
You can also improve your business with the help of data insights and implement findings in an effective manner.
Now you know, how to collect data in 5 simple steps, now its time to know what are the ways to collect data. Here are our 7 ways that you can use to collect data.
7 Ways to Collect Data:
2. Online Tracking
3. Transactional Data Tracking
4. Online Marketing Analytics
5. Social Media Monitoring
6. Collecting Subscriptions and Registering Data
7. In-store Traffic Monitoring
Step 4: Interpreting Research Data
Similar to the data collection steps, this step of conducting market research is to is to examine the data and coming up with the possible solution or conclusion that helps to solve the problem effectively and efficiently.
Step 5: Report Research Findings
In this step of conducting market research you are going to report and convey the findings for those who require it for making or taking business decisions.
Make sure that the findings that you are going to submit must be comprehensive and must be in the presentable manner so that it can be easily readable and understood in business decision making.
You can enhance the effectiveness of the presentation by oral presentation or oral communication with the help of videos, animations, images, infographics and so on that effectively conveys the message to the management who takes business decisions.
4. Set Growth Goals
Once you have done with your market research backed by what you’re growing and how you’re growing, now its time to know much you will be growing or by what amounts you will be growing. For this, you need to set and define goals that are meant for growing your business to the next level.
One of the very important aspects of the goal setting is to set the goals based on your end vision or the end game aspirations, such that where you would like your company or business to be in future or after some time. Such business goals defined must be measurable, achievable and realistic. This why the market research or industry research becomes a back bone in defining or setting goals.
How to set goals:
When it comes to businesses or companies or growth strategies or anything, everyone says set goals for yourself, for employees and for your business or company. But why the heck you want to set goals?
Well, when you set goals, you will completely take care of your life’s or your works or your business growth direction. Goals helps you to be where you want. Goals helps in decision making, keeps you moving, increases your happiness, succeed and significantly benefits your organization.
Here are 7 steps on how to set growth goals for your business growth strategy:
1. Think about the results you want to see and achieve
Before you get started with setting a goal, you must take a closer look at on what you are going to achieve and ask yourself,
· Is this goal that is something you truly want?
· Is the goal important enough to spend hours time, effort and money?
Once you asked yourself a question and got answers, if you are not going to put in the time you need, it may not be worth pursuing at all. You can’t set hundreds of thousands of goals. You may fail in achieving most of them or even all of them. You can only set goals that are measurable, valuable, and achievable. So, be specific and define the goals that matters in your business growth strategy.
2. Create SMART goals
Once you have found out what you are going to achieve as part of growth business strategies, now its time to choose goals that meets the SMART criteria. The SMART stand for,
· S = Specific
· M = Measurable
· A = Attainable
· R = Realistic
· T = Time-bound
The reason why you must define goal setting based on SMART goal setting criteria is that to keep track of your progress and most importantly you will whether met the goal or not. The goals that are more specific are the ones that are highly achievable.
For example, a SMART goal should be, “I want to loose 25 kgs of weight within 2 months”. This goal is most likely to be achievable rather a goal that is set as “I want to loose weight”.
3. Write your goals down
It is best advised to write down your goals rather than just making up in your mind or keeping it up in your mind. Always keep these goals visible to your eyes so that it keeps you motivated all the time.
4. Create an action plan
Most of the people in business define and set the goals, but never creates an action plan to on how they would like to achieve them. A goal without a written action plan is just something like goal that has no end result and can’t be achieved.
5. Create a timeline
Now that you have developed the action plan for your goal, now its time to use a timeline marker that helps you visualize milestones, roles, responsibilities, tasks, deadlines, and so on.
The dates you set must be adhered. And the timeline helps you create a sense of urgency among team that motivates you and your employees on schedule so that you can finish your goals in time.
6. Take action
Now once everything is planned and action plans defined now its time to keep on taking actions one after the other until you achieve your goal. Every step you take must lead to another until your end goal is achieved.
7. Re-evaluate and assess your progress
One of the key important steps of business goal setting is to keep on evaluating the progress so that the team is kept motivated all the time and are put in the right direction for the achievement of goals.
Lastly but not the least is to take the steps to quantify your goals in terms of metrics or timeline. Always remember a goal set as “Increase sales by 10% quarter-over-quarter for the next 3 years” is much achievable and quantifiable rather than a goal set as, “Increase sales”.
5. Plan Your Course of Action
Once you have set goals, now its time to outline your plan of action on how you are going to achieve your growth goals with the help of a well detailed out growth strategy. It is always advised to prepare a detailed growth strategy plan that defines your course of action in the achievement of goals.
The course of action must contain a list of action items, target dates or deadlines, name of responsible stakeholders and resources that in turn helps in achieving your growth goals.
How to write an action plan for achieving growth goals:
Developing an effective action plan involves a set of steps that must be followed and completed, so that you can achieve your growth goals. Simple to the steps followed for 8d analysis tool an effective action plan also has 7 steps that needs to be followed that results in achievement of growth goals.
Here are those 7 steps on how to write an action plan:
1. Define your end goal based on SMART criteria
2. List down all the steps that must be followed
3. Prioritize tasks and deadlines
4. Set milestones
5. Identify the resources that are needed
6. Visualize your action plan
7. Monitor, evaluate and update
Here are few of the action plan templates that you can make use of in developing action plans:
1. Business Action Plan
2. Marketing Action Plan
3. Strategic Action Plan
4. Corrective Action Plan
5. Basic Action Plan
6. Contingency Action Plan
7. Basic Action Plan
8. 8D Analysis Corrective Action Plan
6. Determine Your Growth Tools and Requirements
Once your team get settled down by completing all the above steps, now its time to provide them with the useful resources such as growth tools that helps them achieve the goals defined faster, accurately, efficiently and effectively.
There are plenty of growth tools or growth hacking tools for marketers and businesses that they can use and implement to implement growth strategy for their businesses. Here are few of the growth tools that you can use (listed in no particular order).
Growth tools or growth hacking tools for your business:
1. OptinMonster Exit-Intent
All round end-to-end tool for growth hack marketing. This growth tool automatically detects when visitors are about leave your website and grabs their attention with targeted offers, messages or lead magnet.
Packed with lots of features including integrations with email service providers, CRM software and E-commerce platforms.
2. Constant Contact
This is yet another highly recommended growth marketing tool especially for email marketing along with online training resource library and local webinars.
The constant contact offers great customer support including email, live chat and active community of users to help in your growth marketing strategy.
Mailchimp is one of the most preferred growth marketing tools that offers great email creation wizard, templates, and email work flows to easily get started.
Manychat is one of the best messenger marketing tool that is part of growth marketing strategy. This growth tool is best integrated with Facebook messenger that helps to create chat bots.
UserLane is one of the growth tool that helps people understand any software instantly. The UserLane helps you create an interactive onboarding guide to easily get started with simple checkmark options such as tips to get started.
7. Execute Your Plan
Once you have finished working on your business planning, resource planning, and most importantly the goal setting, now its time to execute your company growth plan and get results for your business as part of growth strategy for business. This all comes down to one simple fact that is executing your plan on all areas of your business that is focused on growth strategy.
When you are executing your growth business plan, make sure that you are holding your stakeholders accountability equally. Keeping the line of communication open for others will help you gain more insights and suggestions that could have a major impact on your business.
They will also help in identifying and comparing whether initial results for your forecasted growth goals are still achievable with the projected results or is there anything that needs to be changed or adjusted. Making small adjustments to your growth business plan should be kept always open to get best results.
Types of Growth Strategies – 12 Business Growth Strategies For Your Business
Whatever the growth business plan that you have and implement the tactics for leveraging the growth of your business, there are always options and strategies that must be considered as a jumping off points in your business. Here are few of the types of growth strategies that you can use to enhance your growth business strategy.
1. Viral Loops
2. Milestone Referrals
3. Word of Mouth
4. The When They Zig, We Zag Approach
5. In-Person Outreach
6. Market Penetration
7. Diversification and Product Development
8. Acquisition Growth Strategy
9. Market Development
10. Alternative Channels
11. Market Segmentation
1. Viral Loops
There are many strategies that are tailored and designed to be self-sustainable completely. These growth strategies for businesses rely primarily on users enthusiasm to grow on a consistent basis. These types of business growth strategies require just an initial push so that your business kickstarts to grow. One such growth strategy is the Viral Loop Growth Strategy.
The working principle of viral loop is as follows:
- Someone or any ‘X’ person tries your product
- For that ‘X’ person the business owner will offer a commission or an incentive to share it with others
- That ‘X’ person will accepts the proposal from business owner and that ‘X’ person will share it with his network
- This way, the New Users will sign up and see the incentives or commission for themselves and which in turn they will share it with their networks
- This way, the cycle keeps on repeating
The viral loop growth strategy works by flipping the traditional funnel strategy upside down:
Say for an example, a hosting provider company which is adopting this viral loop growth strategy to just get off the ground can offer an additional 5 GB for each referral, so called referral bonus. You will share this with your network who in turn will sign up, get incentives and start promoting this referral with their network.
This kind of growth strategy is more than compelling enough for users such that they will actively and enthusiastically encourage their network, friends and families to get them on board. Hence, the viral loop growth strategy for business is self-perpetuating acquisition business strategy that operates 24x7x365.
As the name suggests, the viral loop growth strategy may not be necessary and guaranteed that it will go viral. The fact is simple, that this strategy may become less effective the more it becomes common. However, this strategy can’t be ruled out as there is still lots of potential.
The best part of viral loop growth strategy is that, in viral loop funnel strategy the business only needs one satisfied user at the top instead of multiple users at the top. This one satisfied user will help in sharing with others in his network and builds in plenty of leads for your business. Thanks to the strategy that this viral loop funnel helps in converting at least 1 new user every time and keeps on growing.
2. Milestone Referrals
The milestone referrals is that growth marketing strategy that works on incentives to kickstart and sustain it. This is where the milestone referrals differs from viral loops marketing strategy. Thus, the milestone referrals are more detailed and are considered to be progressive element to the process.
When it comes to the viral loops strategy, the companies offer a flat and consistent offers for each individuals. However, when it comes to milestone referrals, the companies offers rewards specifically when you hit or achieve milestones, for example, number of referred customers, or number of referred friends and so on.
The milestone referrals work by offering more incentives as the referrer starts bringing more and more customers on an incremental basis such as 5, 10, 15, 20, 25 and so on. You can use the milestone referrals to bring in more customers who perfectly fits for your business. This is for the reason that you can bring in directly 5 to 10 referrals at the same time just from one referrer.
3. Word of Mouth
When it comes to word of mouth marketing strategy, there is no other business strategy that helps to bring customers organically and effectively. You will get the best results from word of mouth, when the recommendations start coming from friends and family which are considered to be the most powerful incentives for customers, so that they can try a product or service or even purchase the same.
To make the most of word of mouth marketing strategy, its best to focus on customer satisfaction. You need to ensure that your customers are treated well and given the best service which in turn makes the customers to spread about your business, products and service to their friends and families.
Having a great customer satisfaction also helps in building a great online reputation too. This way you can increase your sales exponentially. Hence, it becomes very much necessary to build a great social presence to enhance online reputation and implement word of mouth marketing strategy.
In today’s world of online communication, the customers are the one who drives the brands and businesses reputation, having good reviews helps in enhancement of business growth. Having one single negative review also matters a lot and impacts greatly of your business strategy for growth. One negative effort can completely divert your entire marketing growth strategy and can collapse your growth.
There is a saying that goes something like this, “satisfied customers tell three friends and the angry customers tell to 3000 people”. The main goal in implementing the word of mouth growth strategy is to focus on the positive user experience, it doesn’t matter, whether it came from a positive review or a negative review. The better the customer satisfaction you keep, the more the customers will spread your business in word of mouth.
With word of mouth growth strategy you need to grow the customers base who are satisfied with your business and service. Not only that, you need to also sustain the customer base with the feedback that comes from them and address or respond loyally for those feedbacks. This will help you in improving your business growth strategy drastically.
4. The “When They Zig, We Zag” Approach
If you own a business and wants to grow your business, then the best way is to do so is to implement the best growth strategy, which is nothing but the stand out among the crowd. This you can achieve by proving the bet user experience that helps you set your business apart from other existing and future businesses.
To implement, when they zig, we zag growth strategy, let us understand it through an example. Say for an example, your business is into offering users various mobile games through a play store app. If you already have a competitor who also has a play store of their who also offers mobile games, who is generating revenue from ads including from paid subscriptions that frustrates users for using it, you can counter it with when they zig, we zag growth strategy.
For this all you have to do is give the best user experience on your play store app. You can either minimize the number of ads shown, or cut the length of ads shown, or offer paid services with less price or can even offer a free trial version with ad-free experience. This will help your business to out perform the competitors that grows faster.
This way, when they zig, you can zag by immediately capturing the customers attention and capitalize on their interests. Thus, providing the great customer experience is the best growth strategy for business.
5. In-Person Outreach
You can’t neglect one of the best traditional growth strategy which is also most effective in today’s world is the in-person outreach. This strategy is one of the most effective ways of growing your business effectively. This can be best implemented by using a sales person or a marketing person who will be interacting with people for getting your business growing.
Having face-to-face interactions can help you in converting potential customers to full-time customers. This strategy helps to immediately take your potential customers on trust basis on your business. Which in turn automatically follows the word of mouth growth strategy from the customers you can interact.
You can take this in-person outreach growth strategy to the next level and reach more potential customers, by hosting webinars, attending exhibitions, sponsoring events, attending conferences, hiring brand ambassadors and so on. This way you can also target demographic in person strategically that easily helps you grow your business.
6. Market Penetration
Market penetration is one growth strategy for business that effectively enhances the growth of your business effectively. To use a market penetration strategy, you need to make use of the same existing market that you have been already using in order to market the existing other products.
With market penetration strategy, you can make sure that you are increasing your market share by using existing products in order to grow your business. The market share is nothing but the percentage that the company has out of the total sales of any particular product or service that they offer.
To make the most of market penetration strategy, you can lower the prices on your products or services and successfully take a bigger share of the market in your niche industry. When you have a lot of competition in the market, lowering prices on your products and service can help you to grow your business shares in the market.
7. Diversification and Product Development
In this today’s world of competition for any businesses to survive, the diversification in your business in your niche industry matters a lot. This is the main reason why for many businesses and organizations, it becomes necessary to consider a market expansion strategy.
To survive any market, it is very important that you must find ways to explore the markets with new products and services in your niche industry that helps to increase profits. This growth strategy helps you out-mark your competitors and helps to take an edge over competitors in increasing and growing your customer base.
To aid your business growth strategy, you can also introduce some new features to your products or services or even bring in some new applications to your business. If you want to enhance your product growth strategy or service growth strategy, then you must focus on technology that starts to change and evolve. That’s where the product development comes into play to grow your business.
The product development and diversification can be a riskier path in the market to complete with competitors. Product development involves time, investment and risk. So, this strategy should be adopted and implemented carefully with effective feasibility study before starting with product development stages. Once you done with, you can sell new products to new markets that helps to increase your business growth.
8. Acquisition Growth Strategy
The next growth strategy for businesses or any other organizations is to adopt acquisition growth strategy. This is one of the most effective business growth strategies and acquisition of another company mean to expand your operations to increase profits and grow your businesses.
There are so many examples of acquisitions in today’s world and keeps on happening. For many Companies acquiring another company has resulted not only in the growth of the business, but also in increasing the revenue of their businesses resulting in profits.
For example, Disney has acquired more than 3 companies including Pixar, Marvel, Lucasfilm, and 20th Fox Century that has already made Disney earn more than $33.8 billion. This means there is lot of potential in growing your business as part of growth business strategies.
As your business grows, you can think of expanding your businesses. However, you must keep in mind that you must focus on your business goals and corporate goals before you proceed with any acquisition. Also, you must think of your finances, investments, loans and so on.
9. Market Development
Like the market penetration strategy aims to increase the market share for any existing product or services, the market development strategy aims to promotion of new products or services to new customers or launching them completely to the new geographical areas.
This is one of the best strategies to attract new customers and expand your businesses to the new regions. This strategy best suites for those businesses who are large and not for those who are small businesses. Going global is the key strategy that you can adopt in market development strategies.
10. Alternative Channels
You can’t forget channels that helps you grow your business effectively and efficiently. Having alternative channels along side your business is one of the best ways of growth business strategies. As a business, you must focus on having more than one online platform for marketing and switching between the platforms always helps in achieving great results.
Basically, there are 3 marketing channels that you can start, namely, email marketing, social media marketing and business websites. Having a blog or website along side your business is great way to grow your business. Not only that you can even combine with email marketing and social marketing to enhance the growth of your business.
11. Market Segmentation
It doesn’t matter whether you are a small business or a large business, the market segmentation business growth strategy is the best that helps in growing your business drastically. In market segmentation, you are going to divide your business into various segments where in you can target specific customers.
All you have to do is to create targeted campaigns to specific variables or groups. This will ensure you of higher chance of success in growing your business. Few of the segments that you can divide your market are,
- Psychographic and so on
The market segmentation for any company must be implemented strategically. You can make the most of market segmentation, especially when you have your businesses in banks, gifts, cosmetics, clothing, food, electronics and so on.
However, the market segmentation strategy involves lots of research before you get started. You need to conduct market research, surveys (specifically email surveys), website analysis including website traffic, various study of analytics and so on.
Another best growth business strategy is to join hands with other businesses. Rather than focusing on acquisitions, you can also partner with other businesses that fall under your niche industry or works around your businesses that benefits both.
This kind of strategy is best for small businesses. Merging your business with other businesses helps you expand your businesses and operations that helps to increase your profits. This is a win-win situation for both the parties and brings in lots of benefits. For this you need to build a solid business growth strategy before you partner with someone.
Questions To Ask Before You Implement Growth Business Strategy
Before you get started implementing growth strategy for your business, you must consider yourself with a question, are you ready for growth? You can’t start your business growth strategy, without the growth business plan and the questions that we have covered below.
These are the questions that decides your fate in the growth of your business. So, to effectively implement these growth business strategies, ask yourself the following questions that helps in succeeding your business.
To ensure your business growing, the workforce is the one that decides on how effectively you are going to grow your business. Having employees or workers in right numbers and right skills who fits perfectly in your business culture, will decide on the way your business is growing to grow.
So, ask yourself how many employees do I need to grow my business, what skills that I should look for in employees, how much is going to be salary percentage on sales and so on. Once you are found answers for every question, then you can move on to asking your second question.
2. Vendor Capacity Analysis
The next question to ask yourself is to what is your vendor capacity? This becomes very important question, especially when you think of expanding your business and your orders and sales starts increasing. A vendor should be capable enough to handle your orders in supporting in expansion of your business.
Having a vendor who can support you in space, equipment’s, machines for manufacturing, maintaining inventories, logistics and so on will grow your business drastically. If the vendor is not competent enough it is best to change the vendor before only or find an alternative vendor along side having an existing vendor.
3. Internal and External Communications
When it comes to communications, whether its internal or external you must see that how effective are your employees in communicating your existing products as well as the upcoming products. Do they have the required skills for communicating the products or services to your customers or not and so on.
Having the required communication skills for your employees, plays a vital role in the business growth strategy. Having everyone on the same picture helps you effectively kickstart your growth strategy for your business.
4. Targeted Marketing Campaigns
You need to ask yourself, how best and how effectively you need to start targeted marketing campaigns. The highly targeted campaigns are very much important in the growth of your business.
You must conduct surveys on studying where your customers are spending most of their time. The place where you find they are spending most of their time is where you must place targeted ads that helps in growing your business.
5. Finances and Resources
Any business to grow requires investments and finances. You must ask yourself, do you have the necessary finances and resources to switch for growth strategy for your business? This is important because, you may need some investments in man power, machines, equipment’s, inventory space and so on. The bottom line is do you have the necessary finances to contain them?
Without having a strong financial backup and thinking of growing business is like putting your business in the risk of bankrupt or a loss. Have a strong financial business plan before you proceed for implementing growth business strategies.
6. Competitors Analysis
To effectively implement all the above growth business strategies, it is very important for any businesses to conduct competitor analysis through surveys.
The competitor analysis will help you in deciding which growth strategy that you are going to implement first and which you are not going to implement. Not only that it also helps in deciding whether you are going to go on a faster growth pace strategy or slower growth pace strategy. This also helps your business to take key critical decisions that decides in which direction your business going to be.
7. Can Your Customers Grow With You?
This is another area where you also need to look at is to ask yourself whether your customers are going to grow with you when you start implementing growth strategies. This is very important because you don’t want your customers growth to be restricted and fail to meet their expectations.
Ultimately, you are doing the business for your customers. So, failing to meet the customers expectations in your business growth ultimately results in the loss of your business. You must keep your customers happy and ensure that they are along with you in your growth business journey.
Thus, business growth strategy allows companies expand and grow their business, exponentially. The best way to grow your business is to practice and implement growth strategies or best growth business strategy, such as adding new locations to your business, investing in customer acquisition, adding new product lines, or expanding new product line, and so on. Thus, it is very important and necessary to use the best growth strategy that fits in your niche industry according to your target market.
Hence, for any businesses to succeed in any marketplace, businesses must continue to discover new processes, new products or services, new business strategies, new technologies and so on. This is the reason, why you must adopt above mentioned growth business strategies to grow your businesses.
These business growth strategies helps any organization, business and companies to explore new ways in growing their businesses in the long-term business success. Hope this article has helped you effectively choose growth business strategies for your business. With these growth business strategies you can able to grow your business faster. Also, you can make use of our growth strategy template for business that will help to plan your growth business strategies and succeed in business.
“Hey, I am Sachin Ramdurg, the founder of VDiversify.com.
I am an Engineer and Passionate Blogger with a mindset of Entrepreneurship. I have been experienced in Blogging for more than 5+ years and following as a youtuber along with blogging, online business ideas, affiliate marketing, and make money online ideas since 2012.