The sluggish impact of the pandemic is beginning to reside. Today, companies adapting quickly to the changing scenario observe optimistic corporate growth.
Recently, the number of global companies witnessed a surge of around 1.6%. Hence, if you own an enterprise, it is the right time to remodify your business growth strategies for sustaining in the competitive market.
A robust growth strategy equips you with valuable assets to combat factors like market fluctuations and changing consumer demand.
However, the critical question is — which strategies should you shortlist from a wide array of options?
Well, some specific tactics have facilitated the growth of many businesses. Fortunately, you do not need to conduct in-depth research as this blog elucidates a blend of conventional and unique steps to bolster your business.
Table of Contents
A Glance at The Inclusion of Modern Business Growth Strategies
Before moving ahead, it is vital to acquaint yourself with the simple meaning of some terminologies. Here are the aspects that you should understand:
- Business growth: A point at which your venture requires additional avenues to expand and generate more profit
- Growth strategy: A tactic or methodology that acts as a catalyst to enable your company to develop and boost its sales
Now, look at the common operational strategies that companies utilize in the modern era.
As you can observe, several businesses are prioritizing the following main plans for expanding their outreach:
- Automation technologies
- Business continuity measures
- Digital workforce creation
- Workforce reduction and retention
Your business growth strategies must align with your brand’s identity and existing resources. Here are the other crucial defining parameters that will influence your decision:
- Target market
- Customer acquisition
Overall, as a marketer or decision-maker, your focus should be on implementing strategies that align with your goals. Also, tactics like data cleansing strategy and inclusion of technology should be mandatory for an increased ROI.
Business Growth Strategies – The Ansoff Matrix
You will find several channels to apply specific growth strategies. However, a basic model should define all the subsequent tactics.
The Ansoff matrix is a popular model that serves as a guide to growing your business using simple quadrants.
Source: Velocity Global
As you can observe, this model applies to your current as well as new products and services. Here is an elaboration of each component of this model that defines business growth strategies:
- Market penetration: Promote an existing product or service by customer engagement, decreasing prices, offering better quality, etc.
- Market development: Find a new target audience or offer a unique value proposition in the company’s products.
- Product development: Create new products or solutions to expand the business’ range of offerings.
- Diversification: Sell new products to a completely diverse target market. This tactic requires thorough planning and knowledge.
Notably, various business growth strategies revolve around this prominent matrix. The key is identifying the risk you can take for expanding your organization’s output.
Acquisitions Or Strategic Partnerships
Some organizations acquire other smaller firms to expand their business. On the other hand, certain companies partner with a similar firm to generate growth.
An apt example of co-selling your products is the partnership between Dell and DocuSign. Both companies have interrelated products that prove helpful in the B2B space. The end product is an excellent blend of hardware and cloud-based software that is useful for several enterprises.
So, such business growth strategies prove to be smart investments and decisions.
Proven Tactics to Expand Your Business
To upscale your organization, it is crucial to implement a blend of business growth strategies. This section elaborates on some crucial ones.
1. Invest in a Customer Management Platform
In addition to choosing a reliable ERP, you should pay equal attention to a customer relationship management (CRM) system.
How does this technology help grow your business? Here are some valid reasons:
- It improves efficiency in sales
- CRM systems align your team without delay
- It bolsters the sales effectiveness
- A reliable CRM help uncover referrals
A wide array of customer relationship management (CRM) software offers you the flexibility to upgrade your company’s output. For instance, software like Salesforce, InfusionSoft, HubSpot CRM, and Oracle NetSuite can prove compatible with different companies.
So, investing in a customer relationship management (CRM) platform can be a helpful business growth strategy.
2. Focus on Organic Growth
In simple terms, organic growth is the elevation in your sales due to an increase in your output.
You can achieve organic growth through the following tactics:
- Selling a greater number of products at the same rate
- Exploring different geographical locations
- Sourcing comparatively less expensive raw materials
- Hiring contract-based labor
- Improving the overall operational efficiency
One of the best benefits of such business growth strategies is reducing reliance on mergers or partnerships. So, aim to implement some proven tactics to expand your business naturally.
3. Develop an Enticing Customer Loyalty Program
Rather than acquiring new leads, you should focus more on retaining existing customers.
Customer loyalty programs contribute to this purpose. A well-planned loyalty program can offer the following opportunities for your firm:
- Lead generation
- Cost savings
- Customer analysis
Overall, these business growth strategies can accelerate the expansion process profoundly.
TRW is an excellent example of B2B customer loyalty program implementation. They developed workshops for clients who could access any country in Europe. Next, the brand offered points and rewards to entice its client base.
4. Leverage an Email List
Access to a lead magnet through a customizable database is one of the best business growth strategies.
Source: SuperOffice CRM
A B2B email list can help your marketing team connect with the most desirable prospects. Such a database contains all relevant details on potential leads. Access to such invaluable information can help you plan various marketing campaigns.
Notably, you do not need to spend time finding potential buyers. A professional email database can equip you with readily available information.
Such systematic lead generation helps improve your sales exponentially. So, choose a reliable provider to initiate this process.
5. Spend Adequate Time on Competitor Research
This growth strategy might seem conventional. Still, it influences your end output to a great extent.
B2B marketing and outreach require you to stay ahead of your competitors. Whether the product’s end price or unique attributes, in-depth competitive research can help unravel many aspects.
You can then devise a comprehensive plan to promote your products and services in an exclusive way. A good growth strategy is to analyze a successful competitor’s online ads. Note down the success rate of their advertisements and the special features.
Next, you can emulate those ads and scale your business. Sometimes, all you need is to follow established business growth strategies that can work in your favor.
6. Streamline Your Growth Area
As an entrepreneur, you should understand the exact segment that needs upscaling.
Source: Pixel Productions
As a result, you can implement the proper channels to elevate your output. Some of the common growth segments can include the following facets:
- New product design and addition
- Increase in the number of employees
- Improvement in customer acquisition rate
- New branch additions
- Expanding existing physical space
Awareness of these facets will help you understand the utility of your growth channels. Consequently, you will implement other tactics in a more competent manner.
So, ensure that you streamline and organize well-defined goals for growing your business.
7. Develop a Robust Sales Funnel
A well-defined sales funnel can help automate your business. Hence, building an easy-to-understand funnel is one of the crucial business growth strategies.
Source: Forbes Advisor
An ideal sales funnel consists of the following stages:
- Awareness: In this step, your clients need to become aware of your products and services. For this purpose, you should carry out sufficient research and use online tools for marketing purposes
- Interest: This is a persuasion step that includes demonstrations, proposals, and suitable follow-up tactics
- Decision or desire: At this stage, your prospects need to make the final decision before buying. So, this funnel section can vary according to the nature of your business
- Action: Finally, in this sales funnel section, you deliver your product or service after completing a pay transaction
All these stages depend on your analysis of the buyer’s journey. So, after evaluating this aspect, you can allocate sufficient and suitable resources to bolster each section.
Hence, developing a systematic sales methodology can help improve the expansion process.
8. Develop Diverse Products
Finally, you should also consider diversifying your product portfolio. This way, you can unravel new opportunities that help grow your business directly.
Consider the example of Microsoft. In addition to their traditional Office Suite, they offered antivirus, a cloud platform, and a collaborative tool.
So, although they specialize in the digital product domain, their offerings serve different purposes profoundly. To create a diverse product offering, here are some points to consider:
- The pain points of your clients
- Your team’s expertise
- Value-added proposition
Overall, offering an integrated variety can prove as one of the excellent business growth strategies.
In a Nutshell
You should focus on controlled, well-planned, and sustainable growth for your business. Notably, adapting to the changing client demands and implementing flexible strategies is crucial for expanding your outreach.
Consistent efforts and a blend of business growth strategies are pivotal to improving your sales. So, ensure that you follow the tactics that align with your company’s existing resources and structure.