Written ByConcrete business growth strategies are more than a marketing effort. They’re a crucial cog in your business that act as a barrier from a fickle consumer base and market fluctuations that are our of your control.
If you’re planning your growth strategy, Propeller have you covered with our business growth strategies for long-term success.
Business growth strategies are plans that will facilitate business expansion and development. They can involve specific projects, new products or services, mergers and acquisitions, partnerships, diversification into new markets, promotion of a product line or service – or some combination of these methods.
To develop a business growth strategy that works for your unique business, you must use a combination of market research and tried and tested methods.
There are three levels of business strategy, it’s important to understand each level and its role in implementing a great business growth strategy. The three levels of business strategy are:
The Corporate Level is your company’s main purpose. This level will direct all other downstream decision-making.
The Business Unit Level identifies the specific tactics and strategies needed for each niche market your company is involved in.
The Functional Level compiles of the day-to-day company actions required to meet corporate targets and align with business-unit strategies.
There are so many reasons why every business needs a structured plan, but here are three that apply to almost all businesses:
Having a growth strategy is essential for every business. If effective, it will increase your company’s revenues, market share, and profitability over time. In fact, even if you are content with your current position and have no desire for further growth, having a strategy in place is vital to ensure sustainability and the ability to cope with inflation. Here are some more reasons why developing an impactful growth strategy is important:
Customer retention revolves around nurturing and converting both existing and new customers into repeat and loyal patrons. Retaining customers is more cost-effective than acquiring new ones, you can build customer trust by:
A competitive analysis helps businesses identify areas for growth by providing insights into their competitors’ offering- good and bad. Your company can use this information to adapt and stay ahead of competitors.
Developing new products and services will help you increase your market share. You don’t necessarily need to create new products for this strategy to succeed. Get creative with your existing products, add updates, new varieties or create bundle offers with your existing products.
Joining forces with another company can bring mutual benefits in the form of new business. This partnership can give both companies access to a new customer base and allows for shared use of data.
Thorough market research will reveal consumer preferences and how your company stands in comparison to rivals. The context of the broader market must be used to set goals for business growth.
Market expansion involves entering new markets or targeting new customer demographics. This growth strategy allows you to tap into untapped markets, diversify your customer base, and reduce dependency on a single market. It requires market analysis, identifying new opportunities and adapting your services or products to meet the specific needs of the new market.
Organic growth requires little to no advertising, mergers, or acquisitions. By optimising your conditions, your marketing campaigns and products will reach more of your target audience without much effort on your part.
A cost reduction business growth strategy relies on organisations to reduce their operating costs. This frees up capital for reinvestment into growth opportunities and improves your overall bottom line.
Here are some ideas for implementing a cost reduction strategy:
A cost effective strategy, exploring alternative channels will unlock new markets without having to create new products or change your existing ones. It is important to consider the following if you incorporate this strategy:
Sustainable business growth combines economic progress while being conscious of your company’s carbon footprint. It promotes growth with care for the environment, society, and ethical practices, focusing on long-term viability and positive societal impact.
Key strategies include establishing a unique brand identity centered on sustainability, focusing on customer-centric growth, adopting sustainable business practices, and leveraging technology and data analytics.
Implementing effective business growth strategies ensures your company is continuing in the right direction to achieve accelerated development. Developing a coherent business growth strategy can be the difference between success and your company failing to turn profit. If you need help building your strategy, speak to Propeller today and see how we can help.