How to Develop a Successful Business Growth Strategy For A Company -growth strategy for a company

What is Growth Strategy? 

Most companies, big and small plan to increase profits and consequently grow their businesses. However, these companies must employ certain methods to see the desired growth and that is what is referred to as growth strategy. It is the method a company uses to expand its business and win larger market share even at the expense of short-term earnings. Growth strategy for a company is significantly dependent upon its financial situation, the competition, market penetration, market expansion, product development and expansion, government regulation and diversification and acquisition.

A company’s growth strategy is aimed at increasing the size and scope of the business to a certain level that is more desirable. And since this involves risks, a growth strategy might be described as a safest policy of growth-maximizing gains and minimizing risk and untoward consequences.

Growth Team

A company is a group of people working together towards a certain goal. Thus a successful company is a result of great individuals under the stewardship of impeccable leadership. A great team is very fundamental for any business success. A growth team is an aggressive, focused, versatile and data driven group of special members of a company pushing to execute the company’s growth strategies and techniques.

The growth team incorporates individuals with marketing, design, product, and engineering, backgrounds in one well-integrated unit to work in fast frequentative experiment cycles aimed at increasing growth rate. For instance, on the surface, it might seem obvious that the marketing department and human resource department have nothing in common. One deals with promoting your business and streamlining advertising and branding. The other handles concerns that are related to the staff of the company in terms of hiring, compensation, performance, safety, wellness, benefits, motivation and training. However, the new growth team concept takes into consideration the commonalities between the two departments and creates ways for each to benefit the other.

Creating a functional growth team that can set your profits in an upward trajectory needs an open mind since distinctive solutions can come from unexpected places. Hopefully, those places are your company’s department teams.

How to Develop a Business Growth Strategy That Works for Your Company

1. Establish a value Proposal

Understanding what sets your business apart from your competitors is vital if your business is to sustain long-term growth. This implies simply answering the questions why do customers choose you for a product or service. What makes you relevant, different and credible? Have an answer? Good. Use that answer to explain to other consumers why they should do business with you.

2. Know your ideal customer.

Every business is formed to solve an issue for targeted consumers. Yours is no different. Get to know your ideal clients, who are they and are they your ideal customers? If not, then who have been consuming your goods or services? Get to know your ideal customers and revert back to them and this will stimulate your growth.

3. Define your key indicators.

Changes must be quantifiable. If you cannot quantify change then you will have no way of measuring its significance. Identify which key indices affect the growth of your business and then dedicate time and money to those areas.

4. Verify your revenue streams.

What are your current revenue sources and what can you do to add more revenue streams in order to make your business more profitable? Once you have identified these other potential revenue streams, ask yourself if they’re sustainable in the long run.

5. Look to your competition.

Your competition is probably doing something well that your company is struggling with. Look at such completion and ask for advice. Ask yourself what they are doing differently, are your businesses positioned differently?

6. Focus on your strengths.

Sometimes, it is best to focus on existing strengths than trying to work on weaknesses. This is one way of establishing your company’s growth strategies. Build on your strengths them to grow your business.

7. Invest in talent.

Your employees are your business. They get to execute your company’s vision and have direct contact with your customers. Hire people who are motivated and inspired by your company’s value goals. Hire few employees who are effective and pay them well. That way, they will stick around if you need to cut back their compensation during a slow period.

Every company is unique in its needs and value proposal. Do not base your company growth strategy on someone else’s successes. However, you can learn from those successes without blindly implementing them. Your company’s data should be helpful to all your strategic decisions. Specifically, you can use the data from your key indicators and revenue streams to create a personalized growth plan.

Top 5 Business Growth Strategies the Fastest Growing Companies 2019

1. Digital Marketing (SEO, Social Media, YouTube Marketing, SEM, etc.)

According to Digital Strategy Consulting, the average customer makes ten visits to a website before purchasing. This means that if you are not conversant with SEO, Social media and other valuable digital marketing fonts, then you might be missing out in term of your company’s growth.  Make use of Facebook and Google retargeting which involves a pixel you add to your site that then enables you to show targeted ads to users who have previously visited your website. This helps build trust with your clients.

Digital marketing costs less and generates approximately three times more leads than traditional marketing, making it a valuable strategy for small businesses. Having a blog on your site that offers engaging and useful content presents your business as an expert in your industry and can help you.

2. Make freemium products (freemium are products that has trials versions or a free version that lets you upgrade if you want to use advanced features)

The allure of free products is irresistible. People like to use free products. Making a freemium product helps you attract a lot of attention from potential reviewers as they don’t need to buy the product to review it.

However, freemium does not mean the product is below quality. A freemium product with amazing features will encourage the users to go for the paid version of the product for more seamless support, additional features, and unlimited integrations

3. Offer Freebies

Offering free viewable assets is one of the most effective ways of growing your email list quickly. You may try offering a free eBook in exchange for the user’s email address. The freebies you are offering have to be aligned with your marketing strategy and the theme of the product.

4. Ask for feedback

The best way to figure out what’s working in your business or and what’s not is by asking your customers directly. Consider using a popup to ask for feedback, or sending an email to customers who have recently purchased. Improve your business accordingly to user experience, which ultimately is helpful in boosting sales.

5. Implement AI

With the new world of Tech, new trends keep on emerging every day that can be implemented as part of growth strategy for a company. The latest that has excited many business managers is Artificial Intelligence (AI). AI promises to be an effective way of performing routine tasks.

Because of its predictive feature, AIs can be used by companies to better understand the changing needs of their clients and make the necessary adjustments in advance. GPU database which is a program associated with AI helps to store customer data, which is later analyzed to forecast customer behavior.

Also, AI enhances business security. Many businesses have fallen prey to catastrophic cyber-attacks and security breaches that have resulted in the loss of crucial data. AI has proven to be a dependable tool for cyber security.

Conclusion

The mentioned steps are crucial for any business that wants to grow in 2019 and beyond. The ability to adapt very quickly to new trends and market shifts should be one of the strengths. These strategies are a smart way to scale up your business. Using these tips, your small business can compete with the bigger players, and you won’t have to spend a fortune.  They are completely ethical and efficient practice.

Follow the tips above and they will help in taking your business to the next level.