Understanding Strategic Growth Strategies for Your Business
Business owners spend much of their time looking at sales charts knowing that as sales increase, the business is on track for success. If sales are flat or declining, management needs to step in and stop the trend. The first step in developing a new business growth plan is to understand your business’ marketing strategy. Before you can expand, you need to understand your core product and customer.
As you review the following strategies, remember it is important to be flexible while still being able to control the evolution of your business. Here are common growth techniques to consider.
Turn the Market Upside Down
This technique takes a new product line or business model and pushes it onto the market. This shakes up established industries, and your business takes advantage of the disruption by taking sales from the leaders.
Change Your Sales Channel
Give new customers access to your product through a new sales channel. You can reach an untapped portion of your target audience by simply offering it through a different platform. For example, consider incorporating brick-and-mortar stores into your model if you currently only offer online sales.
Expand Your Product
Gather information from your customers to add enhancements to your present product line. You still market to the same audience, just providing an add-on service or tool to your existing line. This successful strategy allows you to use your current customer base. There are no additional costs in seeking out new customers.
Find New Markets
Define another target market to which to sell your product. When you expand your potential client base, you potentially increase sales. Take advantage of your existing reputation and the success you have had in the past and increase business growth.
Align With a Partner
Strategic alliances allow you to build relationships with compatible products. Look for creative opportunities for product placement. Identify a partner that you can work with to increase your product’s presence in a new market. Developing new licensing agreements with other companies gives opportunities to both partners.
Buy the Competition
Acquiring another company is a strong business growth strategy that can lead to great rewards. Some businesses acquire another to obtain their customer base. Others acquire a business to obtain their product development.
When you keep an eye on sales growth opportunities, you will find that you develop a stronger business model. These strategies allow your business to be successful.