What business growth strategies have you implemented in your company? In fact, do you want your company to grow?
“But of course, who doesn’t?”
It seems like a very obvious question, doesn’t it ?! After all, we went through exhaustive, risky and bureaucratic processes to put our ideas into action, it would not make sense to answer that growth is not one of the goals.
But, many companies or organization trust their ideas and perspectives so much that they leave the invisible hand of the market to bring about the long-awaited success. Foxbit, however, one of the fastest growing companies in 2019, with an “average annual growth in net revenue between 2016 and 2018 of 349.42%” , did not wait for the stars of the economy to align.
It takes a proactive stance when we open, or expand, a business. Knowing, analyzing and implementing the best business growth strategies are inherent parts of this success.
With that in mind we have put together a list of the main business growth strategies here at Nairalanceblog that you can customize and apply to your business. Come on?
effective business growth strategies
If you have been following the market routine for some time, you may have noticed that the growth of companies is affected by numerous factors. Especially when some subjects become the focus for the population.
In recent years, for example, we have seen huge growth in IT companies. It is not for nothing that they occupy the 1st, 2nd and 3rd place of the companies that grew the most in the last year . As we have already gone through other phases, in 2015, for example, some of the sectors that grew the most were related to bookbinding and jewelry services. Can you imagine that?
With daily changes and evolutions, it is natural for these growth cycles to occur. This explains, even, some exorbitant growths as was the market of Bitcoins and digital banks. However, this does not mean that only the niche with the greatest focus can grow.
If you know how to use the appropriate business growth strategies for your market, you can stimulate sales, generate demand and increase your sales. Follow, then, some of the main business growth strategies.
Ah! But be sure to read: Business expansion plan: Is it the time for that? How to mount it to avoid damage?
You may be tired of hearing that captivating and converting new customers is more expensive – and laborious – than making a new sale to an old customer. This is due to several factors, such as: he has already admitted his own needs, knows his company, trusts his product .
In other words, you are able to streamline the stages of the purchase journey, thus saving labor, time, staff and capital! This, of course, if you offered a positive shopping experience.
The business growth strategies are mainly due to two factors:
• Increase in revenue and
• Drop in costs.
If your company can increase the loyalty rate, it reduces marketing costs, for example, and still increases sales . This means that the return on investment is much higher.
For you to be able to develop this business growth strategy, you need to invest in:
• Excellent service;
• Adequate after-sales;
• High level of quality in all business processes and
• Concern for success and customer experience.
Increased reach power
The second growth strategy that we need to score is related to its reach power. When we think about business growth strategies the first thought is: sell more ! And yes, this is a great strategy. But how?
Well, there are some applications you can do to improve your sales conversions related to your brand’s reach power. Like for example:
Expand the portfolio of products and services;
Increase physical range limits. New points of sale, deliveries to other regions, etc.
Deploy more sales channels. If your company only works offline (physical stores) you can set up an e-commerce , or be part of a marketplace. This is also true for online media other than websites, such as social networks, for example.
This last item was exactly what Magazine Luiza has done in recent years, developing applications, virtual assistants and implementing omnichannel strategies in retail . It is not for nothing that it is considered one of the most solid companies in the market.
You may have noticed that this is one of the business growth strategies that encompasses so many others. After all, we are talking about physical expansion, target audience and channels.
Ah! But an important tip! Beware of the number of business growth strategies employed . Without proper planning and a strategic vision, you may receive an unexpected, or supported, demand for the company’s current structure.
And, believe me, this error is extremely harmful, after all, it can generate immeasurable consequences for your company’s financial health, reliability and image vis-à-vis customers and the market.
We mentioned in the previous item the diversification of channels and the omnichannel strategy . But more than that, one of the best business growth strategies today is online presence.
Do you remember that a few years ago the only ways of contacting brands were through advertisements on TV, radio, telemarketing, newspapers, banners, or billboards around the city?
That’s right, in addition to limiting the reach of brands, it also worked as a one-way contact. Not always when we needed something, a lit billboard appeared on the way.
In other words, the contact power belonged to the companies that located their customers, never the other way around.
Today, customers can search online and buy at will, or need, whenever and wherever they want. And if you believe that the online universe does not influence your physical SME, you are completely wrong.
If you are not online, therefore, this must be one of the first business growth strategies to be implemented!
Did you notice that business growth strategies need to be based on behavioral data and information and, mainly, on location?
So, optimizing your world through data intelligence, location and maps is a decisive step in the success of these business growth strategies.