Business Growth Strategies

Business growth strategies start with savvy marketplace insights. Strategic marketing consultants and research companies can bring those insights to bear upon an ad-hoc basis, to businesses that are dedicated to growth. Creating processes and systems to make sure of a continual flow of marketplace insights into their company, is an enviable goal of growth strategies.

New Service/Product Strategy Development

Possibly the most obvious revenue maintenance or source of growth is the creation of new offerings to the existing customer base. Remaining close to emerging customer needs is straight forward as there’s great communication from support teams and sales. Keeping consumers involved in assessing product roadmaps and assisting to prioritize features and confirming appeal and value are essential to the process.

Strategy for Market Growth

Learning how you can grow your target marketplaces – whether by geographic location or by customer type – often is the linchpin for sustained expansion. It will require a synchronization of marketing and operational abilities to assure the market growth strategy is viable and can actually be implemented. Fresh market know-how is crucial to success, and comprises the creating of insights from target consumers, evaluating product/service appeal, and relevance versus competitive offerings.  Many times comprehending the process of sales and additional offerings to the delivery requirements help sustain your business strategy for clarity across the team of executives and the organization. This may appear to be a massive task as the growth strategy requires a business to reposition itself.

Strategy for Product Diversification

Diversifying your portfolio of products may lead to the expansion of your share of base customers and make your offerings more appealing to a wider marketplace. The important thing is to tie product creation resources (product management, engineering, etc.) to real consumer requirements and sustaining the consumers’ perspectives of needs, wants, and usages throughout the process of development. Beta and alpha testing with consumers is key prior to finalizing go-to-marketplace plans.

Market Opportunity Assessment

Associated with a market growth strategy and product diversification, a marketplace opportunity assessment may be utilized to flesh out potential ideas. This thought implies that an organization is more intrigued about a marketplace perspective than its own oftentimes-assumptive perspective. The scope of this type of analysis may range from short-term and straight forward, to longer term and expansive. A first sense of what is at stake might call for patience in performing a more comprehensive study. Competitive pressures might drive an organization to rapidly complete its evaluation. The outcome ought to involve: target markets, (by geography and type), present solutions evaluation, (how issues are being resolved), an extrapolation of resolutions scenarios, (oftentimes driven by forecasting the technology’s impact, and additional economic drivers.)

Analysis of Competitive Market

Within a crowded marketplace, (some call this the red ocean), competitive intelligence is crucial to both strategic and operational decision making. A regular and rigorous approach to competitive direction, position, and weaknesses and strengths may assist senior executives in identifying opportunities and gaps. The usages and implications for these type of learnings and earning, may be very strategic, (what new segments or markets ought to be pursued), to extremely tactical, (what messaging is going to better position our offerings within our on-going activity for promotion).

Strategy for Market Segmentation

Segmenting opportunities, targets, and markets may yield more clarity and more specific relevance for an organization and its offerings. Within some instances the exact same product may be repositioned to be made more relevant to the segment. Within other instances, a strong marketplace segmentation strategy is going to assist in justifying new marketplace entries and development of products. This activity will always lead to more clarity for and insights into how an organization may serve its potential and current markets.