It’s one thing to venture into business and it’s another thing to have it grow and that can be achieved with effective growth strategies. It’s yet another to keep it booming when eventually you get it to grow, though this is not our focus here. Effective Growth Strategies is trying to highlight tips for boosting your business.
The aim and drive for any business venture are lost once it’s stagnant. I mean, who doesn’t want to have their business getting bigger and better. That’s the gist here. There are different ways and aspects for a business to grow. It could be on sales, production, branding, employees etc. The growth could come by:
- Adding new locations
- Investing in customer acquisition
- Franchising opportunities
- Product line expansion
- More sales online across multiple platforms.
Whatever the case, it takes a lot. Growth comes with consistent, right and adequate efforts. Mark the keywords here; consistent, right and adequate. They work hand in hand. They can’t even work in the absence of one, take note, for premium results. With that said, it’s right to note that it takes a process and period to manifest your efforts. It works better taking it one step at a time. Here is a compilation of feasible steps:
Develop/Settle for a growth strategy
Choose your targeted area of growth
Conduct market and industry research
Set growth goals
Plan your course of action
Determine your growth tools and requirements
Execute your plan
I believe these steps are easy to comprehend and practical too.
Now for a more in-depth scheme for growing your business. Effective Growth Strategies brings you 7 tips to have your business skyrocketing to its zenith.
1. Market Penetration
As the term implies, it’s simply penetrating the market. Employ means to have your products and services penetrate and possibly own the market. Consider your existing customers and prospects. Go larger on your production. Try to make your products more useful to your customers. If they could be versatile, that’s a hit for you. Get on with advertising, repackaging, offering discounts, lowering prices if need be and the likes of them. Just have consumers all about your services.
2. Market Development
This entails building up a space for yourself in new areas different from your usual settlement. It also reaches out to converting new consumers with your services. Going wider does it. You could get to neighbouring areas to cities, states and eventually countries and globally. This strategy has worked and is still working for a lot of firms. Trust me, it’ll work for you too.
See also the piece, Going Global.
3. Alternative Channels
Yeah, just as you read it, use alternative channels. There’s an Igbo adage that says, “you don’t stand at a place to watch a masquerade”, you need to try different positions and means. That’s the perfect scenario here. If you’ve been using just physical outlets for your services, try virtual too. If virtually you’ve been on one scheme try other means. Endeavour to widen your horizons.
4. Product Expansion
It’s still bordering on getting bigger but this time on your products. Create more things and begin with already existing and trusted customers. It’s quite risky to start with prospects or new converts just in case the new production is faulty/flawed.
5. Market Segmentation
This is another effective tactic for growth. It just involves sectioning your customers based on certain factors like needs, geography and the rest of them. See our article, How to Implement Audience Segmentation Effectively, for a better view of this. When you segment your consumers, you’re able to attend to them better based on their categories. That sure boosts growth.
There’s a saying that two heads are better than one. This notion has stood the test of time and still stands. Joint forces always work better than single forces. This is true too in business. When businesses work together they achieve more and better. You just need to make sure whoever you’re partnering with is the best option for you. It should be a symbiotic relationship rather than a parasitic one or whatever. Each party should bring and take something out of the partnership for the best results.
That brings us to the end of this article, Effective Growth Strategies. I hope you find it insightful. Try these tips and I bet you, you’d have your business in place for a huge trajectory.