Are you looking for the latest business growth strategies that will work for your company? Here’s what you need to know. To take market share from your rival, you do not need to be a multi-billion-dollar worldwide brand. You’ll need an unstoppable expansion strategy for your firm.
Of course, there is a risk associated with expansion. As a result, genuinely successful companies rarely rely on just one strategy. Instead, they win by combining a mixture of growth methods, such as market growth, disruption, product expansion, channel expansion, strategic partnerships, acquisitions, and organic growth.
Continue reading to discover some of the latest business growth strategies used by brands to outperform their competitors.
A market penetration strategy (also known as market development) is a business expansion approach in which you try to sell your existing items into previously unexplored markets. This entails identifying new markets for your present product line that would be a good fit.
Because it allows you to expand beyond your current clients, market development is a typical growth approach. As a result, you’ll increase your market share. Targeting a new industry, demography, corporate department (e.g., moving from HR to finance), or geographic area is one example of segmentation.
Coming into a well-established business controlled by a few legacy brands and doing things radically differently than everyone else is known as market disruption. You can disrupt a market in a number of ways, including:
Taking use of new technology, such as when Salesforce launched a completely cloud-based CRM. Providing drastically lower-cost or higher-quality products.
Providing something completely unique, such as Slack as an alternative to standard email.
Creating new items or adding new features to current ones can be a very efficient way to expand your business. Product creation allows you to reach out to new audiences who may not have previously been interested in your business.
New distribution channels are among the top ten business growth methods since they boost revenue without requiring product adjustments. Ecommerce companies like Allbirds have improved income by expanding their physical presence. Initially, Allbirds were only available online, but they now have 29 physical locations.
Strategic alliances with other brands can help you achieve growth that you would not have been able to achieve otherwise. For example, partnering with a company that offers a complementary product or service gives you access to their audience, and vice versa. You’ll also get referrals from your strategic partner, and you’ll reap the benefits of their brand’s goodwill.
Acquisitions are perhaps the most obvious means to expand. Acquisitions are often only a viable growth option if you have a considerable amount of cash flow and financing capacity.
Acquisitions have a number of significant advantages. By acquiring direct competitors, they enable you to lessen competition. They provide you with access to proprietary technology that would take a long time and a substantial amount of money to develop on your own. They also provide you with access to the consumer base of the purchased company.
Organic growth is by far the best of all the business expansion tactics. It means you may build your business without relying on mergers and acquisitions. When it comes to your marketing plan, it indicates you are growing without the need for advertising, which means you will stop growing once you stop investing.
Your client acquisition cost is lower, your return on marketing spend is higher, and you are on a smooth upward trend with organic growth. The more organic growth you can achieve, the less money you will have to spend on marketing and the more money you will have to invest in growing your brand, creating new goods, and pleasing your consumers.
So, these were some of the latest business growth strategies to follow. Optimize your company’s growth plans by focusing on what is working. The more you track and measure your growth efforts, the clearer it will become to identify which aspects of your performance strategy are working and which are not. Double down on something that is working very well. If a strategy is not working, consider making some changes. If that does not work, consider shifting.
BGES is a “one-stop shop, business growth, future proofing, and exit service provider” for Small and Medium Businesses, with a track record of presenting outstanding results, including assisting businesses in being named to the renowned BRW Top 100 Fast Starters List and Business Award Winners. We provide business growth solutions to small and medium-sized enterprises using a proven Strategic, Financial Road Map, and Business Key Drivers based approach that is far more efficient than existing practises.