“There are no great limits to growth because there are no limits of human intelligence, imagination, and wonder.” — Ronald Reagan
“Innovation is the key” for any business to conceive, grow and sustain.
Business strategies for growth are categorised in terms of Identifying Market needs, Product conception & Development, Market development, Market Expansion, New channels & Diversification.
Identifying Market needs
“Bird’s eye view” Strategy is of understanding the product or service needs and deriving appropriate solutions that satisfies the need. Market research / Surveys by firms in place plays a pivotal role, coming up with analysis and recommendations that can expedite and ease the process.
Market development
“Go the extra mile” strategy is widening the market share beyond the existing market, by untapping new markets.
This involves pitching in more geographical areas & different industries.
Market Expansion
“Get Better” strategy is of Driving sales and increasing market share within an existing market or customer base. This involves selling more of the company’s existing products or services to its current customers and also targeting similar customers and attracting them with the company’s promotional offers.
Product Expansion or diversification.
“Turn over a new leaf” strategy is of Expanding the product line and diversifications. This involves developing new products or adding new features to the existing products. This opens up the brand to new customers in turn expanding the customer database. Also increasing overall sales by introducing product lines to existing customers inclined towards the brand.
New Channels
“Go online” Strategy is of opening new distribution channels which boosts revenue with increasing sales. Brand Online Apps or through established commercial online platforms.
Strategic Partnerships and Franchises.
“Put our head together” strategy is of partnering with other brands that would be the only possible avenue for amplifying growth. Referrals and brand goodwill benefits exchanges and promotes growth. Products or services that complement each other enhance sales and customer reach.
Mergers and Acquisitions
“Bridge the gap” strategy is of business transactions where ownership of business, company or operations are transferred to or consolidated with each other company or business. This can accelerate business growth by opening avenues for New Market, cost savings, giving financial strength, enhancing innovation, diversification and risk mitigation.
To manage these, it is imperative to keep an eye on crucial elements, like our strength & weakness, effective utilisation of working capital, financial aspects, having the right team in place and scalability of business. Substantial Business growth via mergers and acquisitions, franchisees & Partnerships strategies are witnessed in the line of new market and customer base expansion / product and services.
Research on these verticals is imperative to pursue the growth strategy Pertinent to businesses.
