With a strong and well-planned growth strategy, you can beat off your competition and enjoy an enhanced return on investment.
Every business aims to grow, but nobody can achieve this without a clear and effective growth strategy and business strategy.
Knowing this is important, but the key question is; how do you go about it?
What does a growth strategy involve?
The first thing you must do is choose which strategy you want to focus on. There are basically four kinds:
- Market penetration
- Product development
- Market development
Market Penetration is a strategy based not on changing your products and services or diversifying into something else, but on increasing your share of your existing market through an enhanced marketing strategy, or special offers like discounts.
Product development works through developing new products and services for an existing market, which can increase demand in an established customer base.
Market development is the process by which a firm seeks to expand its marketplace. A prime example would be moving into a new geographical area.
Diversification is the last of these, which involves devising new products for a completely new market. An example might be of a law firm taking on a new area of specialism, or a b2b e-commerce platform selling a new category of goods.
Which strategy is the best?
The best strategy for each firm will depend on a range of factors. The following may be considered:
- Are you failing to penetrate your market mainly because you have not understood the persona of your target market well enough?
- Are there obvious gaps in the market for new products and services?
- Are there geographical areas lacking in what you offer, that you could move into?
Often, better market penetration is the most obvious solution because your firm may lack an effective marketing strategy to begin with. It means you are in the right marketplace with the right products or services but have not marketed it well enough. A strong, well-optimised digital marketing strategy could work wonders.
However, better marketing will help all the other areas too:
- Good marketing is needed to raise awareness of new products and services, in order to increase your sales.
- Good marketing can also help raise awareness of your market development in new geographical areas.
- A strong marketing strategy is particularly important if you are marketing to people you have not previously targeted.
What can we do to build your strategy?
At BeUniqueness, we can draw on years of marketing and branding experience to help you devise a strategy that will be the best for your firm. Matching your business development plans with a smart approach to marketing, we can help you achieve the growth you have been searching for.