Growth Strategies for your business
A good Growth Strategy will replace random and opportunistic business development with a reliable and systematic approach to growth.
A Growth Strategy at a basic level describes the types of clients you will target, the services you will offer and how you will position and develop your brand.
Here are 4 proven Growth Strategies that we discuss as part of our Business Improvement Programme and help you to implement with our Business Mentoring.
1. Market Penetration
A market penetration strategy involves focusing on selling your existing products or services into your existing markets to gain a higher market share. EXISTING Market, EXISTING Product.
2. Market Development
This strategy involves offering your existing services to a new market. It could include the development of new markets for your product or service or the development of alternative distribution channels. NEW Market, EXISTING Product.
3. Product Development
This strategy involves developing a completely new product or service that you do not currently offer for your existing markets. EXISTING Market, NEW Product.
This is likely to be the riskiest growth strategy. This strategy involves finding a new products or services for a new market. It is not the easiest, but is possible. Often a strategy if the existing products or services are under treat. NEW Market, NEW Product.
As an example of these models, perhaps the company that most people relate to is Coca Cola.
⦁ Market Penetration - Encouraging further sales with the association to Christmas including the Coca Cola trucks and Christmas is coming...
⦁ Market Development - The launch of Coke Zero to attract more maculine market compared to Diet Coke, when
⦁ Product Development - Launching difference flavours of Coke such as Vanilla or Cherry.
⦁ Diversification - The move into health drinks and smoothies, supported with the aquisition of Glaceau, Odwalla and a controlling interest in Innocent.
If you would like to explore a strategy to fit your business, then we would welcome the conversation to see how our proven programme and support could support.