Top 10 Strategies to Grow your Business
Whether you’re a start-up or an established company, growth is often the driving force for the future. Are you wondering how other businesses are growing at a rapid pace? In times of cut-throat market competition and an overload of digital media, how do you plan a strategy that works for your business growth?
A business strategy is a long-term process that involves research to know your true customers, understand what inspires their purchases and how your company fits in your marketplace. With the data from this research, you can drive an effective sales and marketing strategy. Once you have a powerful plan in place, your profits and growth will be both, predictable and controllable. Here are some tips to make your growth strategy relevant, result-driven and refreshing.
- Focus on Upstream Marketing over Downstream Marketing
Upstream marketing can be described as everything that happens before the hook is in the water when you go fishing. This includes considering the type of fish you want, the method to catch it, buying the right tools, choosing the perfect lake or river and choosing the most effective bait. Once all these things fall into place, then the hook goes in the water and can catch a lot more fish. This analogy perfectly describes the key principles of upstream marketing. You need to consider the who, what, where, when, how and why before you plan the implementation methods to win your customers.
In contrast, downstream marketing involves advertising, communication and branding activities. While these activities are equally important, they come only after a thorough strategy is established in the early stages of a product development lifecycle.
- Take a Hard Look at your Customers
More often than not, marketing experts skip a crucial step in the strategy process – research. Rather than focusing on your products or services, it is important to think about what your consumer wants. Use research to understand what your potential consumer needs and tailor your offerings accordingly. Research shows that companies who do research on their target customers tend to be more profitable and grow faster than those who miss out on this step.
- Find the Right Positioning
In order to implement and evaluate your strategy, you need to be aware of your business goals and USPs. Find out your point of differentiation in terms of product, pricing or customer service. Your positioning will build a unique image of your company and brand in the minds of your consumers.
- Be Patient with your Process
In this fast-paced digital world, we tend to constantly look for quick results. Yet, in marketing, patience in the key for most companies. Sometimes, it may take months or even years to see the results of your strategy. Plan every step of your strategy in detail, including your price, product, place and promotions before you enter the market. Once you have an in-depth roadmap, all your other downstream marketing activities will flow seamlessly.
- Increase Your Business Visibility
The best way to grow your business is to increase its visibility. This can include using various advertising channels like LED signs, vehicle branding, social media, advertising, and more. Wherever you think your customers are present, try to be there in some form or the other. The more visible you are; the more customers you will get!
- Learn to Delegate
When you want to grow, the best strategy is to focus on what you do best and then delegate the rest. Whether it is advertising, marketing, sales, or training, delegation can open up more time, space, money, and energy for you.
- Streamline your Marketing Message
Simplify and streamline your message, but don’t stop there. Test different versions of your message through mailers, website content, and newsletters so that you know what clicks with your customers. Make sure your message addresses a pain point and inspires action.
- Consistently Promote Your Business
Highlight new offers, promotions, special features, and news through various media like billboards, vehicle wraps, banners, boards, etc. Always ensure that the information you’re offering is relevant and consistent throughout all communication.
- Don’t Forget Events
Events and exhibitions are a great way to boost your business growth. You can reach out to prospective customers, know what your competitors are doing, and build strong brand value and positive perception for your company.
- Develop an Implementation Schedule
Without the right implementation, even the best-formulated strategies are doomed for failure. Set a budget, responsibilities, talent (internal and external resources), sales and marketing tools, infrastructure, training, marketing calendar and metrics to ensure that your strategy is getting the results it deserves.
“Every battle is won before it is fought”
Ready to get started on your winning strategy for business growth?
Contact Digital Koncept to help you develop a realistic, result-driven and refreshing strategy for phenomenal growth.