“Growth Marketing is closely linked to funnel analytics. More and more marketers start to track a client’s actions across the product’s website to determine which stages of the funnel causes the biggest friction.” – Mike Sadowski, Brand24
Most new businesses don’t survive their first year, half won’t make it past the first five years, and a mere third of those will only make it to their tenth. These numbers might seem a little terrifying when you first look at them, but what they should do is inspire you to create a business that is both excellent and sustainable. The most effective way to do that is by creating a strong growth plan for the future of your company. It’s all about envisioning your success and actually putting in the effort to make it a possibility, and this guide will take you through the best way to stay ahead of the curve.
What is a Business Growth Strategy?
“Almost everything worthwhile carries with it some sort of risk, whether it’s starting a new business, whether it’s leaving home, whether it’s getting married, or whether it’s flying in space.” – Chris Hadfield
Your strategy can start anywhere, even on a napkin in a pub or restaurant (which is where so many good ideas have been conceived). Your growth strategy should start by identifying opportunities within your chosen market and coming up with ideas for gaining access to them. It includes your marketing plans and future ideas, but it is also a lot more than that and needs to have further detail.
Your growth strategy needs to look at the ways in which your company is going to evolve, how it will meet the targets you set now, but also in the future. It takes a detailed look at your long-term plans and goals, marks them down, and also analyses your customer base and ability to retain them. Think of it as an advanced five-year plan, and one that you can keep building on.
Why is it Important?
Building a business is knowing how to do something, be proud, is to create something that will make a real difference in other people’s lives. – Richard Branson
Your growth strategy will often act as your motivation when things start to get tough, and every business has difficult periods where you might find it difficult to keep moving forward. It will keep your company working towards the detailed goals you have set out for it, keeping you all aligned, and helping you to think about the impact your decisions will have on the future of your company. Many business owners make choices based on that day that end up having negative effects on the future.
Statistics show that a tenth of companies will reach $250,000 of profit each year, and a mere 0.036% will ever achieve the $1bn that we all dream of. So, if you want to achieve new levels of success, having a solid and well-thought business growth strategy is essential.
The Key Steps for a Successful Business Growth Strategy
“Fall in love with the process, and the results will come.” – Eric Thomas
It doesn’t matter if you are working alone or with a team of people, your business growth strategy needs to be incredibly detailed and organized. You can’t miss a beat, and you need to understand exactly what you are working towards and why you are doing it. Below, you will find the key steps to building a growth strategy that is both successful and solid.
Establish Your Brand and Value Proposition
What sets you apart from the competition? It is the first question you should be asking yourself when you are planning your strategy, and the answer should be incredibly clear. Why are your customers coming to you for a product and not someone else? What is it that makes you relevant and gives you credibility within the industry?
Once you have answered these questions, you will have a clear idea of what your business means – but you will also be able to use it to explain things to your customers. It’s a way of letting both you, and them, know exactly who you are and what you stand for. This is also known as a value proposition, and it can even help your existing business branch out and bring new products to the market.
Identify Your Customers and Provide Good Service
You need to figure out who your customers are saying Chris from Silver Bullet running his UK business for the last 10 years, why, and the ways in which you can bring them in. This point does link in with the above because you can’t target the market without first having a clear brand statement and background. You need to figure out who your target market it and your ideal customer, and then you need to show them what you have and what makes you better.
Your brand should be recognizable based on the values that it holds, and that’s what people should remember. Customers should always have a good experience with your website, support teams, and anyone else that represents the business that they come into contact with. Customer service is an essential part of staying in business, gaining customers, and retaining them in the long-run.
Don’t Move Faster Than You Can Handle
There is definitely such a thing as moving too fast when you are growing your business, and a lot of the time the companies that do this will fail because they can’t keep up with the pace. Good things come to those who wait says Sylwia MD at Shmunky, and if you move at a pace that you are able to handle, you will find that there is a lot more success in the long-run.
It’s great to have instant cash and success, but if you keep thinking about the present and neglect the future, that success will be very short-lived. Of course, you should take risks, but it’s all about being sensible with your business decisions and thinking about the impact that they have.
Remember There Will be Challenges
“Marketing is no longer about the stuff that you make, but about the stories, you tell.” – Seth Godin
When you are growing a business and building your strategy, there are going to be times where everything feels like a challenge. Here are some of the problems you might face while you are creating your business growth strategy:
– It’s exhausting and time-consuming
– Everything needs to be clearly defined, from customers to goals
– Setting priorities, ensuring they make sense, and learning to stick with them
– Calculating and understanding the feasibility of your business and choices
– Learning to involve the right people and remove the wrong ones
– Not being able to think big enough
All of these things can be really difficult hurdles to try and get around, but ultimately, they will help you to achieve better success – both for your business and for you as a person.
Developing a business growth strategy is not necessarily an easy task, and it is one that requires a lot of thought, time, and dedication if you are going to get it right. However, hard work and perseverance are the main attributes that lead to success in the business world, and if you want your company to last you are going to need to be willing to put the work in. With this advice, you’ll be well on the way to a fantastic business plan.
out towards business strategy concept