What is a Business Growth Strategy?
What is a business development strategy and how can it help you?
Growth strategies in business can make a significant difference. Developing a strategic plan can take your business to new heights; here’s how it works.
A Business Growth Strategy is a strategic development plan that allows companies to expand and tap into the full potential of their business. This can be achieved through opening new business locations, investing in client acquisition, launching or expanding an existing product line, and establishing and growing an online presence.
Organic growth in business gives corporations better control and coordination. Organic growth is usually done internally, meaning that a business maintains their control over strategy development. External methods, on the other hand, don’t allow businesses to completely take the lead on which organic growth strategies will be used. A merger or acquisition to expand one’s business will dilute owner control.
You’re probably asking yourself, “Why don’t all businesses practice organic growth?” Well, it simply takes longer, as the process of acquiring new clients and retaining existing clients is a tedious process. However, it might be worth it in the end, so if you’re thinking of crafting such a plan for your business, we’re going to give you some pointers. The Roos Advisors team has been helping small businesses reach their full potential for quite some time now, and we want to share some of the things we’ve learned throughout the years.
4 Small Business Growth Strategies to Take Your Brand to The Next Level
When developing a small business growth strategy, it will be helpful to keep a few crucial business development strategies in mind.
1. Brand Development Strategy
First thing’s first: your business needs a personality, a voice, and a brand. A strong brand will make growing your business and generating a loyal client base much easier. The following steps will allow you to establish your brand and implement a brand development strategy:
- Identifying your target audience
- Researching your target market
- Positioning your brand to stand out from the competition
- Choosing a strong brand name, a logo, and a tagline
- Developing a content marketing plan
- Developing your brand’s website
- Implementation and tracking the time it took to launch your brand development strategy
- Tracking the rise in search traffic and web visitors and comparing the numbers to pre-strategy times
2. Marketing Plan Development Strategy
The key to developing a strategic marketing plan that helps you stand out from the competition includes several crucial steps:
- Setting clear marketing goals
- Conducting an audit of your current marketing strategies
- Conducting market research to determine your company’s position in the industry
- Identifying your target audience
- Determining your marketing budget
- Setting up a calendar and time frame for your marketing actions
- Setting up a self-evaluation framework that allows you to fine-tune your marketing efforts every few weeks.
If you follow these steps, you’ll be able to build a solid marketing development strategy that supports your business in achieving its goals, reaching its audience, and building its client base.
3. Sales Development Strategy
This plan will allow your small business sales team to identify the steps necessary to meet your company targets and position your business to sell to qualified buyers in a way that differentiates the brand from competitors. These are the main steps to follow in your sales development strategy:
- Determining the client profile
- Measuring patterns in location, demographics, industry, employee count, revenue, and so on.
After you’ve identified your client persona and extracted details regarding your target audience, you can use this data to focus on selling your products or services to the right people. This must be done for the company as a whole and then per product or service, as different offers attract different buyers.
4. Market Growth Strategy
Once you feel comfortable selling in one market, it is important to recognize when a product or service can expand into another market. If a business does not find new markets to infiltrate, increasing sales and profits becomes more difficult. This can be done in three ways:
- developing new segments of the market
- expanding your client base to a new audience
- expanding your current client’s usage of a product or service
Once a new market is chosen, a business grows its market share by bundling products/services, lowering prices, and pivoting its advertising campaigns. Essentially, your company is restructuring its current marketing plan development strategy to fit a new market.
Build Your Own Business Growth Strategy with Roos Advisors
The four small business growth strategies discussed above all tie into a general corporate development strategy. A company growth strategy is incomplete without all of the above development strategies being implemented and properly executed.
At Roos Advisors, we believe that marketing, sales and operations are inextricably connected. Our assessments help identify your organization’s ideal client, help create branding, marketing, and advertising strategies, and ensure that operations are equipped to deliver on your brand promise. In a world that believes there is too much competition, the way to stand out is by being an expert, being authentic, and last but not least, being persistent.
We work with your teams to ensure every team member from the client prospect, client acquisition, and client services team is aligned. We strategize with you toward practical solutions for excellent customer experiences. We provide practical solutions that help empower your teams to step into their highest talents. We integrate brand development, marketing strategy, sales operations, and market growth strategy to increase client revenues and reduce client expenses.
Let’s kickstart your business growth strategy! Contact us today to schedule a free 15-minute virtual consultation to see if we are the solution you have been looking for.