A growth strategy involves more than simply envisioning long-term success. If you don’t have a tangible plan, you’re actually losing business increasing the chances of losing business to competitors.
Developing a growth strategy isn’t a one-size-fits-all process. In fact, due to changing market conditions, making strategic decisions based on someone else’s successes would be disastrous. The key with any growth strategy is to be deliberate. Figure out the rate-limiting step in your growth, and pour as much efforts as it requires
But for this to be beneficial, you need to take the following steps:
•Establishing A Strong Value Proposition: For your business to sustain long-term growth, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service. What makes you relevant, differentiated and credible? Figure out what special benefit only you can provide, and forget everything else. If you stray from this proposition, you’ll only run the risk of devaluing your business.
•Identifying Your Ideal Customer: Your aim getting into business was to solve a problem for a certain audience. Who is that audience? Is that audience your ideal customer? If not, who are you serving? Nail down your ideal customer, and revert back to this audience as you adjust business to stimulate growth.
•Defining Your KPIs: Changes must be measurable. If you’re unable to measure a change, you have no way of knowing whether it’s effective. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas.
•Invest In Your Team: Your employees have direct contact with your customers, so you need to hire people who are motivated and inspired by your company’s value proposition. Hire a small team but reward handsomely. The best ones will usually stick around if you need to cut back their compensation during a slow period.
A one-size-fits-all strategy implies vague indicators. But a specific plan is a successful plan. When you tailor your growth strategy to your business and customers, you’ll keep your customers happy and fulfill their wants and needs, which will keep them coming back.