Best Growth Strategies to Follow in Uncertain Times

Growth is a prerequisite tool for any business to survive. The strategic year-on-year growth requires different forces working together, taking informed and calculated risks and cherishing every failure with grace and being UNSTOPPABLE.enlightened

Studies showed that less than 50% of the start-ups fail to see their fifth anniversary and less than one-third accomplish the benchmark of a decade striving and thriving in the industry. Industries may vary but with given SWOT analysis numbers remain almost consistent.

In simple words, Growth strategy allows businesses to expand across time. Every organisation has a different vision and understanding on how to plan a series of actions that allows them to achieve a higher level of market share than the present one.

yesWhen it comes to building a growth strategy, we first need to take a step back to look at the bigger picture and identify what the larger strategic sources of growth are before we start implementing our tactics. Broadly, there are typically 4 types of strategies that contribute to a growth strategy. Either or all of them could work out for any business :

  1. Product development strategy—growing your market share by developing new products to serve that market. These new products should either solve for a new problem or add to the existing problem you product solves.
  2. Market development strategy—growing your market share by developing new segments of the market, expanding your user base, or expanding your current users' usage of your product. This can include things like opening new retail locations, developing new marketing messages to target different demographics, or even adopting a different pricing structure.
  3. Market penetration strategy—growing your market share by bundling products, lowering prices, and advertising—basically everything you can do through marketing after your product is created.. This strategy is often confused with market development strategy. And Broadly speaking, the majority of growth and marketing “hacks” you come across will fall under this category.
  4. Diversification strategygrowing your market share by entering entirely new markets. It bears huge risk and Businesses typically achieve this by acquiring or partnering with pre-existing companies to offer a greater range of services.

enlightenedDeveloping a growth strategy isn’t a one-size-fits-all process. In fact, due to uncertain market conditions, making strategic decisions based on someone else’s successes would be foolish. One needs to adapt the plan to smooth out their business’s inefficiencies, refine its strengths and better suit the customers.

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Richa Raj

Clicknurture.com Team

13 July 2020

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