Are jaw-dropping uncertain times -the times to regret already?
Push through the negative wave and nurture disproportionate advantage for your business.
Turn crisis into opportunity!
Growth is a pre-requisite for any business to thrive online. Strategic year-on-year growth requires turning every stone and achieving the business goals.
Building a growth strategy in times of crisis requires you to have a vision. It requires us to identify the opportunity before we begin initiating campaigns.
“Are you encountering unexpected losses in the time of crisis?”
“Have you lost most potential customers in this crisis?”
“Are you finding it hard to meet the customers’ requirements even after bolstering marketing efforts?
Maximize the business profit by 200% and eliminate the potential of severe loss by switching to the next gear of marketing.
And what’s that?
The blog highlights the key areas you can focus on to build the best growth strategies to tackle uncertain times.
Leaders being human are wired in such a way that they find difficult to cope up with uncertain situations and crisis.
In crisis times, you must have questions like:
“How will I tackle the falling sales?”
“How can I utilize this crisis to create opportunity for my business?”
“How can I double my sales in this time of crisis?”
These are a few of many questions that consume much of the mind.
Will it be possible for you to grow your business in this uncertainty?
YES, you can!
Rather than simply reacting instinctively and responding to informational noise detected by the tension wave, leaders react proactively to alter the course or launch a fresh one.
It is time to adjust strategies and value propositions to nurture more Sales.
Let’s first study some stats.
According to stats” 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.”
Why? Why do start-ups fail?
The most obvious reason for that can be a crisis and the imbalance between customer behavior and what the business has to offer.
Another reason can be – immune to what customers are telling you.
Yes, Customers are not only the business’s most valuable asset, they even help in gaining insight into online behavior deviation.
Here are some of the growth strategies that you can leverage in uncertain times:
Product Development Strategy
Is your current product strategy serving business goals?
Does your product solve the customer’s current problems?
Does your product require an update?
Is it future-ready?
The Market is continuously evolving and so the demands of the customers. To meet them, a business needs to think beyond the fence and modify the product development strategy to meet the customer’s urgency and proves an incredible asset for the future.
In this situation, the businesses have to decide whether they should launch products and services according to the product-oriented approach, customer-oriented approach, or market-oriented approach.
For example: Apple an example of a derivative strategy that connects their top-level strategy to their product development process. The tech giant tends to be product-driven. Apple creates products and finds the market for them later.
Steve Jobs famously suggested that customers do not always know what they want. Apple bets that customers will pay a premium for superb products and tends to focus on optimizing existing offerings. It relies on brand loyalty and is happy to allow competitors to control the market in lower-priced products that compete with Apple’s.
Product development in crisis is the means to mitigate risk, improve fits between products and market and overhaul a product line. It makes an organization adopt innovation, offer something that delights customers, and disrupt the competition.
Market Development Strategy
A market development strategy is a strategy that the businesses use to target a fresh segment of the audience. It identifies the new segment and expands sales through new users of the product.
For example: You run a software company and have a new product offering available for a particular audience. For coming up with the best marketing strategy, the businesses need to research first for whom the product will work the best and why the audience will be eager to buy it. The company needs to research the market, the demand, and how their software fulfills it.
This strategy grants the opportunity to the businesses to discover a new audience for their products and convert. Market development strategy depends on customer base, products, and geography.
The strategy is all about identifying the customer’s need and use that for products and services that suit their current needs in the market.
More Audience → More conversions→ More Sales
Are you aware of the fresh audience for your upcoming products and services?
Prevent the strategy from failing; Know the formula NOW!
The below questions will help you find it out!
Is there any specific target audience (market) that you aren’t serving currently?
Would this audience truly benefit from your fresh offering?
Do you or your team have the bandwidth to develop and measure the effectiveness of the market development strategy?
Will your effort in reaching this new audience segment is worth the investment?
The technique lies in knowing your targeted audience better. And Click Nurture helps you cut on that headache.
Customer Journey Tool in Click Nurture helps you in analyzing the deviation in customer behavior by:
Market Penetration Strategy
A market penetration strategy is a process of infiltrating an already existing market with a product from your organization.
Before diving into formulating and developing a market Penetration strategy, it is important to understand the company’s current position in the market in terms of demographics and product adoption.
If the company is new in the segment, Market Penetration Strategy helps in learning the competitors better. The main objective of a market penetration strategy is to enter the market as swiftly as possible and capture a sizeable market share.
For example: Wavestorm was a new entrant in the surfboard market. Before their introduction, the surfboards cost $300-$1000. Wavestorm shocked the market by launching a surfboard at $99. This market strategy allowed them to capture a significant market share and made them the leading surfboard producer in the market. The company sold five-times of boards as compared to other competitors.
Here are some of the tactics to adopt for Market Penetration strategy:
Given that, how you can increase market penetration and increase your customer base by 300%?
Ways to increase Market Penetration:
According to research, a good marketing penetration rate lies between 2-6% for consumer products while for business products, the average penetration rate lies between 10-40%.
The diversification strategy entails producing and developing products for the new market. The diversification strategy is adopted by the businesses when there occurs a saturation in the market. The saturation can occur due to any reason like economical, technological and regulatory make it hard to generate sales in the market.
Why your business needs a diversification strategy?
If you are considering the following:
Diversification can be one of the solutions.
What makes diversification an ideal growth strategy?
What’s your primary aim – Growth?
Diversification strategy provides wings to the businesses to expand different areas for growth. Companies must survey new markets to make sure there is a need and the new product will be accepted by the public.
Expand reach →appeal new avenues for sales →increase profits
Have you been a part of a long queue at Starbucks? Starbucks utilized the opportunity and made their wait refreshing by adding salad, sandwiches, and other breakfast items to the menu. Starbucks reduced the pain of the customers breaking the line to fetch a sandwich and turn this into an opportunity by adding an element of convenience. The revenues per sale go up as those who forgo coffee to get a sandwich might prefer to take both from Starbucks.
The idea lies in finding similar products or one that goes complementary with the other to fetch business sales.
The key lies in finding-
What other products your customers search for along with your products?
Benefits of Conglomerate Diversification strategy:
How will I know whether diversification will make me successful or not?
Well, nothing can be guaranteed when it comes to business but there are some chances that you can take to increase your chances of success.
Here is how you can evaluate the chances of success:
1. The Attractive Test
The business chosen for diversification must be attractive
2. The cost of entry test
The cost should not erode all potential benefits
3. The Better Off test
By diversifying the firm, you can achieve synergies.
These are some of the growth strategies that you can adopt in uncertain times depending upon your fresh marketing objectives. The focus is on evaluating fresh opportunities to increase their sales and showing alternative combinations for few markets.
Adopting the power of automation and advanced technology can help you understand customer behavior and launch products that complement the business growth.
Contact Click Nurture! and find how we can help your business achieve a competitive edge with automation. Unlock the route to flooding sales NOW!