Business growth is a natural process during which an entrepreneur achieves new successes and sets new goals. Business growth is comparable to a person’s growing up, where each new year is marked by achievements, gaining experience, and achieving goals.
There are companies whose leaders do not see the need for growing their business. Having reached certain heights, they prefer to be content with what they have acquired and remain stagnant. It will not be possible to maintain leadership with such a philosophy for long.
A lack of forward motion leads to stagnation. Furthermore, it leads to a slow but steady regression and loss of their positions. The concept of a business and its ideas are becoming obsolete – new, rapidly developing companies are replacing them.
Top 10 Business Growth Ideas and Trends
Business growth always presupposes an idea. The idea and desire to achieve more drives everything. Effective ideas provide a quick start and growth for the company. The more intensively you can expand the boundaries of your business, the more successful the idea is.
Business concepts today dictate fashion trends. The most creative development ideas become trends that work for the good of your business.
Below are some examples of current business growth concepts.
Investments in a customer relationship management system
CRM financing is popular business growth topics.
The enterprise’s success largely depends on how well the interaction with the client is configured. Unfortunately, building a reliable and convenient connection with consumers is not easy, and getting feedback from them is even more difficult. CRM simplifies this process and allows you to manage your contacts much more efficiently.
Marketing automation as one of the methods of company growth
The automation of marketing or its processes simplifies the life of more than one department of the company. By running marketing automation, you can automatically send emails, track the progress of your company’s customers, and create lead-generation pages. Automated marketing in tandem with high-quality CRM will allow a business to quickly build up turnover and attract new customers.
User experience development
Assessing the situation in the market, experts predict that the only lever of pressure on customers shortly will be the attitude toward it. Of course, the cost and quality of products continue to play an important role, but the user experience often becomes the last argument for purchase.
Investments and positive changes in customer interactions contribute to success. The better the interaction system is developed, the more chances to turn a casual customer into a regular customer. By investing in user experience, you are investing in the future of your company.
Development requires a professional approach to everything. By working with the best in the business, you can avoid beginner mistakes.
Hiring professionals is expensive, but such an investment can speed up all business processes. The higher the qualification of a specialist, the faster they cope with tasks and the better the result.
By investing in specialists, you are investing in competitive products. This is always in customers’ interest, which means an impressive profit.
Compete on social media
The reality is that social networks are among the main information channels for clients today. Consumers love Facebook, LinkedIn, and Twitter, learning about new things on these social networks. Create hype around your products. Run an aggressive campaign. Publish materials every day and follow the dynamics of indicators.
Invest in employee training and product familiarization
Hiring specialists is almost a win-win strategy. But your subordinates must understand products to the smallest detail.
Improve the efficiency of your employees – introduce them to your product in detail. They should know everything about him and a little more. To make HR processes like this more organized make sure to use special software like FactoHR . The productivity of the manager who knows what he is selling is much higher. It is also worth investing in the professional development of specialists.
Start a blog
A blog is a proven tool for attracting customers. Write about user problems or talk about ways to resolve issues, and soon the company will have new customers. In addition, blogs have proven to be excellent in building a business image, which is important for further growth.
Make helping your customers a company goal
Having built trusting relationships, you will be able to motivate them for cooperation and interaction. Unfortunately, entrepreneurs often overlook this aspect. Remember, customer focus is fundamental to business success.
Create a supportive atmosphere
The more fragmented the team, the lower the efficiency of its work. Pay attention to the current situation within the team and try to make the atmosphere as comfortable as possible to affect employees’ performance positively. A satisfied team works more efficiently.
Study your customers
Your CRM is a treasure trove of company information. By intelligently handling data, you can make operational decisions and steer the company on the right track. Only by understanding your customers’ needs will correctly create a demanded product. And take your business to the next level.
The listed ideas are far from the only ones, but they are very popular and time-tested. Use them in your business, and influence the performance of your subordinates. Some ideas can completely transform your products, making them more relevant to consumers.
Best Business Growth Strategies
Unlike an idea, a growth strategy is a concrete plan, following which a company should grow. Using the right strategy can make a significant difference to the profitability of your business. The variety of possible growth plans is impressive – choose win-win, proven by numerous experiences.
Market segmentation and niche selection
When planning to enter the market, the company needs to determine the niche of work. It is worth paying attention to the areas that competitors have bypassed.
Take advantage of the situation and offer your product to users in this niche. Then, if it turns out to be in demand, you will occupy this market segment.
By constantly tracking underfilled destinations, you can occupy these niches and gain a steady stream of customers.
Absorption of competitors
The takeover strategy assumes sufficient financial capacity. If your company cannot achieve high results in a niche, buy another one. By acquiring small and uncompetitive companies, you build up a staff of specialists, expand your area of influence, and occupy new market segments. Study the company’s position you are interested in, negotiate a price and effectively increase it.
Search for alternative distribution channels
Think about market alternatives. By reaching out to wholesale buyers, you will discover the offline realm. Do you work exclusively online? Offer subscriptions, rentals, and other methods of selling your products and services. Try to rethink your company’s position in the market. Concentrate on alternative distribution channels.
These strategies are basic and solve common business problems. However, an individual approach will help to cope with serious difficulties. Consider developing your strategy. It should be fully aligned with the long-term goals of your company and the characteristics of the niche in which you operate.
5 Examples of Growth in Business
There are many examples of sophisticated and complex situations and non-standard strategies among large global companies. It is worth focusing on those who have succeeded in this. Consider these five impressive role models:
One of the first online retailers adopted a diversification strategy. First, the management shifted focus to assortment and quantity. Then, taking advantage of e-commerce, the company offered its customers an unlimited choice of goods. This approach was a revelation for many, and Amazon’s annual sales have grown to billions of dollars.
Having gained popularity at Harvard, the network gradually expanded to all colleges. The model turned out to be working in other areas as well. Over time, residents of the whole planet became users of the new social network – do you also have a Facebook profile?
A product growth strategy was used to achieve success. Initially, the company offered a B2C search engine, then Google Ads appeared. The next step for Google was to create new products that complement the existing ones. Finally, the company provided the user with the data and capabilities he needed. The consumer is his loyalty and trust.
The worldwide private rental website has adopted a strategy of attracting professionals. By hiring photographers, the company helped its clients to make high-quality ads, which increased user interest in the site.
To become the most popular dating app, its creators had to meet face to face with their clients. So the company focused on personas, and its representatives began to travel to campuses to advertise the new application personally. This approach launched the process of mass popularization.
By adapting the one, you like to your company’s needs, you can calculate its growth trajectory more accurately.
Organic Growth Business
In inorganic growth, the company uses all of its capabilities and resources to achieve the goal. An organic growth strategy does not involve borrowing. Its main features are increased production volumes, work speed, and the number of products sold.
For this strategy to be successful for the business, you need sufficient funds and capacity. Its main principles are:
- Continuous optimization of commercial activities
- Reallocation of funds depending on their effectiveness
- Development of new offers
An organic growth strategy is effective, but the guarantee of success will be the absence of problems for the enterprise. For example, is your business on the brink of bankruptcy? An organic strategy can speed up this process.
Stages Of Business Growth
While developing, the business goes through different stages, such as:
- The emergence of a business
- Promotion of business
- Achievement of goals and business maturity
- Further degradation
These are natural periods in the life of any business. But, unfortunately, your organization will have to go through every step, and the process is far from simple.
Stay in constant growth, create new products – this is the only way to keep the company afloat and prevent it from going bankrupt.
Effect of Social Media on Business Growth
Do you need an effective tool to popularize your business quickly? Social networks at your service! Simple, affordable, does not require any investment or special knowledge.
The use of social media in business growth has become the norm. Create your company’s image, make your products famous. All you need is professional photos and an understanding of what buyers want at the moment. According to statistics, the most effective social networks for business are:
More than 80% of marketers report the effectiveness of using social media. So perhaps you should apply this practice too?
How to Calculate Business Growth?
Now let’s turn to the exact calculations. To use marketing channels and other growth tools correctly, it is important to understand what stage your business is currently at and how quickly it develops.
Determine the company’s growth rate using the following formula:
V current - V previous / V previous * 100 = GrowthRate
Analyze other indicators as well, such as:
- The rate of increase in profits
- Increasing the market share that belongs
- The rate of increase in the number of clients
The data will help draw an almost mathematical conclusion about the strategy’s success. And if necessary, replace it with a more pragmatic and effective one.
Let’s summarize: Business growth is a symbiosis of ideas and strategy. There is no strategy – the idea is to turn into hope for a brighter future.
Only by compiling these components can you take the company to a new level of growth. And then success is just a stone’s throw away.