Business growth is a natural process during which an entrepreneur achieves new successes and sets new goals. Firm growth is comparable to 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 merchandising. 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 forwarding 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 marketing always presupposes an idea. The idea and desire to achieve more drive everything. Effective ideas provide a quick start and widening for the company. The more intensively you can expand the boundaries of a commerce, the more successful the idea is. Development concepts today dictate fashion trends. The most creative development ideas become trends that work for the good of any prospective business. Below are some examples of current dealing success concepts.
Investments in a customer relationship management system
CRM financing is a popular establishment progress topic. 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 company department. By running marketing automation, you can automatically send emails, track the progress of a company’s customers, and create lead-generation pages. Automated marketing in tandem with high-quality CRM will allow a business to build up turnover and attract new customers quickly.
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 goods 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 a developing 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 selliing & buying 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 production. 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 fresh creations. 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 employees – introduce them to the product’s specifics 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 main customers’ needs will you correctly create a demanded product. And take a regular 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 marketing promotion, and influence the performance of subordinates. Some ideas can completely transform common products, making them more relevant to consumers.
Best Business Growth Strategies
Unlike an idea, a rise strategy is a concrete plan, following which a company should grow. Using the right strategy can make a significant difference to the profitability of a business. The variety of possible buildout 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 work niche. It is worth paying attention to the areas that competitors have bypassed. Take advantage of the situation and offer willed 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 a company cannot achieve high results in a niche with a current skill, buy another one. By acquiring small and uncompetitive companies, you build up a staff of specialists, expand the existing 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 unique products and services. Try to rethink your company’s position in the market. Concentrate on alternative distribution channels. These growth strategies for business are basic and solve common small business problems. However, an individual approach will help to cope with serious difficulties. Consider developing an unrepeated strategy. It should be fully aligned with the long-term goals of a company and the characteristics of the niche in which you operate.
Market penetration: Increase your market share
If you have a small business, these business growth strategies works for you. Market share, or market penetration, helps increase sales of current products or interest in the new ones.
Here are some working methods that every small and starting business should try:
- Lower the price of the existing product to stand out from the line of competitors.
- Offer a free trial when releasing a new thing (works for web-based agencies).
- Work out a system of discounts on larger purchases.
These strategies for business growth may seem unbeneficial at first glance, but they seriously raise purchasers’ interest over the long distance.
Let customers promote you by themselves! This strategy base is enthusiasm and the client’s self-profit. You offer some benefits for sharing information about business or product. For example, a VPN service gives an extra 5GB of traffic for posting a tweet about it. New clients come from their friends’ recommendations, and the scheme repeats.
Market disruption business growth strategies require intense planning and extraordinary thinking. In this case, you come to a lined up, quite conservative industry and bring an original approach. You can:
- use innovations;
- offer a cheaper and a more qualified product;
- change the traditional bargaining model;
- deliver a different outcome.
Product expansion: Refresh or renew your offerings
Also known as diversification, these strategies of business growth mean upgrading current products with entirely new functions. Multifunctionality and diversity bring the interest of the audience that hasn’t been interested in you.
Leverage Social Media
The strategy doesn’t mean “doing everything everywhere.” Instead, you should find social media that has the most significant effect on the industry that you are developing in. Find audience’s most frequent choice and develop a few efficient social networks.
Partnerships: Join forces with complementary businesses
A small company can win a lot from a lucky partnership. An efficient strategy doesn’t involve partnering with enterprises or direct competitors. Instead, unite with relatable companies, so everyone receives benefits.
If an organization grows sustainably and has a debt capacity, acquisitions are an ideal strategy. It means buying smaller companies and uniting your powers. It is an easy strategy to eliminate direct competitors.
5 Examples of Growth in Business
There are many examples of sophisticated and complex situations and non-standard financial strategies for business growth 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 enlargenment 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 improvement trajectory more accurately.
Organic Growth Business
In inorganic growth, the company uses all of its capabilities and resources to achieve the goal. An organic upturn strategy does not involve borrowing. Its main features are increased producing volumes, work speed, and the number of products sold. For this strategy to be successful as a small 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 extension strategy is effective, but the guarantee of success will be the absence of problems for the enterprise. For example, is a small business on the brink of bankruptcy? An organic strategy can speed up this process.
Stages Of Business Growth
While developing, the set-up goes through different stages, such as:
- The emergence
- Achievement of goals and maturity
- Further degradation
These are natural periods in the life of any group. But, unfortunately, your organization will have to go through every step, and the process is far from simple. Stay in constant upswing, create new things – 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 will improve the situation! Simple, affordable, does not require any investment or special knowledge. The use of social media in trading marketing has become the norm. Change the 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: Facebook LinkedIn YouTube Twitter Instagram 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 advancement tools correctly, it is important to understand what development stage business is currently at and how quickly it develops. Determine the company’s evolution 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 flourishing 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 thriving. And then success is just a stone’s throw away.