According to the Small Business Association, about a third of all businesses survive beyond ten years. This is just one of several statistics that speak to the staggering amount of attrition small business owners face. Incorporating sound business growth strategies into your business plan is equivalent to your long-term success. While some business growth strategies change over time, others remain as true as when they were first implemented to success.
Marketing Development & Disruption
Disruptive marketing utilizes experimental tactics that challenge the status quo, including daring new tactics that haven't been tried before. It is a risk, but with rapid technological advancements, rising consumer expectations, and fierce competition, market disruption is more important than ever.
Considering how companies have marketed their services and wares over the years, you'll concede that there have been changes along the way. In the 1980s, virtually nobody in America owned a cell phone. Today, you see cell phones everywhere because 95 percent of Americans own them. Now consider how marketers can employ cell phones to sell their services in a way that wasn't accessible yesterday. It makes you wonder how technology will disrupt marketing tomorrow.
Experts predict that the customer experience will be the key brand differentiator in the future. Brands like Netflix and Amazon that promise a profoundly personalized customer experience have reset expectations meaningfully. Good things can happen when you prioritize customer experience, which can be measured rather than an afterthought. You're hitting the pathos in them by giving them dignity and respect. Once you have the heart, you can learn what they want more of and give it to them. Keeping costs low, for instance, is always a sellable feature.
Develop New Products & Features
When a business develops new products, it provides a means to target new markets, increase market share, sell more, and increase revenue streams. At the same time, redesigning existing products enables costs to be cut and margins to be improved. This should ultimately lead to more profits.
People come to recognize a brand for several reasons. One of them is reliability. When a brand proves that it is capable of creating various products or offering different services of integrity, it is more likely to trend up in the eyes of the market. With this comes the opportunity to employ new marketing techniques, like offering bundle deals on products or services.
Another way that investing in new products is beneficial to a company is that it spreads fixed costs like premises, vehicles, or machinery across that range of products. By diversifying, you're also less dependent on particular customers or markets.
New Distribution Channels
Any time new distribution channels might be available, it's always a good idea to investigate the pros and cons involved. When you increase the number of distribution channels, you gain opportunities to sell more of your products to new and existing customers. It can also help you develop new target markets and identify key consumers you'd like to reach through previously unexplored channels.
You can reduce market risks by developing new channels. Profits can rise or fall when with a single channel. You can spread market risks among multiple customer venues by harnessing various distribution channels. If one channel struggles, the others will pick up the slack. Keeping multiple distribution channels available also reduces the chances of harm caused by internal disruptions on a distributor's end. You always want a smooth delivery of goods or services to your customers.
The more availability consumers have to your products, the more buzz there is around your brand. You can invest in new distribution channels to increase brand awareness. You'll continue to build positive brand sentiment among customers by meeting consumer demand and expectations across all channels.
Strategic Brand Partnerships
Another way the public recognizes a brand's value is by looking at who that brand partners with. One of the most immediately recognizable benefits is that you'll have access to a bigger and broader audience. It also broadens the scope and purpose of marketing strategy, allowing a company to market in various ways. Consumers like creativity in marketing, and the merging of brands present an exciting opportunity to be lucratively creative.
When two recognized brands join forces, a social buzz will be created and used to drive profits. It could be marketed as a happening that mustn't be missed or the most significant gift to the world. As you control the narrative, the story is yours to deliver. You have to provide one that will get people talking.
Your brand's name can be invigorated or repaired through a strategic partnership. For example, a company that needed a better track record with sustainability could revitalize its brand by partnering with a sustainability giant. This ethos factor will convince the public that the brand cares about the same things they do. The past is the past.
Acquisitions & Organic Growth
If a business isn't growing, it's dying. Or so the expression goes. Growth and acquisitions are the things that convince people that your business is worth investing in. They generate revenue, and even though they always represent some risk, the upside is a broader consumer base and a more significant market share.
Growing a business is a delicate endeavor. It takes a lot of things to go right and some luck along the way. There is any number of things you cannot control, so the trick is to take ownership of what you can. Developing a sound business growth strategy, or several, can help you save time, money, and energy while reducing your stress level.
Today, visit a virtual background website to get the perfect background that communicates your company's values. Visit a business growth website to learn more about employing growth strategies that will help you flourish to the ten-year mark and beyond.