Growth strategy means the strategies which aim to win big in terms of the market share, despite the expenses and shorter period of earnings. There are four broad growth strategies- diversification, product development, market development and market penetration.
Growing is a business is not an option; it’s a must for every business if it has to prosper. Growing your business in a right economy requires the right strategies, the right market and the right time.
- DIVERSIFICATION-
Developing new products and launching them in a new market can be a very risky affair. It may bring mixed responses from the customers. But if you know what the customers demand and which market will be best to launch your product and the right time to get maximum benefits, then you can confidently send you product in.
- MARKET DEVELOPMENT-
Another strategy is expanding the old products market line. Old products can be modified by packaging or some slight modification can help and launch them as new products. This way the existing products get a new market.
- PRODUCT DEVELOPMENT-
Another strategy used is introducing new products into existing markets. It’s the opposite of market development, but looks easier to implement because there exists a market already. Launching new products can be a little bit skillful task.
- MARKET PENETRATION
When the option of new products or new markets is not available, expanding the current products into current markets is the only option available. It all lies in being at the competitive edge.
Growth strategy marketing for small business requires a careful thought and a multi pronged approach. If you have a great product but no market its not going to be of any use as your product will remain with you only and never reach the customers. Here is where marketing comes in.
The first step of every business, small or large will be the same. The strategy will include defining what you are trying to sell, to whom you’re trying to sell, where and when to achieve a target for you budget. A lot of businesses fail despite having great products is because they feel they cannot do well in sales. What they actually can’t do is the marketing of their product. They may be very passionate about their products but if their marketing is not delivering prospects then they are failing and wasting their time.
The next step is to understand what the customers need, what they are buying and what other stuffs they are looking for. Sometimes businesses have two types of customers, one who directly buy the products and others who are like dealers and further sell the products. One of the great ways of connecting with customers and focusing on marketing efforts is by the use of advertisements on the net, social media sites, social sites, and this way you can communicate with customers in a tone which advertisements fail to provide. Also there is a shop at home idea where one can sell their product eventually with the help of digital marketing.
