Seven Innovative Ways to Drive Strategic Growth
The lifeblood of any company is its ability to grow and expand. Without growth, a company will eventually stagnate and die. This can be difficult for business owners, as it requires creativity and innovation. This blog post will discuss seven innovative ideas for company growth. Some of these may be familiar to you, while others may be new concepts entirely.
Diversification
Renew and update your business model
Voice of Customer Research
Focus on Customer retention
Invest in technology
Expand your Marketing Efforts
Sales Training and Coaching
1) Diversification.
One way to ensure growth for your company is to diversify your products and services. This can be done by expanding into new markets or developing new products that appeal to a broader customer base. By doing this, you are not putting all your eggs in one basket, so to speak, and therefore reducing the risk of stagnation.
Diversification can be difficult as it requires detailed market research and a thorough understanding of your target audience. However, if done correctly, it can lead to significant growth for your company.
Some ideas for diversification include:
- Expanding into new markets
- Developing new products or services
- Offering customized solutions
- Focusing on niche markets
- Expanding your business through Franchise Direct to reach and increase your customer base
2) Review and Update Your Business Model.
Another way to spur growth for your company is to review your business model. This means taking a close look at the way you do business and seeing if there are any areas that could be improved. This could involve anything from streamlining your processes to changing the way you market your products or services.
Reviewing your business model can identify areas where you may be losing money or customers. Once these areas have been identified, you can then take steps to rectify them, leading to increased growth for your company.
What should you keep doing?
What should you start doing?
What should you stop doing?
3) Capture the Voice of Your Customers:
Think about all the changes businesses have gone through during and post pandemic. How much has your business changed? Market leading organizations are conducting voice of customer research to better understand how buyers buy, what criteria they are using today to make buying decisions and understand your customers overall satisfaction. We recommend having a third party conduct this research to remove the concerns with bias. However, we recognize some clients cannot afford to engage our firm, so we wrote an eBook to help you Leverage the Voice of your Customers to increase revenue.
4) Focus on Customer Retention.
Acquiring new customers is important for any business, but it’s also important to focus on retaining the customers you already have. This can be done by providing excellent customer service and developing long-term relationships with your clients.
In one study 89% of CEOs shared having strong relationships with their clients is key to their success but sadly only 24% of those CEOs provided sales skills training on how to build business relationships.
Focusing on customer retention can ensure that your current customers remain loyal to your brand. This loyalty will lead to word-of-mouth marketing, which is one of the most effective forms of marketing. In turn, this can lead to increased growth for your company.
Some ideas for focusing on Customer Retention:
- Developing long-term relationships with clients
- Offering excellent customer service
- Focusing on customer satisfaction
- Building a solid brand identity
- Leverage data and build win-win
- Build multiple relationships with key account decision makers
5) Invest in Technology.
Technology is always changing, and it’s important to stay ahead of the curve. Investing in new technology can improve your products and services, making them more efficient and effective. This can lead to increased growth as your customers will be more satisfied with your offerings.
It’s important to note that you don’t need to invest in the latest and greatest technology; sometimes, simply investing in updating your current technology can be enough to spur growth.
Some ideas for investing in technology:
- Audit your current sales tech stack
- Updating your current technology
- Investing in new software or hardware
- Automating processes
- Improving website design
6) Expand Your Marketing Efforts.
Another way to encourage growth for your company is to expand your marketing efforts. This could involve anything from increasing your budget to launching a new marketing campaign. By developing your marketing, you will reach a wider audience and generate more leads, which can lead to increased sales and growth for your company.
Some ideas for expanding your marketing efforts:
- Increasing your advertising budget
- Update your value message by business persona
- Launching a new marketing campaign
- Investing in digital marketing
- Developing a social media strategy
- Speak in the language of your customers
- Market solutions not products
7) Sales Training and Coaching
Buyers have spoken and 33% chose not to work with salespeople today and the numbers are growing. In one study 85% of buyers shared they expect a salesperson to connect the dots between what they sell and how it can impact the buyers bottom-line. Sadly, less than 15% of salespeople do this today. In a one-hour meeting with the average sales rep how many minutes were valuable to the buyer and or decisionmaker? SIX! Only six minutes because salespeople show up, throw up and they pitch slap their customers when they should be having conversations that lead to revenue.
Some ideas to train your salespeople
- Complete a sales effectiveness assessment
- Identify sales skills gaps
- Train salespeople to close gaps
- Equip sales managers to coach the new sales skills
In conclusion, there are many ways to encourage growth for your company. By implementing some of the ideas listed above, you can take your business to the next level. So, what are you waiting for? Get started today and see the results for yourself!
As always if your tea needs help let’s schedule a tie to chat.
