A Growth Strategy
The growth strategy of a business is its approach to maintain a steady increase in volume of business over time. Explore how to identify aspects of your marketing and service that are getting good traction and can be leveraged to accelerate growth. How to connect with influences and collaborate with others which will open up new market opportunities.
At the heart of this strategy should be how this growth allows the business to achieve its goals (as outlines in the mission statement and how this growth maintains achieving healthy and resilient outcomes - so that growth is associated with greater regenerative outcomes.
In this topic we explore some of the aspects of a business which will ensure a consistent rate of growth that are characteristic of business around the world. Theses are:
At the heart of this strategy should be how this growth allows the business to achieve its goals (as outlines in the mission statement and how this growth maintains achieving healthy and resilient outcomes - so that growth is associated with greater regenerative outcomes.
In this topic we explore some of the aspects of a business which will ensure a consistent rate of growth that are characteristic of business around the world. Theses are:
- Identifying opportunities to collaborate with others and expand upon what you can offer.
- Expand existing products/services or continuously innovating existing products/services to maintain the market share. Occasionally changing the product packaging or modifying the product slightly can also open up new markets.
- Innovate new approaches to meet the changing needs of your customer in line with changing trends.
- Keep existing customers - as acquiring new customers is estimated to cost five times that of retaining existing ones. This makes it important to develop a product ecosystem to allow new customers to engage with your business at low price points and have the opportunity to purchase at higher price points.