The global marketing industry is set to reach a value of $17.9 billion by 2027. It’s quite clear that expanding a business’s reach is a top priority, and it’s a vital part of business growth strategies.
Beyond marketing, what are other strategic business growth implementations available for small to medium size companies?
There are common examples, like market penetration and disruption. But, others are less obvious. Consider reading ahead for more.
Expand Online Presence
Paid advertising on various websites, search engines, and even television, are classic examples of a way to expand reach. Yet, the tides have shifted and there’s a new approach. And, with so many tools that provide information about audience insight, it’s also quite easy.
Currently, the best way to expand a business’s presence is via social media. The go-to platforms are Twitter, Facebook, and Instagram. You can use SEO in these cases, but companies should also consider working with streamers on Twitch and YouTube.
Focus On Risk Reduction
This risk reduction strategy focuses inwardly and is more akin to making sure the “boat” is safe and secure. This involves getting the right insurance and diversifying products and services. If possible, start documenting all things of importance, and keeping tabs on finances.
Properly Engage an Audience
One common mistake companies tend to make is to talk to an audience, rather than with an audience. Narratives and pre-determined forms of communication with potential buyers used to work. This is quite ineffective now.
Businesses should aim to open a back-and-forth dialogue with customers. A friendly conversation beats a friendly recommendation any day.
Another key part of business growth is forming mutually beneficial partnerships. You’ve likely seen examples before, and they’re often very like affiliate programs in design.
One such example involves Mountain Dew and the Halo franchise. People buying the soft drink could receive promo codes for some of the Halo games.
Establishing goals is likely the most important pillar of business growth. It points the company in a specific direction, which helps make short and long-term decisions. It also makes it easier to verify whether those decisions make sense for the goal in mind.
This, of course, is true regardless of the goals. It’s also all-encompassing, in the sense that it applies to marketing, customer service, product orientation, risk reduction, and audience engagement. Simply put, picking a direction makes it easier to execute and make decisions.
Organizing Strategic Business Growth
The list of essential components for strategic business growth can feel endless. But, there are a few key pillars that businesses shouldn’t ignore. Expanding online presence, prioritizing risk reduction, engaging an audience, correctly, forming partnerships, and establishing goals sit at the top of the list.
Companies can make major strides towards their objectives, without even considering or affecting competition, if they follow these five pillars. It should never stop here, though, and teams should always consider new options after solidifying these pillars.
Hopefully, this article helped provide some useful information for building strategies for business growth. If it did, make sure to take a look at some of the other posts on the site!