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6 Tips for Driving Sustainable Business Growth

6 Tips for Driving Sustainable Business Growth

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Fostering sustainable development is much more than just loading your product development and engineering teams with endless feature releases and product improvements. You’ll get better results when you take the time to understand your most suitable customers, put the right people in the right seats, and set clear goals. That’s how you can drive sustainable development – or at least develop a plan that gets you on your way.

But as anyone who has ever tried to drive sustainable development can tell you, it’s not easy. Sometimes all you need is an easy-to-understand list of growth tips to help you on your way. Here, I’m going to share six simple growth strategy tips that can get your business on the fast track.

but first …

What is the development strategy?

A growth strategy is the strategy your business uses to expand. This can mean opening new locations, bringing in new customers or adding new products. A strong and effective growth strategy will include several elements – such as your business goals, your employees, the products you offer, the strategies you use to achieve your growth goals, and most importantly, your Customer.

types of business development strategies

There are various growth strategies a business can adopt. Some of the most common include:

  • Market entry: Selling existing products in the current market

  • market expansion: Selling existing products to a new market

  • Product Detail: Expanding or redesigning your product range

  • Diversification: selling new products to new markets

  • acquisition: Buying a controlling interest in an existing company

RELATED: 4 Steps to Sustainable Development

Now that we’re on the same page as to what a growth strategy is, let’s talk about how you go about building it. Here are six growth strategy tips that you can use as a template:

1. Set Clear Goals

One of the first things I do with my growth strategy clients is to help them set a clear goal. Without a goal, you won’t know what you’re working towards and you won’t know when you’ll actually get there.

Start with high-level goals, such as where you want your company to be in 5-10 years, how much revenue you want to generate, and how many employees you want. Then, turn those big goals into smaller goals that you’ll need to accomplish in 3-5 years to achieve higher-level goals. Next, break those goals down into 1-3 year goals before weeding a bit with your 6-12 month goals.

RELATED: 7 Ways to Set and Track Goals for Maximum Success in 2022

2. Talk to the Right Customers

Not every customer is the most suitable customer. While it’s important to get feedback from a wide range of customers, you’ll want to focus on customers who are getting a great deal of value from your products or services and who are happy with their decision to choose you. as Jiya Laodi of forgetting the funnel has said, “If you talk enough [your best-fit customers] … you can uncover the pattern.”

While you’re doing customer research, take the time to do some personal time with your most suitable customers. This will give you the space you need to ask follow-up questions and get to the heart of what they need. A survey is a great way to get feedback from the rest of your customers.

3. Ask Customers the Right Questions

“People don’t want to buy a quarter inch drill. They want a quarter inch hole!”

If you’ve ever spent time with marketers, you’ve probably heard of a variation of this quote. Harvard Business School professor, Theodore Levita, There’s a reason marketers say it over and over again: It’s true.

Clients present a slight paradox: They are entitled to what they want, but they also have no idea what the solution should actually look like.

When you’re doing research to inform your growth strategy, remember that you don’t want your customers to tell you what the solution is. Instead, you want them to tell you what they were doing, thinking, and feeling at each stage of their journey.

4. Create a Customer Experience Map

Mapping your customer’s experience is the best way to identify gaps in what you offer and what your customers need from you. You’ll get a better understanding of your customers, allowing you to create a consistent and engaging experience across the entire customer journey.

RELATED: 5 Important Components of a Great Customer Journey Map

5. Focus on the Right Key Performance Indicator (KPI)

Similar to goals, KPIs help you navigate. They’re at the very bottom in Tip #5, because it’s important to know more about your touchpoints and your most suitable customers before you start translating their behavior into metrics.

KPIs help you identify which strategies are working and which are not, so you can make adjustments to your strategy and achieve your goals.

RELATED: 5 Key Metrics Every Business Needs to Track

6. Execute, Test, and Iterate

Once you’ve done all of your goal setting, research, and planning, it’s time to put your growth strategy into action. But that doesn’t mean “set it and forget it.” Your growth strategy is not set in stone, and you should regularly check on your progress towards your goals as well as how your strategy is performing. If you’re not hitting those KPIs, change things! Set up experiments and learn from the results.

Growth hacking is exciting and can lead to great results, but it doesn’t have to keep up with the times. That’s why it’s important that your business devise a sustainable and scalable strategy. A controlled and deliberate growth strategy is the key to a successful business.

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6 Tips for Driving Sustainable Business Growth

#Tips #Driving #Sustainable #Business #Growth

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