How to Build a Growth Strategy in a Hyper-Competitive Market

Growth is necessary for business survival and without a concrete growth strategy, your business will be at the mercy of market fluctuations and fickle consumers. A clear growth strategy and strong infrastructure for execution are essential for achieving profitable growth. 

Effective growth strategies are measurable, specific, and focus on continuous improvement. Your industry and target market will influence the growth strategies you choose but here are some common practices used by many businesses. 

Choose your targeted growth area

Your business growth plan needs to hone in on a specific area, such as expanding your current workspace, investing more in customer acquisition, expanding your product line or targeting a new market. Your growth plan may involve only one area or more than one. 

Companies wanting to grow today often have to make financial investments that cross company boundaries and co-invest in programs for mutual success. There are many different forms of partner incentive funds, such as funds for training and certifications, that enable partners to optimize their ability to sell and reach new customers. If you want to know how to drive partner incentives and market development funds for your business, Workspan digitizes the whole funds management process and lifecycle.

Conduct market and industry research

You can’t just make assumptions that your growth strategies are feasible and necessary. It is only by conducting research that you can determine this. You can’t set your strategies with a flawed view of the market in which you compete. 

You need to find out information like what the drivers are of growth and profitability in your industry, who are the top competitors, and whether trends are changing. By answering questions like this, you can find out what areas of growth to pursue that could deliver the most long-term value. 

You could run surveys and focus groups with existing and potential customers to find out what they think and examine current industry research. The information you discover will help you to determine your budget, timeline and goals. 

Set realistic, achievable goals

You can’t just grow without knowing exactly what you want to achieve. You need goals if you want to measure your success. Setting your goals based on your industry research will make them more realistic. Take steps to quantify your goals in terms of metrics and the timeline. 

For example, state that you want to increase your sales by 5% every quarter for the next year instead of just saying you want to increase your sales. SMART goals are specific, measurable, attainable, relevant, and timely. If you have specific goals, determining your plan of action is easier.

Outline your plan

Setting up a detailed growth strategy plan is essential, especially as you will need to get buy-in from all the stakeholders. Winning commitment from key employees at all levels will help with execution. 

Your action plan should include a list of items to act on, teams or people responsible for them, deadlines, and the resources you will need. Specific resources like a capital investment may be necessary to achieve your goals. 

Execute your growth strategy

Despite all the planning, setting of goals and acquiring the necessary resources, you still need to keep careful control when you execute your plan. You need to keep lines of communication open, hold all stakeholders accountable and keep comparing results to goals to see if adjustments must be made. 

You will need a supporting infrastructure to increase the chances of successful implementation and this includes strong leadership practices at every level, organization capabilities valued by customers, and a management performance system that focuses on leading indicators and drivers of growth. 

Filed under: Uncategorized

Leave a comment

  • Advertisement:
  • Advertisement:
  • ChicagoNow is full of win

    Welcome to ChicagoNow.

    Meet our bloggers,
    post comments, or
    pitch your blog idea.

  • Recent posts

  • Categories

  • Tags

  • @offhand_dribble

  • Subscribe to Offhanded Dribble

    Enter your email address:

    Delivered by FeedBurner

  • Advertisement: