You’ve just got to test different growth strategies to find the one that works best for you. Part of the appeal is that the viral loop flips the traditional funnel upside-down: Instead of needing as many leads as possible at the top, a viral loop funnel requires just one satisfied user to share with others. The service hit its million users milestone by April 2009, doubled that figure only five months later, and made it to three million just two months after that. In this strategy, you can grow your market share by collaborating with complementary businesses. This can for example be done by assessing a company’s core competencies and by determining and exploiting the strenght of its current resources with the aid of the VRIO framework . For instance, if you’re selling watches in the US, you could sell the same watches to customers in Europe and Asia too. See all integrations. Growth Strategies Sumit Kumar Rai Balbodh Chauhan A. Koti Reddy 2. It’s clear that referrals instill trust in new customers to sign up for a new service. Even Slack's leadership team was blown away by the success of its word-of-mouth approach. Written by Sujan Patel Balanced Scorecard strategy maps should be tailored not only by industry, but by company. An additional 500MB for every friend they successfully refer, allowing users to get up to 16GB for free. The captain of the Peerless II knows a lot about fishing. Uber is now valued at $3.76 billion and has offices around the globe. An organic-growth program also requires a clear understanding of how each strategy (investing, creating, and performing) can change a business’s growth trajectory. Here are five companies and their primary growth strategies to get you started. More ... Growth Strategy. 2. There are several types of business growth strategies. Examples : Zong is the best example, as they entered in the market with low prices and most of the times, they offer discount. For example, if you’re a bag manufacturer selling roller luggage to travelers (such as Away or Samsonite), while another retailer (such as American Express or Visa) is in the business of selling foreign currency notes to travelers. This is the complete list of articles we have written about business strategy . Your growth strategy entails more than just demonstrating how your revenue will grow. Maybe not. Your business will never increase in value without growth. It’s not about explaining or defending a business for outsiders. Harry's followed suit the next year without taking the viral video route. To grow their driver base, they incentivized referrals giving drivers cash for every new driver they referred. Word-of-mouth is organic and effective. Today, the service boasts over 10 million DAUs. For instance, last year Apple released the HomePod, a voice-enabled smart speaker. Common focuses of strategic growth initiatives might include: It’s possible that your growth plan will encompass multiple of the initiatives outlined above, which makes sense – the best growth is not in a vacuum. How to Develop a Business Growth Strategy. Financial objectives are typically written as financial goals. Your business will never increase in value without growth. That definition tells us what diversification strategy is, but it doesn’t provide any valuable insight into why it’s an ideal business growth strategy for some companies or how it’s implemented. It matches my vision of business planning as ongoing management and steering a business. They simply replicated the same strategy for different cities and hacked their way to becoming a huge startup success. AirBnb’s growth strategies included hiring a professional photographer to capture listings. Roughly 66% of businesses survive their first two years in operation, about half make it to the five-year mark, and just 33% will celebrate their tenth anniversary. For starters, Uber solved a real problem by making public transportation more accessible, transparent and affordable. In 2018, 53% of American SMBs planned to grow, and 22% planned to hire additional staff. Examples of strategic goals for this perspective include: 1. Highlight what you find, and get users talking. tech enthusiasts and Apple loyalists). Throughout this time, make sure you’re holding your stakeholders accountable, keeping the line of communication open, and comparing initial results to your forecasted growth goals to see if your projected results are still achievable or if anything needs to be adjusted. Business growth can result from the marketing, innovation and operations of an organization. Instead, companies need a more deliberate, stepwise approach to building growth initiatives and capabilities. You’ll learn: So if you’re ready to learn and gear yourself up with growth wisdom, let the fun begin! Internal growth (or organic growth) is when a business expands its own operations by relying on developing its own internal resources and capabilities. Expanding purchase locations (i.e. Away was founded by Jennifer Rubio, a marketing professional, and Stephanie Korey, who worked in supply chain and merchandising. The company also hired a bouncer, and any student who wanted to get into the party had to download Tinder at the door. That means the focus will be on the current products or services, in the current market.It is pretty straigh… This is a common goal of investors, management, employees and stakeholders in a firm such as governments. It’s a completely new product for the same target market ( i.e. Stay up to date with the latest marketing, sales, and service tips and news. It just had to get the word out. Judgement of business growth is – Increase in sales volume Increase in output Increase in capital employed Increase in productive capacity Not sure what that looks like for your business? There is no doubt that Airbnb has had an incredible growth story. New product development, product line extension, or a product reformulation/retooling are a few ways you can look to expand your offerings and thus grow your sales. Examples: Zong is the best example, as they entered in the market with low prices and most of the times, they offer discount. So using your existing customer base to spread the word about your product or service is a great way to grow, while also simultaneously builds trust with customers. This could involve expanding your business’s reach to a new international market, or to a new customer demographic you previously might not have considered beforehand. The bag manufacturer could strike a deal with foreign currency retailer to refer customers in exchange for a referral fee —or they could initiate a special offering for customers referred through their channel. Trees Don't Grow To The Sky. That’s right, they physically went to various university campuses and created a buzz around their app so people would sign up and start using it. Business growth is an increase in the gross revenue of a business. This could mean hosting or sponsoring events, attending conferences relevant to your space, hiring brand ambassadors, or any other way to directly and strategically reach out to your target demographic in person. Another growth strategy you can utilize is to capture an entirely new market share. Business growth plans provide a timeline for the next one to two years on how revenue can increase. $116 million in 2012 to $1.1 billion in 2017. In the most simple light, a growth strategy is a few tactics or a plan of action you use to grow your company revenue and market share. When selecting and creating your financial objectives, consider what you’re trying to accomplish financially within the time span of your strategic plan. Addition of new locations or branches of your business. Business strategy defines the approach, ... corner the fledgling mobile image sharing market, and b) hedge its bets for future growth. Those numbers are remarkably consistent across most industries — but they also highlight how important it is to plan for growth from day one. Expansion of current office, retail, and/or warehouse space. When it comes to key growth hacking strategies, Dropbox’s referral scheme will always come to mind. A business development strategy is a document that describes the strategy you will use to accomplish that goal. If that's true, then learn which big-business growth strategies might work for you. You’d think they would’ve had to spend a fortune trying to drive user adoption in their early days, but that’s far from the truth. Your value proposition needs to clearly demonstrate your competitive advantage over others. A good example of successful growth is Away, a luggage manufacturer and retailer. But the potential is still there. Whichever growth strategy you employ, you'll likely utilize some business development principles since the goal is to develop the entire organization. The key takeaway for you is to get out of the building, in front of your customers. But business growth does not happen accidentally; it's the result of strategic initiatives. Strategize, consider the available options, and build it into your business plan. When looking to generate a business growth strategy, the following roadmap can get you started. Organic Growth. Repositioning and efficiency—Under this strategy, you target growth in your profit margin by repositioning your products or improving your efficiency. The first four of these are part of a common business growth theory called the Ansoff Matrix, or Ansoff Model. Mateen’s brother had arranged for buses to transport partygoers between campus and his parents’ home. Types of Business Growth Strategies . Growth platforms are specifically named initiatives selected by a business organization to fuel revenue and earnings growth. This section of your business plan is about proving to others that you have a plan for bringing your product to new customers and new markets, and perhaps even introducing new products. And it worked. There’s no shortcut to growth success. Sequencing the growth journey. From just 8,000 users at launch in 2013, Slack hit one million daily active users in late 2015. Almost two billion people shop online each year. Unilever introduced Sunsilk shampoo in US. Introduction – Business Growth 1.Constraints to Business Growth 2.Growth strategies 3.Mergers & Acquisitions 4.Strategic Alliance / Joint Venture 5.Finding the right merger / acquisition target 6.Executing Mergers / Acquisition –Agreement to Integration 7.Case Study 8.Tax Planning Issues You could also differentiate your company through the exact way you do your marketing — by making your value proposition more attractive and consistently appealing to potential customers. There are four major types of business growth strategies: market strategy, development strategy, diversification and product strategy. There are 4 main growth strategies that a business can use which include. New Products New products are an obvious way to grow sales, but their issuance often is poorly executed. People started to use and share it as a result — so much so that WhatsApp's growth outpaced the likes of Facebook, Skype, and Gmail in its first four years. Increase credibility and boost conversions with social proof. We’ll go over five of them: market penetration, market development, product development, diversification, and acquisition. The different types of growth strategies you can implement, Examples of successful companies who’ve executed out of the box growth strategies. But, the reality is, the process of digitalization is not that simple. Here are five growth strategies that small businesses should consider. Market development. Back then, consumers were not … Dropbox has proven that rapid growth is indeed possible for SaaS businesses, at a global scale. Usually, this leads to a very fruitful, consistent supply of customers for both parties, and can be a great strategy for long-term growth. Not every strategy will be right for your situation, but some of these might offer an opportunity for your business. They know in today's customer-driven world, when communication methods change and information is available to all, a single negative blog post or tweet can compromise an entire marketing effort. Vertical diversification The company enters the sector of its suppliers or of its customers.For example, if you have a company that does reconstruction of houses and offices and you start selling paints and other construction materials for use in this business. There might not be a term thrown around more often by marketers than conversion rate. Get creative, but not just for its sake alone; take a look at what your customers really want, need, and are willing to pay for. But she also knows a lot about business growth strategies. Inevitably, growing the number of drivers on their platform led to excellent user experience, all contributing to their success. In other cases, it might involve reaching into new markets or developing new products. The business plan for strategic growth is one of my favorites because it’s about core business decisions, steps, metrics, and making things happen. That definition tells us what diversification strategy is, but it doesn’t provide any valuable insight into why it’s an ideal business growth strategy for some companies or how it’s implemented. Key components of the business plan for strategic growth: Strategy; Execution; Milestones and metrics; Essential business numbers; Let’s look at each of these. Airbnb hired professional freelance photographers to help hosts take great photos and make their space look good, which nearly tripled their user bookings and doubled Airbnb’s revenue within a month from NYC! To paint a better picture of each of these five business growth strategies, let’s use the example of a made-up shoe company called Nu Shu. Increased scale of operations Enhanced utilization of resources Ultimately to increase the size. Ryan Gould is the Vice President of Strategy and Marketing Services at Elevation Marketing. Being creative and bold in your growth strategy is definitely recommended to grab the attention of new potential customers! But how did Slack do it? Strategy can be as simple as a list of bullet points, or brief descriptions, or even a series of photos. Why should users go with your product or service instead of someone else’s? Business growth plans provide a timeline for the next one to two years on how revenue can increase. Employing either of the above product development strategies will usually lead to your company acquiring new customers, making sales to existing customers, and naturally growing your market share. Free and premium plans, Customer service software. There are four basic growth strategies you can employ to expand your business: market penetration, product development, market expansion and diversification. That's a pretty stellar growth metric. Build a personalized website experience for every visitor. The best way to start a growth plan is by estimating the growth “gap” that we need to fill in with new businesses. Another growth strategy you can utilize is to capture an entirely new market share. Being a seller of online storage space, they would give both the referrer and the referred customer an additional 500 MB of space on signing up. You might remember when Dollar Shave Club burst on the scene in 2012 with the promise of high quality, affordable blades delivered right to your door. Growth strategy. It’ll create a viral loop, so you’ll continue to win new customers through positive word of mouth referrals. WhatsApp wasn't the first cross-platform messaging app when it launched in 2009, but it has gone on to become one of the most successful. Diversification strategy, as we already know, is a business growth strategy identified by a company developing new products in new markets. This was a smart way to utilize a website with lots of website traffic and direct it to theirs, rather than having to spend a ton of money on paid traffic! selling in new stores or launching an online store). They also handed out fliers, discussed the app with prospects in coffee shops, and stopped people on the street to demonstrate the application’s value. The least risky growth strategy for any business is to simply sell more of its current product to its current customers-;a strategy perfected by … 10 Marketing Strategies to Fuel Your Business Growth You need more than one strategy. They started in New York City since users were not taking great photos of their space, whilst using their phone cameras to showcase their space. The following are common growth strategies. In the beginning, Slack made itself available to large, established companies like Rdio and Flickr, generating plenty of early press coverage. Free and premium plans, Content management system software. The service grew by 3,900% over a 15-month span. Was sold in Europe, Latin America and Asia. They created a product that was brilliantly simple for sending and receiving instant messages. In case the business has multiple growth strategies, each strategy must respond to all of the above mentioned dimensions. Facebook. They started by asking people to sign up to their app at colleges and universities, in person. It’s great that you want to grow your business, but what exactly do you want to grow? An example of horizontal integration would be Apple entering the search-engine market or a new industry related to laptops and smartphones. There are various strategies for business growth. This approach is imperative when you’re improving on your existing product. ... Let’s look at a couple of examples of this business strategy. Determine your growth tools and requirements. 1. opportunity to promote his new dating app. Alternatively, growth can be obtained with mergers and acquisitions. Keep it simple for customers to refer you and you really can’t go wrong with this one! The application has revolutionized online dating over the last decade, but how did it get off the ground? Tinder is the dating app that matches you with people near you to date. 83% of Americans say a recommendation from a friend or family member makes them more likely to purchase or try a product, and 50% would go with word-of-mouth if they could only choose one source of information. Sponsoring events with startup investors, techies and other startup enthusiasts sparked off their growth through positive word of mouth they got from these high-profile folks. Of course, you’ll need to research your market and the documentation will take some time but the upfront investment will pay off in the long run. Tinder’s growth strategy took off at the University of Southern California in 2013. It is today the most fully integrated company in the world (from petroleum exploration to textiles retailing). In the more modest setting where the small business exists, leveraging partnerships is also a viable growth strategy. In 2014, co-founder Steward Butterfield stated, "The growth has been completely insane and almost entirely on word of mouth. The last step before acting on your plan is determining any requirements your team will need through the process. As the father of digital word-of-mouth growth, Pete Blackshaw says, "satisfied customers tell three friends; angry customers tell 3,000." Eventually you want your small business to grow into a big business, right? Examples of successful growth strategies 1. No matter what goal you are working toward, you can find an actionable strategy to fit. At the beginning of January 2014, Tinder had 20,000 users. Growth can be achieved by practices like adding new locations, investing in customer acquisition, or expanding a product line. The secret of word-of-mouth’s effectiveness lies in a deeply rooted psychological bias all people have — we subconsciously believe the majority knows better. GMS’s marketing strategy revolves around a three-tiered focus. Market penetration is the name given to a growth strategy where the business focuses on selling existing products into existing markets. Put your focus on building an email list. These are specific resources that will help you meet your growth goals faster and with more accuracy. This is a prime example of how these big companies were able to leverage partnerships as a growth strategy. To do so, they used a smart growth strategy by incentivizing referrals to grow their customer base, which increased new signups by 60%. Financial Growth: To exceed $10 million in the next 10 years. 1. We have made mention earlier of how small businesses can enter into partnerships with its distributors and dealers. In fact, Dropbox faced an uphill battle to convince users to abandon their trusty USBs and external drives in favor of the "cloud" — a new and unknown idea. For example, a company that was making notebooks earlier may also enter the pen market with its new product. Assigning BI tasks to different business verticals like data governance, process improvement or architecture & infrastructure, this roadmap then organizes tasks based on BI goals like strategy, growth and efficiency. Examples could include running surveys and focus groups with existing and potential customers or digging into existing industry research. Repositioning and efficiency—Under this strategy, you target growth in your profit margin by repositioning your products or improving your efficiency. A major contributor to the growth of Reliance Industries in the early stages was backward and forward integration. This is what we call a strategic partnership. A business growth strategy can also include the acquisition of another company as a way of expanding its operations. They also received a referral link to share via email, Facebook, and Twitter. They gained their initial short-term traction by poaching traffic from Craigslist, through creating listings on their platform that led to their website. Product Development. Over 1.2 billion monthly active users can vouch for that. This set the course for Tinder to be carried by word of mouth. These goals should be based on your endgame aspirations of where you ideally want your organization to be, but they should also be achievable and realistic – which is why setting a goal based on industry research is so valuable. Successful companies plan for growth. 11 Examples of Growth Strategies. ... For example, if someone clicks on a specific link, they've clearly shown an interest in something. These are the core questions, answering which businesses end up in successful Business growth strategies. If Tinder is any indication, putting boots on the ground and personally interfacing with potential customers can be a great way to get your business the traction it needs to get going. This could involve expanding your business’s reach to a new international market, or to a new customer demographic you previously might not have considered beforehand. You can change your advertising approach so customers perceive your brand in a completely new light, leading to increased market share. Creating a Strategic Growth Plan. This made Uber an extremely lucrative way for drivers to make a living, helping grow the number of drivers they had on their app. Growth strategy 1. Let’s dig a little deeper into the types of business growth strategies out there. Free and premium plans, Sales CRM software. The whole idea is for you to work out a win-win situation with your complimentary partner, so you can support each other’s growth goals. Lastly, take the steps to quantify your goals in terms of metrics and timeline. Financial Efficiency: To … Dropbox knew it had a premium product that everyone from students to executives would find invaluable. Technology is a powerful tool for deploying business growth strategies. We take that convenience for granted today, but it wasn't always the case. On one hand, you’re constantly judged on metrics like reducing customer churn or minimizing the cost of acquiring a customer. Market penetration is probably the first – almost default – option of small businesses hoping to grow and expand their operations. Organic growth is a growth strategy where a company works to increase their number of customers, revenue, and overall business development. These are the High-Level Growth Goals for a hypothetical company called StartUp Masters.Their mission (“ To provide startups with an affordable means of managing projects in order to achieve rapid growth ”) is clearly stated, and their goals are broken down in order to depict where they envision themselves to be In 10 years, 5 years, 3 years and finally 1 year. Coca-Cola launched Diet Coke Sweetened with Splenda. Want more? Examples might include: With all of your planning, resourcing, and goal-setting complete, you’re now ready to execute your company growth plan and deliver results for the business. Examples of successful business growth. Over the next few months, the Tinder team conducted more personal outreach at fraternities and sororities across Southern California. Grow shareholder value: The top goal of your organization may be to increase the value of your organization for your shareholders, stakeholders, or owners. Strategic plans come in different shapes, forms and sizes. Diversification strategy, as we already know, is a business growth strategy identified by a company developing new products in new markets. Business Growth Strategies – The Takeaway. Growth strategy is a strategy to win increasing market shares so that the business is always on a growing trajectory. Read how top marketers personalize their company's website in 2020. differentiate your company through the exact way you do your marketing. This works best in a scenario where there are no new products, and there are no new markets to enter. Product development; Market Penetration; Market Development; Diversification; Growth strategy falls under the purview of strategic planning which charts out the roadmap for the future growth of the business. In this scenario, you grow by serving underserved or unserved customers. Aiming to "grow sales by 30% quarter-over-quarter for the next three years" is much clearer than "increasing sales.". For example, let’s say that you are planning your strategy for the next five years and that your goal is to grow 15 percent a year. Both retailers complement each other simply by virtue of having the same target market. Growth is fundamental to a business' survival. In this case, the "milestones" were X number of referred friends. There are 4 main growth strategies that a business can use which include. That's why Slack focused on positive user experience to grow its base of satisfied customers and the wave of loyal feedback that comes with them. The result? So what's your plan? Nu Shu sells handmade sneakers, and its current biggest audience is millennials. Once you’ve determined what you’re growing and why you’re growing, the next step is to determine how much you’ll be growing. The knowledge and facts you uncover in this step will shape the expectations and growth goals for this project to better determine a timeline, budget, and ultimate goal. For example, growing your unit sales will result in a growth in revenue, and possibly additional locations and headcount to support the increased sales. Growth of customer base and/or customer acquisition rate. Don’t hit the ground running without planning out and documenting the steps for your growth strategy. which nearly tripled their user bookings and doubled Airbnb’s revenue within a month from NYC! The second approach is to penetrate a market with something unique. Product not modified; expansion to US increased market potential. A growth strategy is one under which management plans to advance further and achieve growth of the enterprise, in fields of manufacturing, marketing, financial resources etc. Again – we suggest writing out a detailed growth strategy plan to gain the understanding and buy-in of your team. A growth strategy involves more than simply envisioning long-term success. Co-founder Justin Mateen’s younger brother was throwing a birthday party at his parents’ house for one of his classmates with 500 or so students planning to attend. As a SaaS company, growth and profitability go hand in hand for company success. There are four major types of business growth strategies: market strategy, development strategy, diversification and product strategy. Financial Growth: To increase revenue by 10% annually. The basic premise of a viral loop is straightforward: At its best, a viral loop is a self-perpetuating acquisition machine that operates 24/7/365. To learn more, check out this growth hacking playbook next. If your customers love your product, they’ll stay with you, and tell their friends about it. Clearly, it’s growth story is worth mentioning here! This is especially true if you’re a two-sided marketplace wanting to attract both, sellers, and buyers to use your platform. It worked like this: visitors to a pre-launch landing page signed up to receive email updates. An excellent growth strategy and a lot of dedication made it happen. Growth Strategy. 1. Identify their strategies, test them in your niche, and see what works best for you. When entering a crowded marketplace, you've got to stand out. Business Strategy. Premium plans, Connect your favorite apps to HubSpot. This grows your customer base, and market share on an international scale, helping you become a global player in your niche. We're committed to your privacy. The first three acquisitions alone have earned the company more than $33.8 billion. WhatsApp stood out by being dramatically different from every other option at the time. Amazon’s retail dominance began in 1995. 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