At the end of 2018, Australia’s economy was growing at its slowest rate in two years.
When the economy is only showing weak growth it can be tough for your business to show much growth either. Consumer confidence will have an impact on your bottom line.
So it’s important to have a strong strategy to try to help your business grow no matter what the economic climate. But how you develop a growth strategy that will be successful for your business?
Read on as we take a look at some key pointers to help you develop your own business growth strategies that can really work.
Define Who Your Target Customer Is
Before you can work out a strategy to gain more customers, you need to figure out who your target customer is.
There are two approaches you can take. You could consider who you would like your target customer to be, and try to focus your growth strategy around that. But the likelihood is that your ideal customers and your actual customers are quite different.
It is far better to analyse the profile of your current customers. Look at important details such as their demographics, how much they are willing to spend, and how often. You will then be able to develop a growth strategy to target these precise characteristics.
Determine What Drives Current Sales
If your business is turning a profit you’re obviously making sales.
But what is driving those sales? What is it about your products that means that your customers choose your business over your competitors? Look at reviews, reach out to your customers, and look at the data to see what sets you apart.
Once you know why you make the sales that you do, you will have something to focus on and improve.
If you want your business to grow, you either need to sell more of your current products or introduce a wider range of products.
You could consider trying to sell more of your current products by looking at alternative channels. Are there other streams for offering your products for sale? Are there different models you could try, such as rental, or selling online?
The other angle of approach is in product development. When developing new products try and focus on products that you can sell to your current customers. They are a ready-made market for the right new product.
Understand the Implications of Growth
The most important part of any business growth strategy is to understand the implications of success.
If you suddenly start selling twice as many products, do you have the infrastructure in place to handle it? Can you meet the demand? Do you have enough staff to handle serious growth?
All of this needs to be taken into consideration in your planning.
Need Help Implementing Your Business Growth Strategies?
Once you’ve developed business growth strategies, you might be looking for a little assistance.
We offer a wide range of services that can help you to grow your business. We’re a digital marketing agency that covers online marketing, SEO, SEM, web and social to help you make real business growth.
If you’d like to know more about the services we offer or want to discuss your needs, please don’t hesitate to get in touch.