In order to guarantee the survival of your business, you have to develop an intensive growth strategy.
Growing a business can be a long and difficult process. Less than a tenth of a percent of companies will pass the €200M point in annual sales.
The UK five-year survival rate for businesses is just above 40%.
Launching A Growth Strategy
When you’re developing a growth strategy, you’ll want to avoid unnecessary risks. You should look for ways to grow that won’t put the health of your business at stake.
The simplest path to grow is to sell more of your product or service. You should look for ways to increase your market penetration. You might want to find ways for customers to use your product or increase the quantity at which your product is sold.
Market development is also key. It’s important to find new markets for your business. This could include opening a location in a new city or convincing new stores to carry your product.
It’s crucial to find Alternative Channels to attract customers. Many businesses have achieved great success by selling to customers online. Attracting new customers is also essential. Introducing new products or services can be a fantastic way to widen your audience and increase your sales revenue.
Strengthening Your Growth Strategy
When you’re pursuing a growth strategy, it’s best to focus on one thing at a time. You shouldn’t launch a new product and open a new store at the same time. If you focus your attention on a single task, you’ll be able to reduce your risk and implement your strategy more effectively.
It’s also important to analyse the data that you have. When you introduce a new product, you should pay attention to how that product is selling and who it is selling to. If your product isn’t meeting your sales expectations, you may want to cut back or change your marketing techniques. You should strive to learn from your successes and your failures so that your business can continue to grow.
Exploring Other Options
If your business has already seen significant growth, you may want to experiment with riskier growth strategies. Diversification — increasing your range of products or field of scope — is a strategy that many of the world’s most successful companies have utilized. Acquisitions can be an important part of the diversification process. You could consider buying a company that is wholly unrelated to your business.
Acquisition strategies can be implemented in other ways. You may want to purchase one or more of the component companies that are a part of your distribution chain. For example, if you rely on a company to produce parts, you could purchase that company, which would cut your costs and allow you to increase your production rates.
When you’re developing an Intensive Growth Strategy for your business, you need to consider your strengths and weaknesses. Think about where you can approve and consider how much risk you can reasonably take on. Pay attention to the market; don’t be afraid to change your strategies after you’ve seen the way the market responds to them. If you focus on growth, you’ll be able to ensure that your business is a success story.
How To Achieve Your Sales Goals and Reap Maximum Profits
Meeting sales goals and targets in the current economy is definitely not easy for any business. Because of the high cost of living, many consumers are spending less as they try to save money for basic needs. As a result, many businesses are struggling to hit their profit margins and are constantly looking for smarter and more effective ways to attract customers and make more sales. The decrease in sales and profits results in another problem of its own kind. Businesses have less money to spend on marketing. But as we all know, sales greatly depend on a business’s marketing efforts. So, how do achieve your sales goals and objectives with all these challenges?
They say when the going gets tough, the tough get going. This is exactly what many small and medium business enterprises are doing by using creative and cost-effective ways to capture quality leads and thereby boost sales. The secret to boosting your sales is perfect your sales strategy and making it goal-oriented. Many small and medium businesses have become very innovative in their online marketing strategies which is allowing them to do even better than their larger competitors. So, how are they doing it? Let’s familiar ourselves with some of the tried and tested methods that businesses can use to boost their sales in the remaining part of 2018.
Unique Value Position (UVP)
Before coming up with a strategy or plan to boost your sales, it is important to establish what edge your business has over its competitors. What is your business offering that your competitors aren’t? Once you know what it is, you can move on to revolve your marketing campaign around it in order to gain maximum exposure. Doing this allows you to gain a Unique Value Position or UVP.
The concept of using sales funnels to boost sales has been around for some time now. Sales funnels are basically laid out channels for converting leads into sales or paying customers. A good sales funnel may be just what you need to reach your sales goals. It is not enough to spend money on advertising and online marketing if you do not have a proper strategy to capture the leads that come your way.
In the world of online marketing, leads are not treated equally. There are warm leads and cold leads. If you are working on a tight budget, it may be wise to focus your money and time on warm leads instead of cold leads. The process of determine which leads are cold or warm is known as qualifying leads. The faster you are able to qualify a lead (know if they are a potential customer or just a joker), the better.
While lowering prices and marketing your product’s benefits can help to boost sales, there is something else you can do that can be far more impactful to your sales revenues. Building trust and close relationships with your target audience is very important. Most successful business today can attribute their huge sales to good customer relations such as offering quality products and keeping their word in order to gain trust.
You can use the above tips to boost your sales and hit your revenue targets in no time.
To find out more on how you can build a scalable, sustainable and predictable business, pick up the free IGNITE Blueprint to grow your business.