by James Miller
Posted on May 21, 2020 at 12:39 AM
How do you define success for your business in 2020? Certainly, growth would be at the center of your definition. There’s no doubt these are trying times. Can you grow in 2020? Not without using the right growth strategies for the new decade.
What works for many large companies may work for you: leverage the connection you have with your customers. If your customers are loyal, how can you expand your product line in ways that make them want to buy and use more of your brand? Can you market new uses for a particular product? Can you offer an at-home product in a to-go size, or make some other change to your products that encourages additional purchases?
Customers that are loyal to your brand are more likely to try another product from the brand. Consider developing new products under your brand that would appeal to your current market base. Lastly, explore different selling channels. For example, many businesses that once sold only in stores grew, and continue to grow, by selling online. A customer that trusts its relationship with your brand may find it convenient to buy online, or through another new channel, and make additional purchases.
The strategies that help sell more of your brand to current customers often work to attract new customers as well. When potential customers see an ad or find your brand newly introduced where they shop, they might decide to give your products a try. New product development boosts that possibility because you’re adding potential buyers that you couldn’t satisfy with your brand previously. When new customers buy into your brand, they may expand their purchases to other products within it. Finally, is there a geographic limit to where you’re selling your product or service? It may be time to grow by entering new markets and building your customer base.
With a growth strategy, planning is critical. It’s important to:
Not every company can be a billion-dollar business, nor should they be. Your company and your brand are unique, as are your capabilities and strategic goals. Planned and managed long-term growth using diversified, sound business strategies for 2020 will put your company’s growth on the right trajectory for your business.