Whether you’re a startup with a new product that you want to get to market as soon as possible, or an established business that’s looking to grow and become something more, you should have a strategy in place for accomplishing that growth. You can’t just hope that you’ll begin selling more of your product, or that the initial launch will be a hit that sends you on an endless upward trend. That would be fantastic, but it’s not realistic. No, what you need is a growth strategy. Here are a few things to think about when developing that strategy.
It’s easy to think that your growth strategy is working when you see an uptick in sales, but there are plenty of other variables that could cause that. When you start working on part of your strategy for growth, be sure you measure it against what you were doing earlier, and look at what variables affect growth the most. Then work on them.
Who are your ideal customers, and is that who you’re selling to? If not, then who are you attracting? Part of your strategy for growth will involve selling more of your product to existing customers, but that’s not always a viable option depending on the product. So if you need more customers, you can work on your marketing to try to attract them, or you can begin looking for new markets.
This could mean targeting customers in another city or state. Selling online is easier than ever, and you can reach different markets that open up huge opportunities for growth. You may have trouble initially penetrating new markets, but if you want to grow your business, you can’t pass up the potential that market development offers.
Hiring the most talented employees is well worth the salary you’ll pay to attract them. Investing in smart, hardworking employees will be key to achieving sustainable growth for your business. Reward your employees well, and you’ll have a dedicated team that will give their best effort for your business.
Developing new products can end up growing your business not just by selling to new customers, but by selling your new product to old customers that bought your original product. This can work well if the products complement each other and buying one will introduce customers to your brand. You may have made your initial money with a single product, but new product development is a critical component to your growth strategy.
Don’t be afraid to look at what your competition is doing, or get help from an outside firm when you begin developing your new product. At Pivot, we specialize in helping businesses like yours develop new products, and then market and manufacture them. If you think your growth strategy could use some work, then contact us today and find out what it’s like to work with an company that’s invested in your success.