8 Strategies to Grow Your Business:- In an age with full access to information thanks to technology, the only barrier that companies can create is to grow. A few months ago, the business strategy guru, Philip Kotler launched his latest book market business strategy entitled “8 Ways to grow “.
8 Strategies to Grow Your Business
According to Kotler, we live in a world of slow croissance or, and before this, companies must not stand still, but instead must establish strategic and operational actions within two alternatives: reduce costs or grow, with the option of growing the Smarter to win in market share.
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Let’s see then what are the real options we have to grow my business according to Kotler, under my own approach. How to grow my company in market share?
- Growing by increasing market share
Gain market share is sure to get a leadership position within a seeking to become the reference of your competitors sector.
There are five strategic actions that can be included in your plan to gain market share:
Look for greater efficiency in your processes by eliminating all those that are not part of your Core Business.
Develop a SWOT following instructions to refresh what your strengths and weaknesses as a company are.
Improve your financial and marketing capabilities, this is always useful because better financial capacity and investment opportunities in new promotion strategies.
Rescan your Marketing Mix and improve it looking new customer segments and new elements of value to them.
Implemented growth strategies analyzing demanding form to each of your customers. How to grow my business thanks to customer commitment?
- Growing by fostering the commitment of customers and other stakeholders
According to Kotler, too many products and customers are scarce, it is therefore essential to seek the commitment to customers. The best way to achieve this is to know very well what our customer segment, and know the values that characterize him, then, communicate and transmit these values from our own business reputation. Another way is to improve expectation and satisfaction the customer expect from our product.
If your company is targeting a small niche market, strategies of this type will be easier to implement than if you are focused on a mass market.
To mention some operational actions to be implemented are the fact of offering an enviable service, additional guarantees, training or advice. We must make loyal customers creating a sense of community.
Special attention to your workers, have to be motivated and committed to the brand to be true ambassadors of our values. How to grow my company by developing the brand?
- Grow developing a powerful brand
The brand is the reputation of companies and this is only achieved by striving to get things right.
A good brand can help us grow our business by allowing us to set a higher margin to our products. It also allows us easier access to channels distribution n, and ultimately allows us to launch new products more easily.
Branding can be studied through the pyramid branding it tells us that all brand to go through five phases to the desired link. This technique also explains in my book “The 25.5 final technical business strategy.”
Just one detail, if the company Coca Cola sold all its assets, the brand would still have a value of billions of Euros. How to grow my company by innovating in product and experience?
- Growing innovating
“If you do not understand innovation, you do not understand business” this quote is from the great P. Drucker and highlights the need to innovate to grow our business.
We must encourage the creativity of our staff and ourselves, as it is lost throughout our lives. We are all creative, but because of this loss we must act differently from our routines to increase our innovative potential.
Innovation is not only to launch new products, but also to create new internal processes or new sales channels. You have to practice innovation. And if you do not have many resources, remember that Open Innovation is always a real alternative to explode. How to grow my business through international expansion?
- Growing through international expansion
Our products, at the same time of being released to the market, already have written their expiration date. For the same reason, a good way to grow is to seek diversification of markets and products, as tells us the matrix of Ansoff.
How? Because through exports or foreign direct investment seeking if possible, economies with economic cycles contrary to ours. How to grow my company through mergers?
- Grow through mergers, acquisitions and alliances
The very fact of being large is a good barrier to entry into a sector, and in a world like this, you cannot go alone, we must accompany our strategy with alternatives for external growth.
Looking to partner with other companies to achieve better competitive advantages, or to enter other markets, but be careful with partners who meet within your company as a large number of acquisitions fail not meet expectations. How to grow my company from RSC?
- Growing through CSR (Corporate Social Responsibility)
While it is true that at the beginning of a Startup is not worrying Corporate Social Responsibility since it is focused on daily sales, there comes a time when customers are asking about the impact of different products on health, environment and Society in general.
Among the operational strategies that can be developed to grow based on CSR they are: Promotion of a cause; corporate social marketing; Volunteering; Patronage and others.
I would like to mention to the example of Tom Shoes, a company that has managed to grow and differentiate by an action of Corporate Social Responsibility. This company has taken as part of their values, give away a pair of shoes to people in need for every pair of shoes sold. A great example to follow. Kotler_num8
- Grow through collaborations with the administration
The fact of working for the public administration is always an opportunity for growth, especially when we already have some business experience with which prove our technical and financial solvency.
This form of growth requires the implementation of a number of processes within the company to perform semi – automatic surveillance on tenders and public tenders submitted by the various administrations. In fact, if we think that it should be our way of growth, you can hire the services of a company that specializes in offering us timely and periodic information on the type of tenders we are looking for.
To conclude this point, I must tell you that always seek a balance between all your customers, that is, between public and private clients, and to rely solely on the administration is always a serious mistake.
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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