Has your business growth hit a plateau? It happens to the best of us. Experiencing a stall in business growth is completely normal for most businesses, and it can be difficult to overcome. The best way to move past your slump is to find and apply growth strategies in marketing that work for your business specifically. We’ll go through the four major marketing development examples that can apply to just about every business.
Marketing Growth Strategy Examples
There are plenty of marketing objectives and strategies examples out there that could lead you to growth. The only issue with marketing strategy objectives examples is that they often don’t apply to your specific business circumstances. That’s why I choose to follow the four major growth strategies that can be applied to all businesses, no matter what you sell or who you sell it to.
What Are the Four Major Growth Strategies?
One of the most widely used models for small business growth strategy development is the Ansoff Model. It presents four major growth strategies that will help you explore your potential options when it comes to your own market and products/services as well as new markets and products/services you could move into. Let’s break down these corporate growth strategies in marketing so that you can apply them to your business.
First up, we have market penetration. This growth strategy focuses on marketing strategies that surround your current target market and products or services. This is always a great place to start when you’re trying to stimulate business growth. Ask yourself how you can sell more of your current products or services to your current audience.
The reason I suggest you start here is that asking this question will draw attention to any flaws in your existing marketing strategy. It provides you with an opportunity to iron out these kinks. Perhaps you could increase your social media engagement, or change your opening hours to coincide with your customer’s needs. Focusing first on market penetration will give you the solid base you need to start looking for growth strategies elsewhere.
Once you have exhausted the market penetration strategy, it’s time to move on to market expansion. This is where you explore new markets that could be interested in your product or service. I suggesting exploring this strategy next as it doesn’t involve completely changing your business model. All it takes is a little research followed by good old fashioned marketing.
The key to market expansion is finding the right market for your product or service. There is no point in just choosing a new target audience at random. You need to find your niche – the people who truly want and need your product or service. Start with a good brainstorming session, ask friends, family and business owners, and come up with a list of demographics that might want your product.
Then, test your theories. Find social media groups in those demographics and ask if they would be interested in your products or services. The last thing you want to do is go after a whole new target market to discover that they have no interest in your business. Do the research now, thank me later.
Next up, we have product development. This strategy is for those who have found their niche market and have more to offer that market than just their current products or services. Product development can be as simple as adding a new item of clothing for a clothing company or as complex as learning how to deliver a whole new service.
Think about what it is your target audience needs and whether it makes sense to offer that product or service through your business. If, for example, you’re a web designer, there are plenty of opportunities for service development. Youd could include copy writing services, S.E.O services and more. If you sell handmade baby clothes, consider drop shipping other sustainable baby product that parents need.
Use market research to develop these ideas and to check that your community would actually buy these new products or services. Product development can also be about optimising your current services and products. Change up your packaging, switch to a cheaper supplier, or improve your product quality to see if that drives profits.
Lastly, we have diversification. Would your business benefit from moving into a completely new market with new products or services? This growth strategy is an intense one as it can call for extreme changes within your business. Make sure that you have a powerful management team behind you. It’s worth investing in coaching or consultancy so that you have a sound game-plan when you diversify.
Where to From Here
Looking for a coach or business consultant to help you grow your business? Stop trying to figure everything out on your own and give yourself advice from someone who has created not 1 but 2 successful 6-figure businesses. Let’s hop on a 30-minute discovery call where we can chat about your goals, struggles and how I can help you as your business consultant/coach. BOOK YOUR CALL HERE.
Want all that coaching value plus input from other badass women in business? Secure your spot at the Action Takers Mastermind Business Group for Women. You can also connect with a community of small business owners by joining my Facebook group, the Women in Business Collaborative.
Have an awesome day,