According to gartner.com; A growth strategy is an organization’s/business’s plan for overcoming current and future challenges to realize its goals for expansion.
Examples of growth strategy goals include increasing market share and revenue, acquiring assets, and improving products or services.
Simply put, growth strategies are plans a business comes up with to aid growth.
If you’re struggling with sluggish business performance, you’re not alone. Entrepreneurs and businesses of all types feel the pinch on several fronts, but key growth strategies can help you reinvigorate sales and drive growth.
Here are some strategies that can aid your business growth.
Increase Your Market Penetration
Increase your market share, I know you are probably wondering how to do that. The idea is to sell more of your existing products or to successfully promote a new product. There are a few ways to achieve this, you could offer the product at a discounted price to existing customers or offer discounts on larger orders or reduce the price to beat a competitor’s similar offering.
This can be unappealing to you at first, but it can be a good short-term expansion strategy for businesses selling products similar to those of their competitors. Imagine if your next-door neighbour sells exactly the same product as you do, you should switch it up as mentioned above!
If you can’t increase or improve your product range and must continue to promote existing products, it may be necessary to make products more attractive by including free offers or discounts on future purchases.
Market Development – Attract new customers and retain existing customers
You may be crushing it when it comes to retaining customers but what about getting new customers onboard? Expand your reach, create a Facebook,Twitter and Instagram account for your business.
Promote your business on your social media pages, and get your friends and loved ones to promote on their pages. Expand your digital footprint! Pay for online marketing ads if you have to.
Product Expansion – Refresh or renew your products and services
If sales are down, it might be time to revisit your inventory to see how your products and prices compare to those of your competitors. There are a few questions you need to ask yourself;
Have any market factors emerged that would impact demand for my current products or services?
Does your competitor offer more features or better quality at a similar price?
Are you listening to customer feedback and reviews?
Get the necessary insights you need and make adjustments where necessary.
Every business needs more liquidity to do the above, this is where Oze comes in!
We love to help small businesses grow as much as we can! You can apply for an Oze loan and we will be more than happy to look through your profile to see if you are a fit.
That’s not all, we offer the lowest interest rate and the best payment process in town!
Want to know more about Oze loans? If you need more information, feel free to chat with our support team in Ghana (+233 54 575 0476) or Nigeria (+234 913 000 0118). You can also send an email to firstname.lastname@example.org.