How to Create a Business Growth Strategy?

It takes more than creating a vision for your business and planning its execution to build a business growth plan. This starts with identifying gaps in your marketing efforts and setting your own business goals to close them.

After the business assessment, you will need to research your industry and competitors. Find out your ideal customers, and then use data-driven methods to measure and position your business ahead. This guide will cover the basics of planning a business growth strategy.

Why not start with a business growth strategy?

According to studies, only 50% of startups make it past five years in operation. Only half of those startups make it past 10 years in operation. A business growth plan is key to a successful business.

Business growth strategies are specific plans based on real data about your business. There shouldn’t be any room for guesswork. You should consider your performance, strengths and weaknesses, and the performance of your competition when deciding what course of action to take.

It won’t be enough to envision the long-term success of your business. If you only think about the short-term success of your business, you will be among the 50 percent that won’t exist in five years.

It all starts with an awareness of your current state of affairs

Entrepreneurs often start by setting SMART goals (Specific Measurable Attainable Relevant, Time-bound). Here’s a solid piece: don’t start with this. Without understanding your business’s current state, setting goals is like putting a ladder against a wall.

Is there anything wrong with this? You may not be climbing the right wall, but you are sure you’re moving up your ladder.

You must first analyze your digital marketing to create a business growth strategy. Next, identify where you are lacking. Next, identify your unique value proposition. Finally, identify what makes you stand out from the rest and which customers will be interested in your products.

Set Business Goals and Other Essentials

Once you have established your company’s position within the sales marketing spectrum, it is possible to establish your long-term and short-term goals. I have found that companies can be divided into three types based on my experience.

  • Companies that don’t have clear goals
  • Companies whose digital marketing efforts fail to achieve their goals
  • Companies with too many marketing goals may have difficulty keeping up with their marketing budget.

A thorough web audit is required in each case. This will allow you to define your goals and key performance indicators (KPIs), where you stand with your competitors and your position within your market.

Develop Data-Driven Strategies

Next, you need to create data-driven strategies to support your business goals. To determine which strategies are most effective in achieving your goals, you can use conversion rate optimization (CRO) and A/B test your campaigns.

You need to monitor KPIs depending on your position in the digital marketing spectrum. This will help you determine how to fine-tune business growth strategies. These are just a few to think about:

  • Conversion rate (CVR: The number of conversions divided by the total number who visit your site.
  • Impressions served: how many times your ads were shown to an online user.
  • Cost per Action (CPA: The amount you pay to complete certain actions such as newsletter signup, ad click, and sales.
  • Cost per Click (CPC) is how much you have to pay for each ad click.
  • Return On Advertising Spend (ROAS), Revenue you earn for every dollar spent on advertising.

Many KPIs are available, and each one will be relevant to your business. It all depends on your current stage in business development. New companies, for example, will need to increase brand awareness and site traffic and establish their online presence. An established company with a strong online presence should focus on building customer relationships, generating repeat business and improving ROAS.

Go For a Multichannel Approach

Next, you will need to develop a multichannel holistic marketing strategy. Using the information from your audit, you can determine the best marketing mix for your business.

Your goal is to cover all aspects of your brand marketing. It would be best if you incorporated a range of marketing strategies into your overall business growth strategy. These include, but are not limited to, social media, paid SEO, content marketing and eCommerce marketing. Email marketing is also a good option.

Leave a Reply

Your email address will not be published.