From writing a successful business plan to developing the most suitable strategy, you take the next step and that is to put your plan into action through the right strategy. Your business takes the plunge. But is it the time for you to stop putting your efforts too? No, definitely not. It is the time for you to start strategizing and make your business grow. Without aspiring for growth in business, you cannot survive for long in the market.
Each one of us looks at the future in different ways. Hence, there can be different ways of working the best growth strategy for your business. Let us discuss some of these further:
- Reaching out to new customers to buy your existing products
A business should always aspire and keep working on increasing the number of customers to increase its market share. Every new customer you make today is an opportunity for tomorrow. So try your best always.
- Working on new products to tap new customers (Greenfield strategy)
Once you have started your business, it is good if you think of diversification or developing new features to stay ahead of the competition. But keep the product cost and the overall cost involved in mind always before delving into this strategy. Also, think of the return on your investment to decide if it will be profitable for the business or not.
- Reaching out to existing customers for new products
To try your new product and look for customer satisfaction & their valuable feedback what can be a better way than approaching your existing customer base. They know your company, they trust your product so they would be willing to try whatever new you are offering them.
- Building customer loyalty by converting existing customers
Do you know that practically it is six times cheaper to keep a client than going after a new client? So you really need to take care of your existing customer base to look after our revenue growth. Eighty percent of your revenues comes from twenty percent of your clients.
It is time for you to tie your shoe laces and pull up your socks. Your business is your baby. Give it all you have to reap the best you want to. After all whatever you invest is what comes back to you in the end.