17 Growth Strategies to Improve Your Business Outcomes
Millions of ambitious and determined entrepreneurs have continuously emerged to start new businesses. Of course, some of them have been passed on through generations, yet looking at the multitudes of business reports and statistics, you will realize that more than half of them barely make it to their fourth anniversary.
William Augustus said, “The one man to whom the community owes most is the capitalist that the menu gives, but the man who saves and invests so that his property reproduces and multiplies itself instead of being consumed.”
What William meant was that the world has an ever-growing insatiable appetite for unique innovations and growth. The world believes that the finances are continuously accumulating, and being possessed by people are incomputable blessings for society to upgrade.
Without these accumulations, public developments and private businesses or enterprises would not exist.
Understanding how this fact applies to the reality of modern businesses is what defines the key principles on which you will shape business growth strategies to significantly improve your business outcomesimprove your business outcomes.
It has helped businesses like Amazon, Coca-Cola, Tesla, Apple, and Microsoft build economic moats that remain unfathomable to their competitors.
Business Outcomes and Growth Strategies
From a business perspective, outcomes are seen through the acquired results, which can be measured by contrasting the performance of the business. For instance, customer acquisition, retention, and return on investment.
With that being said, a growth strategy is “a policy of growth that maximizes gains, keeping risks and unbecoming consequences at their utmost minimum.”
Growth strategies outline the routes that any business must take to achieve the most profitable outcomes and enhance competitive advantages.
Growth strategies can be seen in action with how China calculated the potential business outcomes in the small fishing village of Shenzhen and set it as a special economic zone in August of 1980.
Nearly four decades have passed, and Shenzhen has subsequently evolved into a dynamic multinational metropolis.
The 17 Growth Strategies for Improved Business Outcomes
There are universal growth strategies which serve as principles governing each era of business, and we shall go through the 17 best growth strategies that will unapologetically help improve your business outcomes:
1. Improve customer experience
For any exchange of goods and services to occur, all transactions require proper mediation. In the 21st century, that mediator is a technology through the digital transformation, leveraging software applications as a means of improvingto improve customer experience.
With a wide variety of businesses today, if your customers do not like your service, it is highly unlikely you will see them again.
Customer experience is a prerogative for any business trying to profit from growth strategies, especially if you want to remain relevant in this ever so diverse digital economy.
Your business must be open to customer interaction, receiving feedback through customers expressing themselves.
Offer live support, and stay devoted to building a long relationship with your clients by understanding their preferences.
2. Be Creative
Keep in mind that your business is not the only business out there, and respect how constantly customer demands for better products and services are evolving.
Developing your services efficiently to give your customers a better experience not only ensures retention, but it requires mass creativity.
Creativity is a renowned fuel for consistent business growth strategies.
You can propel creativity by empowering your team to remain complex and evolving in nature, embrace and solve customer problems, allowing contributions from your team, inspiring your team members and company by nurturing and rewarding their creative efforts.
3. Unique Business Propositions
To achieve the best business outcomes, you must hold strong to the fact that being unique is more important than being first. You have to give your customers an extremely compelling reason to acquire your services and overlook your competitors.
Just look at how Amazon surpassed eBay.
Nancy Kress said, “A stereotype may be negative or positive, but even positive stereotypes present two problems: They are clichés, and they present a human being as far more simple and uniform than any human being actually is.”
Growth strategies of a business must bring to light uniqueness and make sure that your business maintains a safe distance from becoming a cliché.
Consider Amazon’s propositions of “sell better, sell more” for its marketplace.
4. A simple business
As a business, you must take note of the fact that to be in the lead across any industry, you must make life easier for your customers by providing products that are simpler in nature.
Google took the search engine market by storm with this technique, so did Amazon with eCommerce.
People like to save time, use less effort, and avoid stress at all costs. At the top of your strategies for business growth, produce goods and services that make life easier.
You can achieve this by using technology to your best advantage and making use of automation features, and keeping your interface user-friendly, for example.
An example would be Amazon’s Kindle, which makes books easy to read on the go.
5. Build a dream team
For every company that has emerged on top of the competition, there is an extremely brilliant team putting into play the best growth strategies to ensure the best business outcomes.
Pick out the best talent and blend it with your business. Having talented and committed employees will only help you deliver top tier products and services as well as acquire the best clientele.
You must find, hire, and training the best talent out there by creating an environment that attracts top performers. Use talent forecasts to help you define key roles and job descriptions.
6. Track your business intelligence
Simply put, business intelligence (BI) is the technical infrastructure and methods that your business will use to collect, keep, as well as to conduct analysis on the data that is generated by your organization’s activities.
Successful growth strategies always produce progressive results when matched with business intelligence.
Business intelligence stands relevantly strong as an innovative growth strategy to attain sustainable business outcomes. It enables you to understand customer behavior and decipher buying patterns and trends that emerge in sales.
Use BI to report your activities and measure performance in business trends. You will easily make informative actions with your management.
7. Market your content
Billions of consumers scour the internet looking for solutions to their problems. Help them find you, and you improve your business outcomes.
Research the best markets for your services and formulate a strategy to grow your business sustainably.
Incorporate channels like emails, blogs, infographics, and guides into your marketing strategies for business growth by using top tier marketing software.
Don’t forget a professional marketing team, and your business will have an extreme competitive advantage, which will bring fulfillment to customers.
8. Be authentic with your craft
People always desire quality and unique products, and craftsmanship is an unmatched source of sustainable power in business.
Especially in this digital era of mass production and questionable authenticity. In order to stay relevant, you must embrace the tradition of constantly creating products that are “one of a kind.”
Let quality and perfection be key drivers of your business growth strategies and showcase the authentic appeal of your products.
9. Be timely
People have an insatiable addiction to immediate gratification. Delays are heavily resented, and this aspect of human nature is permanent.
You can easily improve your business outcomes when you take advantage of timely-delivery as a strategy for business growth.
You must do anything and everything to make sure that your customers’ do not wait for you longer than they wait for your competition.
Use techniques such as instant marketing, instant support, and quick delivery. Continue the list as it applies to your business outcomes.
10. Embrace being reliable
People naturally only use services that they find reliable.
Making sure that customers are served reliably is key to maintaining a competitive advantage for business growth.
Help people to save time, money, and avoid stress with your service quality and integrity upholding team, then you will never experience worries about customer retention.
11. Create Significant Innovations
We know the saying, “nothing changes if nothing changes, ” or better yet, as Albert Einstein put it, “You can’t solve a problem on the same level that it was created. You have to rise above it to the next level.”
For your business growth strategy, you must continue to research and transform your services into trending innovations that will help your business stand out from the crowd by perpetuating the products and services that consistently remain useful and bring new values to customers.
Tesla, Google, and Amazon are a few examples of companies that stay innovative.
12. Maintain a strong competitive advantage
When implementing your business growth strategies, competitive market research (made easy by the internet) helps keep track of what is actually working for the businesses within your industry.
You can monitor your competition and their services and marketing strategies by examining their content on websites, white papers, blog posts, and press releases, for example.
This is a good way for you to gain insight about what encompasses your industry as well asinto what encompasses your industry and identify possible market opportunities and give you the upper hand in building a moat around your competitive advantages.
Top companies waste no time in reaping the benefits of someone else’s failures. Consider how Google carefully capitalized on Yahoo’s mistakes.
13. Make sure your business is environmentally friendly
With all the talk on global warming, consumers worldwide have become aware of protecting the environment.
It bears significant business advantages if your customers trust that your business puts the environment before profits.
Customers are always ready to pay a higher price for services that respect environmental sustainability values. “Go green.”
14. Use global platforms to establish your reach
The internet has made it possible for any business to instantly grow and sell products and services across the worldworldwide. There are platforms like Amazon’s FBA to enable global reach for eCommerce businesses.
Rental businesses may take leverage platforms like Airbnb, or perhaps Uber for transportation.
This is a powerful means to implement growth strategies for businesses because these platforms are established and at your disposal without many investment efforts.
15. Valuable business partnerships
Building strategic business partnerships will give you access to numerous untapped resources and enhanced capabilities. Such collaborations help expand your customer base by helping you access new markets.
You must take into considerationconsider all possible strategic partnerships, whether financial, marketing, or communication, and technology, and see how well these can ensure strategic business growth by clearly defining your expected values and what you can offer your partners in return.
16. Build a solid reputation
Consumers usually hold strong to the opinions offered by others. A good business reputation establishes trust with loyal customers. Include building trust as part of your business growth strategy, and your organization will always attract and retain the best customers.
Manage your business reputation, and your business outcomes will be defined in growth with minimal risks, allowing you to penetrate new markets with ease.
You can achieve this by staying true to the principles of your business, upholding values of quality service, and respecting customer feedback and insights.
17. Certify your business
Companies like Apple and Microsoft continue to be recognized as top performers because they show great prowess in their industry, surely the competition can attest to this.
“Apple and Microsoft witnessed market capitalization increases of $469bn (42%) and $344bn (29%), respectively, from March to June.”
It is growth strategies like these customers’ insurance regarding who you are and what you can do for them.
Consequently, winning awards makes for a good source of free marketing for your business as you can easily attract new customers and top-performing employees.
It also boosts company morale and certifies customer loyalty.
Establish your strengths as a business and outshine the competition. Do not practice anything underhanded but illustrate how your product defines sustainability and confidence in service.
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About the Author
Eugen Spivak is a multi-award-winning author, business strategist, and a business coach. Eugen is the founder of the Canadian Institute of International Business, an organization dedicated to bringing practical and hands-on business education for modern business leaders.