AUGUST 8, 2022
12 min read
It may be difficult for businesses to recover from the pandemic and adjust to new realities. However, significant growth is possible within the new normal. All you need is an understanding of how to create a business growth strategy and know how to make it work.
In 2022, we have discovered a bunch of the best business growth strategies for small business and how meaningful they are for business capacity growth. For example, fintech faced the necessity of digitizing services back in 2020 and is still evolving. Industry players have tried to embrace digital engagement by moving to remote services, implementing digital transactions, and improving home-office conditions for their employees. So, it seemed like these strategies worked, and Dashdevs will tell you more about them in a moment.
Let’s take a look at examples of a business strategy, consider what it is, and how it can help businesses use their resources in new ways.
Why Digital Marketing is Important for any Business Growth Strategy?
Digital marketing has long been at the top of the list of corporate growth strategies. Taking it for granted, most people and business owners may underestimate the importance of successful business growth strategies. However, if you want to establish your brand, you should spend the majority of your time on marketing. Marketing creates a united vision among stakeholders and collaborates on the strategic mission.
Yet, before embracing and developing a new strategy of growth for a business, one has to recognize the need itself.
An external growth business strategy focuses on revenue as a final goal. No matter how well-known the company is right now, you might spend a lot of money on advertising initiatives. And that’s OK if you’re using traditional marketing techniques. After all, a television ad or a street banner is relatively expensive.
However, if you are willing to go above and beyond the standard, explore Internet advertising. A platform like Google, for example, will give you low-cost and straightforward access to your target audience.
More Precise Audience
Advertising your product at a shopping center will undoubtedly attract new clients. Indeed, all people go shopping: men and women, adults and teenagers. So, do you need everyone to see your ad?
Google allows you to select age, gender, marital status, and many other criteria for your potential purchasers without incurring any further costs. For example, if you are a life insurance company, you may target people who are planning their vacation. If you are a product development company, such as DeshDevs, target clients who are looking to build a new platform for their products or services. Even if you haven’t done this before, Google analytics tools can help you figure out what your target audience needs.
With digital marketing tools, you can be sure that almost every time people pick up their gadgets, they will come across your ad. In this way, 10 potential buyers will learn about you and visit your website at least 10 times a day. While on television, they will hardly see the ad once or not at all.
Examples of Business Strategy that Work Well
Currently, many organizations are trying to reinvent the ways they comprehend business capacity and increase strategies of adaptation to thrive. In order to employ new marketing strategies for online businesses, we suggest getting acquainted with the following examples.
According to Statista, content marketing constitutes almost 18% of all marketing activities. It’s vital for anyone going online to do business there. Sharing professional and expert content with customers, done professionally, delivers astonishing results.
Done professionally, it may have a more positive impact on sales in a way than traditional marketing. It can also improve customer engagement and boost interaction with users. This means that your sales, speed, brand awareness, and trustworthiness will all improve. In fact, some potential customers may not even know you exist if you aren’t online.
SEO is another example of a business marketing growth strategies. It adds visibility to your business. SEO is done organically; it doesn’t require additional resources or investments. Just like content marketing, its key aim is to increase sales or generate awareness without additional spending.
Overall, search engine optimization has a share of 30% of all Internet traffic. Additionally, as a powerful part of search engine marketing, SEO helps to check up on competitors.
Social Media Marketing
SMM can be part of content marketing as well as be a separate tool for actively engaging customers and improving visibility. It’s a great opportunity to show what you’ve got.
To make it work, choose the proper social media channels for your business. Determine the type of content you want to promote according to the buyer persona. Then engage with your audience actively. Don’t forget to set KPI and measure your performance.
Email Marketing and Outbound Strategies
It can be used as a wonderful retention tool for existing customers and can keep connections with them to support customer loyalty. In addition, it has an outstanding ability to boost return on investment (ROI). It would have a huge effect on businesses that go online: e-commerce, fintech, banking, and others. So when it comes to digital marketing strategies for business growth, there’s no limit to its endless possibilities.
What are the Strategies for Business Growth
Success in business growth marketing strategy comes when the demand meets the business’s abilities. The key here is to be adaptable and adaptable enough to meet the demands of time, market, niche, or whatever your constraint may be. According to Statista, in 2021, the share of people actively using digital banking in the U.S. will comprise more than 60%. Going online can indeed be very helpful in subsequent growth.
Banking growth strategies are, in fact, the best examples of business marketing strategies for small business. However, let us consider broader growth approaches for businesses, both B2B and B2C. They are a perfect match for banking, financial institutions, and fintech companies so that they can be viewed as digital strategies in financial services. Still, they can be applied to any business:
1. Extension strategy
This strategy is sound when the company wants to get a broader understanding of customer needs. In practice, this may relate to service extension, partnering, or consolidation with other organizations. So you receive not only higher profits but also an increased market share.
2. Improving value for customers
It means offering more than customers expect, providing them with more value in services, and making their user experience (UX) more interesting. For example, make their decision journey better with improved communication. It may be in the form of an app, live chat, or extended information as a piece of content on the website.
3. Digitization strategy
New digital growth strategy models can positively contribute to growth and development. This can be done by providing exclusive online services and increasing digital presence overall, as it was done by British Digital Only Bank Dozens. As you see, non-traditional digital strategies in financial services are strongly welcome to employ innovation.
4. Data monetization strategy
This strategy is actually ideal for the banking sector and e-commerce. For example, data can be used for secure access to services for a broader range of customers. In addition, we use data monetization to develop a more comprehensive portfolio of services.
5. Implementing backend infrastructure
With its help, you can do the things that others can’t. For example, one needs it to provide unique services to other businesses and organizations. These can be specific algorithms to improve loans, insurance management systems, or backend technical services.
This list is complete but not exclusive; it outlines key digital growth strategies that can be successfully employed by various businesses that have resource constraints.
Tips How to Increase Production by Carefully Considering Resources
In order to succeed, businesses are trying to embrace changes. Then Dashdevs suggests the following tips to increase production with existing resources:
- Say yes only to the most capable and profitable customers. Sadly, one has to choose what’s best for them.
- Make a staff revision. Consider only those who are able to keep up with changes and their skills correspond to what you need. In addition, rethink motivators and rewards for your employees.
- Consider third parties to work with or increase the business contacts of contractors or suppliers. The best options can significantly support the business’s production capacities and move the business forward.
- Invest carefully in operational capacity. In the case of scarce resources, it’s wise to invest in something that can increase them. To make this decision, discuss it with financial managers.
If you use these tips, you’ll be able to increase production and save resources.
Factors to Count Before Implementing Business Growth Strategy
The key factors that influence capacities are mainly determined by:
- Change necessity
- Growth necessity
- (Un)stable environment
These factors are universal, and they require us to change our mindsets and approaches towards business development growth strategies. However, there are much more. Depending on the answers, they indicate that change is required.
There are some things that any business owner or CEO must always keep in mind in today’s world. After considering these questions, one can decide whether growth is required.
- Pandemics: Is it really over? Always consider COVID’s influence, as we do not know when it is going to end. As scientists state, it will still have its impact on every aspect of our lives.
- What do customers want and need now? Where are they? Currently, one should be able to cope with any fluctuations in customers’ behavior, find and meet customers whenever they are.
- How do your employees feel? Can they perform their jobs? What are the constraints for them?
The best way to meet the needs and limits of a growth strategy is to carefully think about all of these questions before putting one into place.
How to Increase Business Capacity? Essential Practical Steps
Capacity in business can be defined as an increase in sales, speed improvement, security, and trustworthiness. For some, the definition of business capacity may mean the ability to expand, retain, or improve services and to increase revenue. Nowadays, it can also be strongly related to the ability to sustain and thrive within an unpredicted environment, as we’re experiencing in 2022.
To answer the question of how to increase business, we need to think about any possible limitations. The Dashdevs team suggests the following steps after taking into account the environment and any other limitations.
Step 1. Reconsider
These resources require careful consideration. If employees are lacking skills, they have to be boosted and rewarded; if contractors are slowing operations down, they have to be changed. In this case, one has to remove anyone or anything that isn’t serving business needs.
Step 2. Improve
- Any technical and operational inefficiencies
- Equipment maintenance to make it work
- Templates usage to sustain efforts to develop something new
- Reconsider project management techniques you apply to make things work better
- Leadership approaches to keep the strategy working
- Revise marketing for additional adjustment to the market needs
- Set KPI to measure performance
All these greatly influence growth from within.
How to Develop a Growth Strategy for Your Business?
If you’re unhappy with where your company is and want to learn how to outline the ways you can achieve the goals and write business strategies for sustainable growth, you’ve come to the right place.
Value Proposition and Mission
It’s pointless to have a mission if you don’t tell anyone about it. Since every business is unique, why are you losing sight of yours? There are a few suggestions for how you, as an entrepreneur, can fix this and grow your business.
- Schedule meetings: tell your employees how much you appreciate their job. Your staff will learn to service customers and the company over time.
- Use reminders: always remind coworkers of the company’s objective and ask for suggestions on how to enhance it. As a top manager and team leader, you’ll learn to have a vision and share it with your team.
- Speak to your audience: implement your company’s mission, vision, and values into external communications so the target audience can recognize itself in your product and help you in writing an effective business growth strategy for small business.
Strengths, weaknesses, opportunities, and threats are situational analytical tools used to evaluate a company’s business environment and competitive situation. This tool is usually applied in combination with the strategic planning process.
It can be used to plan new product launches, increase market share, find new business opportunities, evaluate your own operational capabilities, or solve a problem.
- Strengths: consider strong financials, skilled workflow, or high-quality services.
- Weaknesses: take into account your high turnover, new product design, and possibly employee benefits.
- Opportunities: think about a new market opening up or customers who are more quality-conscious.
- Threats: write about price wars, low entry barriers, and your own personal risks.
Having a plan of attack is one of the essential points that can make your business grow faster. The goal is to create a long-term business plan as well as weekly plans. However, it should not be a 10-year plan; instead, begin with a 3-year plan because that is what is feasible.
Consider your team, budget, resources, goals, and all of the common elements that could be used to carry out the strategy. This will help you and your team figure out how certain markers show the company’s focus on success.
Documents are an essential part of running a successful business. Make this a top priority so that important information isn’t left out in the open or just put in a file cabinet.
Digital document management software is the solution.
- It allows you to monitor the progress of your business even when you are off-site or on a business trip.
- It helps you keep track of your database of customers and their information, as well as important business documents.
- It allows you to run your business automatically and deal with multitasking situations without wasting time, energy, or money tracing any business documents.
Market Research and Competitor Analysis
The true power of understanding your customers, their wants, needs, goals, and everything they’re trying to achieve means being able to better position your business. If you can properly do market research, this means that you can encourage more clients and not let them go to your competitors.
Understanding your competitors’ strengths and weaknesses allows you to determine how to improve your business and become a market leader. Market research should include information about the industry you work in, target market, business goals, and external factors. Try to ask yourself the following questions during this procedure:
- How quickly and broadly do you anticipate your company expanding?
- How will the future of the industry affect your business if it grows and changes?
- Who is your perfect customer? Where do they live? Are they married? What are their preferences? Try to be specific.
- How do you anticipate your profits changing as a result of entering a new market?
- Is your company stable enough to withstand changes in interest rates?
- Will your taxes be affected by the shift in the market?
A market analysis will help you understand where you stand in relation to your competitors. You’ll also be able to determine whether you should enter a new market or keep going in the same direction, so don’t skip this step when deciding between different types of business growth strategies for entrepreneurs.
And What Business Growth Strategy Suits You Best?
Businesses nowadays need to know how to use business strategy for growth under any circumstances and with scarce resources. The environment that businesses operate in isn’t constant. Reality necessitates the application of new approaches in a timely manner, as we saw in 2022 when abrupt change forced us to shift our approaches. These strategies are affordable and accessible.
We trust your best knowledge and opinion, but if you’re in doubt, drop us a line, and we’ll develop the best fintech solution for your business.