Rapid Business Growth (Organic)
Rapid business growth especially organic is a critical lever business leaders have for value creation. A clearly defined, articulated mission/vision statement, and high performance team are critically important to achieving and sustaining rapid growth in a business. A robust Business Development Strategy should strike a balance between the following levers along with a favorable customer experience to meet short and long term growth goals.
1. Market Penetration – Is to sell current products/services to existing customers. Helping customers find new ways to use the product. Lowest risk however degree of differentiation and ability to extract highest value may be limited. Benefit of this lever is a shorter sales cycle.
2. Market Development – Is to sell current products/services to customers in a adjacent market. Developing market/customer access increases the risk profile however can offer higher degree of differentiation. Identifying market adjacency and target customers is crucial to maximizing return of investments.
3. Alternative Channels / Channel Development – This growth strategy involves pursuing customers in a different way such as, for example, direct and indirect channel management, etc.. Leveraging strategic supplier partnerships to gain market/customer access and/or reduction in sales cycle is another example. Recent rise in protectionism is presenting the Supply Chain leaders to reconsider their strategies.
4. New Product Development – A classic strategy for enterprise value creation, it involves developing new products/technology/solutions to sell to existing customers as well as to new ones. Highest risk-reward profile however when executed well delivers the highest value to all stake holders. Comprehensive knowledge of the market/customer trends, technologies and unmet needs are needed to minimize the risks to the investments. Robust Innovation Planning/Technology Roadmaps are critically important to the execution of successful New Product Development that results in rapid growth in enterprise value.
Stay tuned for the next article which will be “Business Development Strategies”
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Stay tuned for the next article which will be “Strategies For Rapid Business Growth (Organic)”
The author, KetanDeshpande, lives in Minnesota and writes about a variety of topics in his blog such as global economy, market and industry trends, successful strategies for businesses, and others. Leveraging his global strategic leadership experience from the manufacturing industry to offer insights in to how businesses can meet the sustainable growth and profitability goals.
Ketan Deshpande is also passionate about sustainability and renewable energy; he curates and shares latest updates in his blog posts. Recently the Southern Minnesota Municipal Power Agency(SMMPA) of Litchfield, Minnesota, endorsed Ketan Deshpande for an energy conservation project.
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Blog by Ketan Sharad Deshpande, Anoka county, Minnesota, MN