The world is going gaga over digital! Everywhere you see, there is a digital transformational experience that will transform the complexion of your business. The rapid transformation of the global business ecosystem with a digital solution is the most profound ever! Right from the mobile apps to the social media revolution, digitization is the order of the day. However, one must keep in mind that a core growth strategy is important to establish before adopting a stable growth strategy. Here is a list of important growth strategies that will have a great impact on your business.
- Growth Strategy 1 - Know your customer – You got to know your customers before they know you. Yes! A sharp marketing strategy is marked by a proper understanding of the customers. This also helps you in strategizing the right marketing punches which help you in expanding the total volume of your business. Know your customers well and prepare business strategies that will make a difference.
- Growth Strategy 2 - Experiment with new sales channels – The new sales channels ensure that you can experiment with innovation only when you are sure about your projected growth. In business it is a very common trend to experiment with new channels but have you ever wondered how you can open up new robust sales channels? Simple! Just rework your marketing ideas and find out avenues through which you will get more sales.
- Growth Strategy 3 - re-examine your foundations for scalable growth – The growth of your business should be scalable and sustainable. One of the keys to a sustainable growth path is to analyze your roots. Once the foundation layers of your business are audited and exhibit good results, you can implement strategies that will ensure long and short term growth. New growth strategies should be implemented carefully and preferably should be applied in a limited scale. Once, it starts generating good results, one can easily go forward and apply the new strategy on a larger scale across the length and breadth of the enterprise.
- Growth Strategy 4 - Automate everything – Automation is the next big thing! Right from customer procurement to customer service, automation can ensure that your business cycle is uninterrupted. Automation streamlines parallel business processes and reduces manual intervention and workload and line managers. They can focus on more important production-related issues.
- Growth Strategy 5 - Make friends with data – There is no need for you to master data science. You can simply go ahead and make use of data and analytics like the behavior of websites or mobile app with respect to consumer behavior. Data is a direct reflection of the business's performance over a given period of time. Several strategies and important business decisions can be taken on the basis of data. Today’s business planners and decision-makers take important decisions on the basis of data. A data speaks volumes about your business and a website and mobile are the most perfect tools to measure it. They are the point of customer visit, conversion, and retention. Repeat the process again and it becomes a complete business cycle.
There are certain proven strategies that help you in transforming the face of your business. Any transformation of your business should begin with the core areas. The transformation should be able to optimize the existing core competency areas. In the next step, it should be able to open up new opportunities for growth and development. Digital transformation should make business more competitive in a competitive ecosystem where there is hardly any room to breathe. Digital is not the next big thing! Rather, it is the enabler of one of the greatest transformative forces of the 21st century which have expanded the horizon of every business. In the midst of this discussion, we should not forget to mention e-commerce and mobile commerce. They have been largely responsible for enabling a scalable digital transformation within a very short period of time.