Only the sky is the limit for business development, and organic growth is a demonstration of the strength and potential of a business. Organizations that achieve such growth are most resistant to crises and constant market changes.
Organic growth implies the ability to develop new products, expand market segments, and enter the international arena. But is it possible for small businesses to achieve it?
Let’s look at 5 strategies that leaders can use to help achieve organic growth for their businesses:
1. Expand Product Range
When you already have a customer base that is loyal to your brand, you can think about launching new products. If there is trust between you and your customers, the introduction of new products associated with current ones will significantly increase sales. Remember not to spend all your energy on expanding the assortment of the goods. Approach this strategy wisely.
You must understand that even if expanding the product range will drive growth, you can’t stop here. Sooner or later, you will still need marketing. But the synergy of new products with existing ones is the best strategy for capturing an existing customer base.
2. Modification of Goods and Services
Companies that are focused on organic business growth can fall into the trap and redouble their efforts in the production of goods that previously led to profit. But it is vital to understand that everything is changing, and there are no guarantees that the consumer will want something old.
Companies that are focused on organic business growth can fall into the trap and redouble their efforts in the production of goods that previously led to profit. But it is vital to understand that everything is changing and there are no guarantees that the consumer will want something old.
Some companies are better off paying attention to building new capacities and innovations and overcoming problems that impede development. Companies with slow growth need to make their product attractive to the modern market, satisfy customer needs, and receive feedback. When there is a clear vision for growth, it is already possible to move on to the introduction of innovations regarding goods and production.
3. Changing Your Marketing Approach
It is important to understand that your old marketing approach may not work in the future. Business owners need to adapt to current market conditions in all respects. For example, most people are no longer listening to TV or radio ads. Customers feel irritated and skip them immediately. Ten or more years ago, this strategy was effective. But what can you do now?
The best option is to encourage your customers to buy more of your product. So how to do it? It is time to consider a strategy that is successful with many companies. The point is that you need to offer your customers unique opportunities and gifts when certain conditions are met.
A relevant example is the cosmetics industry (Avon), which has been using this strategy for many years. For example, invite your customers to sign up for an email newsletter. Every month, send a personalized offer to your clients.
For instance, when a client buys goods worth $30, it is possible to get a 50% discount on the most expensive product in the shopping cart. Note which products do not participate in the discount. Or you can offer one of three products to choose from as a gift when the client purchases a certain amount.
This approach will play positively for both your loyal customers and new ones. And if you implement this strategy on a long-term basis, you can count on a constant influx of new consumers. Of course, such a strategy is ideal for manufacturers of products. But it is flexible to adapt, regardless of whether you are a manufacturer of a product or an intermediary.
4. Make a Relevant Offer to the Competitor’s Clients
Luring competitors’ customers and making them a relevant offer are not the same thing. So let’s look at the latter. If you understand your product is better than your direct competitor’s, why not analyze their target audience and current customers?
For the organic growth of your business, getting a competitor’s customers is one of the most effective strategies. So concentrate your efforts on offering a product that is better in quality, service, and price. Especially considering that among your competitors, there likely is a company whose goods or services are really bad. It is important to analyze the audience and understand why they use a competitor’s products and not yours and win with your obvious advantages.
5. Aggressive Marketing Strategy
To achieve organic growth, aggressive marketing is sometimes necessary. It is better to implement this strategy last. From time to time, new clients appear. And the company’s task is to give them a good experience interacting with the company.
You need to find out how your company differs from competitors and why new customers come to you. As soon as you find your unique points, you must make sure everyone knows about them.
For the successful implementation of aggressive marketing, you will need a good specialist. But you can make a few primary steps independently.
What Is Possible To Do Independently?
Here’s what you can do yourself without the advice of a professional marketer:
- Pick up keywords that make your brand unique and develop a content plan.
- Pay close attention to your social media presence.
- Create content that is personalized for your target audience.
- Choose the right local channels for advertising.
As for the first three points, you can use the services of content-writing companies. But remember that no one except you knows your brand better, so write down the main points of your uniqueness and provide all the hired specialists with enough information and control the process of work.
Final Thoughts
You probably noticed that it isn’t impossible to grow your organic growth. Surely you have repeatedly thought about implementing a particular strategy without even knowing that it will help.
Of course, the implementation of each strategy requires time, effort, and investment. But the most important thing to remember is that the implementation of any strategy should be accompanied by analysis, research, and planning.
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How Can Leaders Work on Organic Growth for their Business?
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