Company growth strategies. This is something many entrepreneurs and professionals look for every day. And, in fact, there are several strategies to make this happen.
Precisely for this reason, we will show you here how to find the right strategy for your type of business. Everything in a very practical way and that there are few companies and people who can work on this subject in the right way! You want to receive tips and information to set up your own business.
So subscribe to this channel and stay on top of everything you need to know to open your own company. To try to make this subject very clear, let's address the following points: 1. WHAT IS A COMPANY'S GROWTH STRATEGY 2.
HOW TO DEFINE A GROWTH STRATEGY 3. EXAMPLES OF TYPES OF STRATEGIES 4. GROWTH STRATEGY THAT GOOGLE AND MANY OTHER VERY SUCCESSFUL COMPANIES HAVE ALREADY USED IT So, let's go!
1. WHAT IS A COMPANY'S GROWTH STRATEGY Basically, growth strategies consist of methods and processes used to drive the progress, development and growth of a company. In this way, having a clear growth strategy defines the company's objectives and its position in the market.
Therefore, one of the main purposes of the growth strategy is to define effective actions, based on the current scenario of the company and the state in which it wants to be in a certain period of time. All in a planned and strategic way. This offers a huge opportunity for growth.
And also to implement improvements in management as a whole. A growth strategy includes direction in times of crises, challenges and difficulties. As well as finding and taking advantage of good opportunities.
In addition, it includes a detailed action plan with goals, deadlines, responsibilities and other important points for guidance whenever necessary. That is, a company's growth strategy can be defined as an improvement in the competitive position of a company, product or service. And even consolidate the position that the company has already conquered.
2. HOW TO DEFINE THE GROWTH STRATEGY To be able to grow in a solid, assertive and coherent way, it is first necessary to identify exactly where the company is at the current moment. Along with defining where you want to go or what you want to achieve.
And to be able to do this work, there is a tool that helps a lot in this: the ANSOFF Matrix. In a practical way, it is a resource used by companies to plan and work on strategic growth actions. It makes companies study their context in order to be able to improve their practices and, consequently, grow.
All this through an analysis between products and the market, which already existed or started recently. In other words, the Ansoff Matrix helps a lot in creating ideas to make the company take advantage of opportunities, stand out in the market and trace realistic paths to achieve constant growth. In addition, it identifies opportunities and verifies risks by evaluating 4 types of strategies: market penetration, product development, market development and diversification.
Basically, Ansoff consists of 2 axes, markets and products, resulting in a very simple design, like this image you are seeing now. And within each axis, we have 2 categories: New and Existing. Crossing these axes and categories, we arrive at 4 types of strategies.
• Market penetration: which aims to increase sales of products that already exist for an old market; • Product development: the objective here is to introduce new products or those that are under development in an old market; • Market elaboration: focuses on the entry of existing products into a new market; • Diversification: which is the introduction of new products with the entrance of a new market. Undoubtedly, using the Ansoff Matrix will help you understand which is the best area or moment to develop a good growth strategy. So, if you want to understand how the Ansoff Matrix works with very practical examples, watch our video that shows exactly this subject.
To do so, just click on this button above or on the link in the description. In fact, working with this tool is essential to be able to develop a good growth strategy for any type of business. 3.
EXAMPLES OF TYPES OF STRATEGIES Working the Ansoff Matrix (or even another tool of your choice), it will be possible to identify opportunities for the expansion and growth of the company in the market. Remember that, in order to grow in a healthy and solid way, it is important to have done a very deep analysis of how the company or business currently stands. As we said before.
With that in mind, there are types of growth strategies that are used a lot. How: EXPANSION STRATEGY This strategy involves a strong investment in expanding the company and its structure. How to create new units or even branches, expand facilities, acquire competitors, improve and strengthen the distribution network, among many other fronts.
INTERNATIONALIZATION STRATEGY This type is linked to the conquest of new markets and requires deeper and generally more complex strategic planning. In a nutshell, this is the expansion of the company's activities in other countries. Which expands the size of the market and consumer base.
Here, it is important to point out that a lot of attention and care must be taken. Since operating in other countries involves other laws and customs of consumers. INNOVATION STRATEGY Here, the strategy is related to the development and launch of new products and services.
Always based on research and development as well. At the same time, innovation is the key pillar here. That is, it is necessary to innovate what already exists to better meet market demands or customer needs.
Including even creating new consumption habits and behavior also on the part of the market and consumers. And so, always anticipate competitors. JOINT VENTURE STRATEGY In summary, Joint Venture is an economic partnership consisting of a commercial agreement between two or more companies.
Regardless of their fields of activity. And the objective here is to bring together the resources of each company to accomplish a specific task during a specific period of time. This business strategy can be applied in different sectors to achieve different goals, such as accelerating business expansion.
By pooling their resources, companies can access scarce skills and even enter new markets. In fact, the Joint Venture can be related to new projects or other commercial activities, always with a focus on optimizing results. Thus, this strategy relates to partnerships that can help to join forces.
Whether to create new products or conquer new markets. 4. GROWTH STRATEGY THAT GOOGLE AND MANY OTHER SUCCESSFUL COMPANIES HAVE ALREADY USED And a strategy that not everyone knows about, but which was very well used by Google is Growth Hacking.
With it, Google was able to grow quickly and continuously. Precisely for this reason, many other companies have used it and today are also very successful. Basically, growth hacking is a process of rapidly experimenting and implementing marketing and promotional strategies that are solely focused on efficient and rapid business growth.
But this is not a magic formula. To really work, it takes a lot of creativity, curiosity and analysis to find opportunities and solve a problem or market demand. Always thinking about how to accelerate the growth of a company.
It is usually used in relation to early-stage startups that need big growth in a short time, but with small budgets. The goal of growth is generally to acquire as many customers as possible while investing as little as possible. The strategies used involve conducting experiments.
Teams develop hypotheses, verify their validity, and test them. In this way, they discover opportunities that can make the business grow in an accelerated, organized and planned way. That's why growth hacking is also known as experiment-driven marketing.
And a very important point is to have a product that is very expandable. That is, that it is scalable without the necessary investments being too high. In other words, growing exponentially without the investment being proportional.
Literally grow a lot without having to increase your costs a lot. So, we highly recommend digging deeper into Growth Hacking. If you want to understand how it works, watch our video that shows it in a very practical way and with many examples.
To watch it, just click on this button above or on the link in the description. Have you seen how to make your company or business grow you need to have very well-crafted strategies? Always in a very careful, planned and coherent way.
And always keep in mind that to make your company grow, you first need to have a very deep and sincere analysis of the current moment of your business. And there are several tools that work with this. And one of them is the SWOT Analysis.
Who is able to outline the strengths and weaknesses of your business. As well as possible opportunities and threats that need to be worked on. Therefore, if you are not familiar with SWOT Analysis, we highly recommend watching our video that explains this tool in a practical way and with examples.
If you want to watch it, just click this button above or the link we left in the description. And there? Did you like this video?
So, if you can, click on the “Thanks” button below and help our channel to continue producing and improving videos and content of this type for you. And just to recap what we talked about here: 1. WHAT IS A COMPANY'S GROWTH STRATEGY 2.
HOW TO DEFINE THE GROWTH STRATEGY 3. EXAMPLES OF TYPES OF STRATEGIES 4. GROWTH STRATEGY THAT GOOGLE AND MANY OTHER SUCCESSFUL COMPANIES HAVE ALREADY USED We hope you enjoyed it!
And if you want to learn more about how to set up and manage your own business, visit our YouTube channel where we have several videos on this subject, okay? To access it, just click here. And if you liked it, share this post with your friends and family to help them too!
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