Entrepreneurship/starting a business - Article Example

How to Develop a Business Growth Strategy With the increasing players in any business industry, being able to make a in a chosen industry, more so, start a new business strategy that would immediately give you your well-deserved ROI is very challenging. However, that one key to being able to get you there would be to rightfully establish your growth strategy. In doing so, the first step which is the most practical would be to get your target market to use your product, also called as market penetration (How to Develop a Business Growth Strategy, n.d.).

Because of the fact that there are other options your market could turn to, it is crucial to be able to come up with at least one good reason why they should choose you and when you have figured it out, never stop being that choice for them. Second, would be “market development” which is basically strengthening your strengths more by providing more of the products or services they love. This step is very important because though you can be top of mind to a customer, if you fail to provide them what they need when they need it, they will for sure turn to other alternative providers.

The third to this process would be to find alternative channels in which you can reach your customers. This means being aggressive where instead of waiting for customers to go to you, go to them instead. Fourth, with consumers’ increasing needs, it is wise to ponder upon what products/ services you can develop to provide for consumers’ needs that are not provided for yet. This will establish a strong and reliable brand equity that consumers today are looking for. Lastly, new products for new customers will not only maintain your current sales but could exceed it because developing new products for probable clients will pull in new customers which will not only bring in more sales but could be a great source of word of mouth.

Bibliography:How to Develop a Business Growth Strategy | Inc.com. (n.d.). Small Business Ideas and Resources for Entrepreneurs. Retrieved April 3, 2013, from http://www.inc.com/guides/small-business-growth-strategies.html