If you want to take market share away from your rivals, you don't have to be a billion-dollar worldwide brand. For this, you need a strategy for unstoppable brand growth.
It is obvious that risk will always be a part of growth. Because of this, highly effective companies rarely rely on just one tactic.
Instead, they combine various growth methods, such as market expansion, disruption, product and channel expansion, business alliances, acquisitions, and organic growth, to succeed.
In its most basic form, a brand growth strategy is a long-term plan to increase brand equity and market share. The overall plan of a business may include a variety of strategies that fall into four major categories:
Market penetration (gaining more of an established market with the current products)
Market development (entering a fresh market with an existing product)
Development of new products (introducing a new product in an existing market)
Diversifying (introducing a new product in a new market)
Let's discuss some broad ideas surrounding what makes any business strategy effective before we look at particular growth strategies. This will help us gain insight into why companies focus on brand growth.
You must first and foremost understand the identity and DNA of your brand. It's also critical to understand your strengths, positioning, and uniqueness.
Second, any effective business growth strategy requires in-depth audience insight. You must be aware of the wants and desires of your clients to meet those needs more effectively than your rivals.
As a result, you'll increase word-of-mouth (WOM) recommendations and customer loyalty.
Growth Jockey believes that the most crucial requirement for growth marketing is nimbleness. You'll undoubtedly need to pivot in tiny ways, including altering your marketing strategies to suit modern trends or client behavior.
To attain development goals, you might also need to make significant changes.
Let's look at some business tactics that could assist your brand growth in business and better understand the importance of brand growth.
A very powerful business expansion plan may involve creating new items or adding new features to existing ones. Product development exposes your brand to new markets that were earlier unexplored.
Semrush is an illustration of a brand that got its start with a basic SEO and then grew significantly.
Over the years, the company added new functions, and it is now a complete software suite. Although the target demographic remained the same, new features increased that audience's acceptability to a wider spectrum of people.
The growth that otherwise wouldn't be achievable can be produced through strategic alliances with other brands. For instance, if you collaborate with a business whose goods or services complement yours, you gain access to their clientele and vice versa.
Additionally, you gain from the goodwill, and the customers cultivated around the brand of your strategic partner and receive referrals from them.
The collaboration between Lyft and Taco Bell is an example of a strategic alliance that was successful. Customers of Lyft could use the company's Taco Bell delivery service by simply tapping the Lyft app to arrange a mid-trip stop at a nearby Taco Bell ("Taco Mode").
Both businesses benefited from the partnership's free publicity, which increased Taco Bell's sales.
Acquisitions Making acquisitions may be the most straightforward approach to expansion. They have several distinct benefits. Acquiring brands that are direct competitors enables you to lessen competition.
They provide you access to exclusive technologies that would require a lot of time and money to develop on your own.
Rollups are also one of the most effective and dependable business growth tactics available.
In a rollup, numerous smaller businesses in the same market are acquired. By using economies of scale, the goal is to increase cost savings and efficiency.
An illustration of this would be Alera Group, a provider of HR and employee benefits. Mostly through a steady stream of acquisitions, they expanded to 1,700 personnel.
Organic development is unquestionably the best strategy for company expansion out of all of them. It suggests that growth can be facilitated without relying on mergers and acquisitions.
Regarding your marketing approach, it indicates that you are expanding your brand without the need for advertising, as opposed to the conventional wisdom that states that once you stop investing, you cease to expand.
A home goods firm in a $29 billion market moved from $0 to a 3% market share in 5 years, largely through organic growth. A significant contributor to the startup's explosive growth was organic search, which brings 4.1 million organic visitors to its website annually.
Organic growth puts you on a seamless upward trajectory and lowers your customer acquisition cost while increasing your return on marketing investment.
The more organic growth you can generate, the less money you'll need to spend on advertising and the more money you'll have to put towards growing your business organically, creating new goods, and satisfying your consumers.
Get in touch with Growth Jockey if you want to organically expand your company. Depending on the unique requirements of your company, we can tailor our services. This will greatly assist you in achieving wonders of your business for the expansion of your firm.
Entering a well-established sector that is often dominated by a small number of legacy brands and starting to operate entirely differently from everyone else is known as market disruption. You can adversely affect a market in several ways, such as:
Utilizing innovations, like when Salesforce offered a fully cloud-based CRM
Utilizing innovations, like when Salesforce offered a fully cloud-based CRM
Significantly cheaper offering products or of higher quality
Using a completely distinct business model, as many DTC businesses have done
Delivering something completely new
Social media can be used for a lot more than just sharing links to your most recent blog entries or announcing the start of a new online course. Additionally, it's for interacting with individuals on a personal level.
Participate in dialogues with your followers on social media. As you thank them for their business and respond to their inquiries, ask them questions.
Your clients will feel more connected to your company when you interact with them socially and share tales. Thus, they'll be more inclined to purchase your future digital goods.
Even though you're making significant financial commitments with any of the above-mentioned business growth techniques, your strategy needs to include some elements of flexibility. You can find that specific growth initiatives simply don't generate enough market traction.
A new geographic focus might not have the right product-market fit, but a different area might deliver the intended outcomes instead.
Or, if you run an online business that is now launching brick-and-mortar locations, speed up the opening of your new locations if your first round of locations performs well.
You'll undoubtedly succeed in the long run if you consistently optimize the operations of your business growth plans.
If you own a business, all of this may seem very overwhelming. This is why you should get in touch with Growth Jockey.
At Growth Jockey, we can tailor our services to your company's specific needs to generate better business strategies.
At Growth Jockey, our unwavering dedication lies in creating custom solutions that effectively tackle the crucial challenges confronted by our clients across diverse industries, ultimately leading to brand growth. Regardless of the size of your company, whether a small-scale enterprise or a large corporation, you can now leverage the advantages of our cutting-edge solutions to fuel your brand growth.
Take the decisive step towards unlocking the next level of growth for your brand by contacting us today and discovering how our tailored strategies can drive brand growth for your business.