Offering an outstanding product or service goes way deeper than just the product or service itself. This is where a brand growth strategy comes in. Marketing and advertising are the only part of branding; communication, design, and PR hold equal weightage.
When done properly, it provides companies with a unique identity. When consumers relate to that identity, clever branding can foster lasting advocacy and loyalty. Before making a purchase, 81% of customers look for something in a brand they can trust or relate to.
You can outperform rivals by being informed about growth tactics and what your customers desire from you. All you need is unstoppable strategies in brand development to be a cut above the rest. However, there is a high chance that mistakes can be made, from misunderstanding societal and cultural norms to language slip-ups. Enters Growth Jockey!
We are equipped with tailored solutions to help your business identify growth opportunities to sustain optimum performance. We make it our life’s mission to assist you in advancing your company by putting you in touch with the resources you require to get your business out there.
In this blog, we go over methods used by companies for brand growth and give you some growth strategy examples to get you motivated!
The consumer market is vast, and chances are you haven’t ventured into quite a few of them. Market penetration is necessary to grow and expand. Growth Jockey’s strategies and expert solutions help you identify new markets that suit your existing products and services and successfully penetrate them.
Facebook is a prime example of a company that successfully implemented a market penetration strategy. They were once solely accessible to Harvard University students. They later opened up access to Stanford, Yale, and Columbia. They eventually accommodated every Ivy League school, many educational institutions in Boston, and all American and Canadian colleges. Later, audiences apart from students started to hear of them; the rest is history!
A typical growth method is market development because it enables you to go beyond your current clientele. You will increase your market share as a result. Targeting a new industry, demography, new corporate department (such as switching from finance to HR), or new geographic areas may be involved in this segmentation.
Bain and company examined 1,850 organisations' expansion practices to learn how successful companies yield profitable and steady growth. They discovered that businesses expand profitably when they enter a close target market.
Creating a new or improved version of an existing product to meet or surpass client expectations is one expansion strategy for brand growth in business. Customers that adore your product will stick with you and recommend it to their friends. Thanks to the viral nature it will establish, you’ll keep gaining new clients due to enthusiastic word-of-mouth recommendations.
This strategy is essential when you’re making improvements to an existing product. Think of the iPhone and Apple. Every year, a new iPhone is released, and the new models are far better than previous years, which keeps Apple fans returning to buy the most recent model.
You could even create an entirely new and innovative product with the same target market. For instance, Apple unveiled the HomePod, a voice-activated smart speaker, a brand-new item with the same target market, i.e. Technology enthusiasts and Apple supporters. In these domains, Growth Jockey can help you understand the market potential, which can aid you in developing new products if need be.
Strategic relationships are a business growth strategy that brands don’t frequently adopt. Some companies compete with you, and others share your target market but offer their consumers and target market a different product or service. However, collaborating with other businesses can result in tremendous growth and development.
Choose a business with which products and services mesh well with your own. Both of your audience will instantly double if you do it this way. In other words, both you and the other business reach their audiences. You can boost your market share by using this tactic and working with firms that complement your business. This is referred to as a strategic relationship.
Fast food company Taco Bell and transportation service provider Lyft are two businesses that followed one of the most effective strategies for brand growth and how! With the help of a partnership between Lyft and Taco Bell, Lyft customers can request a mid-trip stop at a nearby Taco Bell by just pressing a button in the Lyft app. What an amazing way to use strategies of brand growth. Taco Bell's sales surged due to this cooperation, which also generated a lot of press for both businesses.
Finding and implementing new distribution channels for your products or services is another successful business growth approach. The top 10 business tactics for growth include establishing new distribution channels since they boost sales without modifying the product. Occasionally, one company’s discovery of a new distribution channel can unleash a wave of change across the entire industry.
Consider Salesforce, a market dominated by massive, expensive, sophisticated corporate software requiring an army of professional service people to get it to operate; they presented the concept of cloud-based subscription software. Salesforce consistently and quickly expanded and is now a successful company worth over $20 billion. The software sector transformed, and other SaaS solutions now make up the market.
Acquisitions are arguably the most solid moves for expansion. Acquisitions are often only a practical growth option if you have a sizable cash flow and accessible loan capacity. Acquisitions have several distinct benefits.
Acquiring direct competitors enables your business to lower the competition. They provide you access to exclusive technologies that require a lot of money and time to develop independently. Additionally, they grant you access to the clientele of the acquired business.
Roll-ups are an effective and dependable tactic and strategy for business growth tactics available. A roll-up entails the purchase of numerous smaller businesses operating in the same industry. Through economies of scale, higher cost reductions and efficiencies are desired.
One example of this is the Alera Group, an HR solutions and employee benefits provider. Their main method of expansion to 1,700 people was a steady succession of acquisitions. This is an example of a successful strategy of brand growth.
The more you track and evaluate your growth initiatives, the more you'll be able to pinpoint which elements of your execution strategy are working and which aren't. Increase your efforts if something is working especially well. Try to make adjustments if a certain strategy doesn't work. If that doesn't work, think about pivoting.
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 internet firm that is now launching brick-and-mortar locations, speed up the opening of your new locations if your first round of locations performs well.
Growth Jockey will help you consistently optimise your business and brand growth strategies to help you stay ahead of the game!
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.