Business Growth Write For Us – Growth is critical to the long-term survival of a company. This growth allows the acquisition of new clients, talent and essential financing. In addition, it drives business performance and the profits that are obtained. can sports betting be profitable
And while growing up may seem scary, the benefits are invaluable, including the following:
- Taking advantage of new market opportunities.
- Expansion of your products or services to other territories.
- Response to the demands of your market.
- Increased market share and capitalization of your brand.
- The incentive to innovate to differentiate yourself from your competitors.
Definition of business growth
The most exact definition of business growth is the process that a company implements to improve its strategies and achieve success in certain aspects according to its current needs or objectives. This growth can be achieved through increased revenue from a higher sales volume or your services.
The 5 phases of business growth
There are phases within business growth that, adapting and managing effectively, generate a much faster and more sustained evolution.
During its advance, you will see little by little how your organization takes a more sophisticated form; your processes are becoming more and more strategic and coupled to your type of industry and company.
Here are the stages of business growth:
In this first stage, companies should focus on getting customers and sales. There are very few involved within the organization. Sometimes, only the owner or founder is in charge of the entire business process.
The advantage of this stage is that you can explore all your company’s opportunities and the alternatives that can be taken. This is achieved as long as the value of your products or services increases and a better experience is provided to customers.
Building a solid database requires incentivizing consumers. This can be through free samples or trials so people can see the features and value of your marketplace. Right now your company demands all the attention possible.
Unfortunately, many businesses fail to get the attention they need or make bad investments that leave them without capital. At least 70% of micro and small businesses go bankrupt before the first year, and of those that remain afloat, 70% reach 5 years.
There are two common reasons why this figure continues to be maintained: the absence of a business plan and the lack of an income model that gives them financial viability. Therefore, training yourself and finding the economic stimuli that suit your possibilities and needs is essential.
Technological solutions can be beneficial from your first stage. For example, Marketing Hub Enterprise is a marketing software that helps you simplify the organizational growth of your company. The best: it is a straightforward solution to use, and you do not need previous experience in data analysis, as Hub Enterprise does it for you.
At this time, your company already has enough customers and your offer of products or services can keep them satisfied.
Now, the most important thing is to plan and project cash flows, to make accurate forecasts about the company’s growth. In addition, it anticipates possible financial risks that you may face. Something familiar within this stage is getting stuck in a comfort zone where your sales satisfy you, but you will not continue advancing. If your desire is to continue, perhaps you need the support of some fiscal stimulus to help you progress.
At this stage, your company already has a presence in the market and is profitable. The processes no longer fall only on you, but on a larger team with different business areas. Here you have two options: enhance the opportunities your business is offering you to continue growing or keep your sources of income as they are to do other activities (such as the founding of another company).
In this sense, there is no right or wrong decision: only you can decide the course of your company. Perhaps not continuing to grow is the most viable alternative due to the current economy or the demand in your market is very saturated. Remember that you already have financial solidity, so staying here is completely understandable.
Just keep in mind that, if you no longer want to advance, you have to leave your company in good hands so that it can be more than preserved. Failure to do so could lead to a decline in your sales and set you back.
4. Take off
To achieve takeoff, your organization must expand internally so that you have more personnel and areas for its management. As an owner, you must start delegating tasks and trust the people you surround yourself with.
This is to retain efficient human talent and avoid unnecessary investment in new hires. In addition, you increase the productivity of your company if you have a trained leader in each of your areas, and you guarantee that all the operations of your company will be ready for the next and last stage.
Once you have formed your work team, provide it with the best tools to do its work more functionally. With HubSpot Sales, you can save time by automating manual tasks like:
- The personalized email follow-up and reminder sequence.
- Sales email performance measurement.
- Automatic follow-up of prospects.
- Meeting scheduling.
- Automation of tasks such as contact information, email opens and clicks.
- Sync with HubSpot CRM to track won, lost, and in-progress deals properly.
At this stage, the first thing you need is stability. The organizational changes you made in the previous stage will begin to display. This will give you a big picture of your decisions and the opportunity to change or add strategies to avoid mistakes.
In the maturity stage, your company has to lose the fear of innovating and diversifying your products or services. Your customers have stuck with you, but if you want to keep expanding, it’s best to explore new territory. You can increase your product lines or think about branches in other places.
And although you have managed to reach this goal, you cannot trust yourself. Market trends and financial collapses can affect you if you are unprepared to face them. Therefore, carry out strategic planning that gives you support to identify opportunities and prevent crisis situations.
The 2 Types of Business Growth
The growth of a business is measured by profits and market share. Strategies are required with which you can face different financial situations and competition.
1. Organic business growth
Organic growth is one of the most basic in the business world. It requires various combinations of strategies that encourage building a more prominent company. An example of this growth model is adding new distribution channels or selling a new product that increases your vertical and offers to your current customer base.
The results can be obtained through increasing financing from shareholders or investing profits in the business. And although it is functional, its main disadvantage is that, since it takes longer, it allows competitors to expand their competitive advantages.
2. External business growth
This growth model is long-term and involves mergers and acquisitions. It occurs when companies have reached the limit of their organic business growth, requiring a new market, for example, creating additional products to incorporate into the existing inventory.
This type of growth is carried out by seeking external financing or acquisitions to achieve expansion. However, there is a risk that the company may be left in the hands of shareholders or another organization. However, it allows for much faster growth than the organic model.
And although it is a very functional growth model, sharing shares and percentages with a counterparty can generate cultural or organizational differences, disagreements in processes or tactics or an increase in the complexity of human resource management.
3 examples of business growth strategies
Business growth strategies allow a business to expand functionally. This can be achieved through different practices or ventures, such as opening new branches, adding new product lines or investing in customer acquisition. However, the growth of a business will be directly influenced by its industry and the target market they want to target.
There are different strategies that you can consider to develop yours. In this section, we have made a list of companies and the strategies they implemented to expand. Identify which would be ideal for your type of industry and discuss what might work for you.
1. Tesla Motors Customer Referral Strategy
In 2016, Tesla used its customer loyalty to its advantage and launched a referral program. Its CEO, Elon Musk, usually bets on the difference and made it clear that this strategy is not only based on giving discounts or promotions. He likes to spoil his clients.
The rewards were divided into “Tesla customer” and “referral”.
Tesla customer rewards were based on your number of qualified referrals. If the owner of a Tesla car brought five qualified referrals, he would get an invitation to take a guided tour of the Tesla factory and enjoy a grand opening party. If he brought 10 qualified referrals, he had the right to purchase a Founder Series Model X (an exclusive brand not available to the public). But this was not the most interesting (and fun). The first Tesla customer to achieve 10 qualified referrals in North America, Asia, and Europe would receive a Model X SUV for free!
The reward for the referral was that the person who referred him could give up to 10 discounts of 1,000 USD for his purchase.
The result was simply excellent. Thanks to his referral program, Tesla multiplied their income 42 times more for every dollar they invested.
For the second edition of this strategy, Tesla decided to focus solely on its existing customers to create new referrals. And if its last edition had been a complete success, this one exceeded the limit of the incredible: its world leader in referrals, Wei, from China, referred 188 people in just two months. This meant for Tesla an average of $85,000 per car, equivalent to nearly $16,000,000 in revenue earned by just one person.
2. Apple’s word-of-mouth strategy
When Apple wanted to talk about the launch of its iPhone 6 , it decided to show one of the favorite attributes of users: the camera. This brand of mobile devices has been known to stand out for the quality of its images, which are increasingly professional.
Its word-of-mouth campaign to increase public interest consisted of printing on billboards and photographs taken by its users’ iPhones to verify the capacity of its new model. Anyone could achieve incredible images if their quality was good enough to show off in such an ample space.
Apple’s campaign undoubtedly gave people something to talk about and was a complete success: the iPhone 6 became one of the best-selling models (more than 200 million units) and the third-best-selling mobile phone in history.
3. Tinder In-Person Outreach Strategy
This example, published by Sujan Patel in a HubSpot article, highlights the app’s takeoff in 2013 thanks to the effort and growth strategies implemented.
Tinder is currently the most popular dating app, and its revenue grows by around 42% yearly. The story is a bit unusual and undoubtedly peculiar regarding its growth strategy. The story goes that co-founder Justin Mateen’s younger brother was throwing a birthday party at his parents’ house. Approximately 500 students will attend.
Being an event of such magnitude, Justin’s little brother rented buses to transport the party attendees. Mateen found out about the incident and couldn’t help but jump at the chance to promote his new dating app. So Tinder paid for the entire party so that all students wanting to enter the event would have to download the app at the door.
In the weeks after the party, students who downloaded the app began dating, and the Tinder team decided to reach out to other fraternities to tell them about the app’s success. In addition, they handed out flyers and talked to people in coffee shops and even on the streets themselves. This way, Tinder managed to get people to start talking more and more about the app.
What was your growth? At the beginning of January 2014, Tinder had 20,000 users. At the end of that same month, they amounted to 500,000. As such, this company is a great example of the results that personal interaction with potential customers brings. This means that it is worth considering the organization or sponsorship of events relevant to your brand to reach your target audience directly.
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