8 Core Growth Initiatives
The sluggish economy of the past couple of years has left businesses hard pressed to grow. Instead, many businesses have been forced to get leaner by eliminating people, compromising processes or employing other cost-cutting measures. However, there are just so many places to cut. And reducing expenses isn’t the way to sustain or grow your way to profitability.
Today’s climate actually presents an opportunity for you to increase revenues and profits. Now is the time to look externally to your marketplace and all its constituents. It’s a time to develop, pursue and execute smart and sustainable growth strategies.
As you look forward, consider these eight core strategies to grow your business:
- Retain existing customers
- Grow existing customers
- Reclamation of former customers
- Acquire new customers
- Build strategic partnerships
- Expand into new markets
- Add new products or services
- Acquisition of a new business
These strategies have one important thing in common: For your company to successfully implement any of them, you need to fully understand and articulate the value you bring to the client relationship. It’s also important that you realize that what your business did to be successful in the past might not be the right way to achieve success in the future.
Businesses that rely merely on transactions find themselves behind the efficiency curve. They work incredibly hard to continuously re-sell customers for each transaction and to find new customers and revenues. But too many companies fail to realize that the transactional business model breeds no loyalty between customers and the business.
Growth in today’s businesses market is built on relationships. Companies need to build trust with their clients —and to cultivate a relationship where the decision maker views you not as a “vendor,” but as a “partner” who brings value to the partnership. To do that, you need to:
- Understand the inner workings, strategies and issues facing the client in the future
- Put the client first
- Bring new and innovative solutions and ideas to the table
- Deploy all available resources on behalf of the client
- Share market trends and information
- Challenge conventional thinking by asking the right questions
Now, take that a step further: To grow successfully, and to meet your clients’ demands in today’s marketplace, your business must:
- Understand the basic difference between the features and benefits of its products or service.
- Be able to translate that difference into the unique value it provides its clients.
- Know how to communicate and convey that differentiating and unique value.
- Insure everyone in the company understands and knows how they impact the value to the client.
- Communicate the value and be consistent with this message in all communications vehicles (people, printed materials, electronic, all media, for example).
- Be well versed on the trends happening in the industry and the marketplace.
- Have a keen understanding of the competitive landscape.
- Be creative and innovative.
As the saying goes: “There’s no such thing as the status quo. Businesses are either moving forward or moving backward because the marketplace is ever changing.” Become a strong business leader by engaging all employees in developing proactive initiatives and capturing new opportunities.
IT’s time to move forward with our 8 core strategies. Discover how your business can benefit when you call Joe today at 617 999 7262.
Summary
This information presents a sampling of Rahal Consulting’s philosophy and approach toward sales and business development. With extensive and successful business experience accrued over numerous engagements across multiple industries, we are poised to help business leaders prepare for the future.
Rahal Consulting seeks to initiate a dialogue with business leaders and to objectively assist in the development and implementation of growth strategies and tactics.
To initiate a more in-depth discussion and for additional information, please contact:
|
Boston, MA 617-999-7262 Rahal Consulting Successfully accelerating the performance of sales organizations
|