What is growth strategy?
In today’s competitive landscape, having a clear and energetic growth strategy is essential to stay ahead and thrive. During our own projects and conversations, we sense a growing importance for a Growth Strategy mindset, especially when looking for pockets of growth and the monetization of them. But what exactly is growth strategy and how can you get started with spotting the right growth opportunities for your business? Let’s dive in and explore this concept together.
Growth means expansion.
Simply put, a growth strategy is a plan to achieve sustainable growth. Think of it as your business GPS, guiding you towards more revenue, a bigger slice of the market pie, and more long-term value for your customers, our society and the world around you. It is a detailed roadmap with steps to take and treasures to uncover. By spotting these golden opportunities and using your resources wisely, you can take your business towards new heights.
Growth without a strategy is pure luck.
Strategy vs growth strategy.
Remember our discussion about “What is strategy?” in our previous blog? Well, growth strategy is like a specialized version of that. It embraces the same key questions, but with a distinct focus on growth opportunities. While all growth strategies are strategies, not every strategy is a growth strategy. Let’s break it down:
Two peas in a pod.
Both strategy and growth strategy are like two sides of the same coin. They both act as guiding lights on your path towards success. These plans help you to make smart decisions and instruct you how to go about them. Much like an architect has designed a blueprint before he starts building a skyscraper, he considers every angle to ensure stability and functionality, while carefully selecting materials of decisions to construct a solid foundation for success.
Holistic vision vs targeted expansion.
Imagine strategy as a grand plan that covers all the bases for a company. It is like a chess master plotting each move on the board. From marketing moves to making sure things run smoothly and handling finances wisely, it’s the big plan that steers the ship. This plan is like a long-term compass, keeping things on course and adapting when the winds shift.
Now, think of growth strategy as a turbo boost within that big plan, giving your business an extra push into specific areas. Picture it like a roadmap taking you through uncharted territory — discovering new customers, creating innovative products, or even teaming up with others to thrive together.
Looking to plot your next moves? Explore your strategy with our Summer Playbook.
Here are 4 ways that can help you spot your next growth opportunities:
1. Hold up a mirror to your business. Start by gaining a clear understanding of your business. What are your strengths and weaknesses? What are your capabilities? By looking into your past and present, it will make it easier to assess potential growth opportunities.
2. Beyond the horizon. Zoom out and examine what’s happening in the world around you. It will help you to spot emerging growth opportunities within evolving trends. Use these insights to drive targeted innovation and informed decision-making.
3. From rivals to role models. Take a look at what your competitors are doing. Not only will this give you insights into which opportunities have already been explored, but you can also learn from their mistakes and successes. And who knows, if you are lucky, you might just find your next ‘partner in growth’.
4. Talk to your customers. Engage with your customers to understand their needs, pain points and evolving expectations. Conduct surveys, interviews, and observe your customers in their natural habitat. Leave your desk and go on safari. It’s not until you leave your office that you really get to know your customers. Pull out your binoculars and identify areas where you can create more value so that you can tailor your offerings to meet your customer’s demands.
Craft your path to success.
By strategically navigating new territories, exploring opportunities in your context and truly understanding your customers, you can unleash the turbo boost you are looking for. Remember, it is not just about expansion; it’s about creating a path that aligns with your aspirations and leads your business to unparalleled heights.
Before you get started with designing your growth strategy. You must have a good understanding of your general business strategy. Our Summer Playbook might just be the right tool for you. Download it now!
Looking for a growth partner in crime? Meet Patrick.
He is our strategy guru.
Originally published at https://www.businessmodelsinc.com.
