As a business owner, it's easy to get bogged down in the day to day operations of your business. But if you want your business to grow, you need to focus on growth rather than just keeping the lights on.

There are a few ways you can drive growth in your business.

Product Expansion

Developing new products or adding new features to existing ones can be a highly effective business growth strategy. Product development opens your brand up to new audiences who weren’t interested in your brand before.

Coca-Cola has been an industry leader for years using this strategy with over 500 sub-brands now available worldwide. From Sprite to Fanta to Dasani there is a sub-brand for everyone.

Apple were also able to grow market share with highly sought-after devices with innovative features at affordable prices while still delivering top performance in all areas of use; this means even if someone doesn't buy a MacBook they will likely know about the iPhone or iPad.

Acquisitions

Growing your business through acquisitions is often an obvious way to grow, but it's only viable if you have significant cash flow or debt capacity available.

Acquisitions can be an excellent way of cutting down on competition. They give you access to technology that would take time and money to develop, as well as providing an additional customer base you can market to.

New Channels

New distribution channels are a great way to propel revenue growth without any product changes. Whether thats going from eCommerce to making your products available in a larger retailer or pivoting from bricks and mortar to an online solution.

Providoor, in Melbourne Australia, took advantage of the pandemic by offering an eCommerce solution to restaurant quality food. A different model than the traditional take away choices. Instead of ordering an hour before you want to eat, customers place an order a day ahead. The kitchen at the restaurant of choice prepare the meal, cook it most of the way, allow it to cool, package it, then deliver it, ready to be reheated and plated. Many premium restaurants around the country now utilise this solution to drive incremental revenue for their businesses.

Partnerships

Partnerships with other brands can generate growth that otherwise wouldn’t be possible. For example, if you partner up and offer a product or service which complements yours then chances are high for partnership success because it gives both parties access to an audience they might not normally reach and vice versa! You also receive referrals from these partners as well which drives better conversion a limited cost.

Market Penetration

Consider the market penetration strategy when you are looking to grow your business. This involves finding new markets that would be a good fit for your current product line and expanding into these untapped spaces. Explore different countries, demographics or industries where there might be demand for what you are offering- which will increase growth by broadening its appeal with potential customers.

Market disruption

The goal of market disruption is to come into a well-established industry and do things completely differently than everyone else. There are many ways you can potentially disrupt a market, such as:

A) Utilising innovations -Amazon offering the Kindle making books available at your fingers tips in one easy to use device.

B). Offering significantly cheaper or better quality products - Tesla offering Electric cars that are better quality and cheaper price points than its combustion engine competitors.

C) Providing something totally new like AirBnB replacing traditional accomodation options with the opportunity to stay in someones home.

Pick from one or more of these growth strategies to help propel your business from running to growing. theADmarket can help you with your growth plans - to engage with new channels or reach new customers. Connect with one of our Experts now!