There is a business adage that says, “If you ain’t growing, you’re dying.”
As a facilitator of numerous growth strategy sessions, I have found that it is helpful for the team to vet various strategies before meeting to select THE growth strategy.
Why? Because the most obvious answer is probably not THE answer unless all on the team are on a freight train to rapid growth! Derailing a strategy that the team is committed to and is working well is NOT one that you need to change. You may want to tweak it to be even more exceptional!
What are the possible growth strategies a team might want to consider?
Market Expansion Growth Strategies
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- Market Penetration. Increase sales of existing products/services in current markets.
- Market Development. Enter new markets with existing products/services.
- Niche Marketing. Target a specialized segment of the market.
- Franchising and Licensing. Expand reach by allowing others to operate under your brand.
Product/Service Innovation Growth Strategies
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- Product Development. Introduce new or improved products/services to current markets.
- Related Diversification: Launch products/services similar to existing ones for new markets.
- Value Differentiation. Offer unique value to stand out in the market.
- Unrelated Diversification: Develop new products/services for entirely new industries.
Strategic Business Growth Strategies
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- Strategic Partnerships and Alliances. Collaborate with other businesses for mutual benefit.
- Vertical Integration. Acquire or merge with other companies to control more of the supply chain.
- Horizontal Integration. Acquire or merge with competitors to increase market share.
- Synergistic Acquisitions. Acquire or merge with companies adding complementary products/services to your existing portfolio.
Operational and Technological Advantage Growth Strategies
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- Digital Transformation. Leverage technology to drive growth.
- Cost Leadership. Become the lowest-cost producer in the industry.
Customer-Centric and Ethical Growth Strategies
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- Customer Retention and Experience. Maximize value from existing customers.
- Corporate Social Responsibility (CSR). Align business operations with social and environmental goals of current/future markets.
BTW, “maintenance” is NOT a growth strategy. Even if you try to maintain something, there is always a natural degradation – which is the antithesis of growth!
This is a great list to kick around the possibilities – what would it look like if the organization went down that road? You might be surprised at what some opportunities might exist using that growth strategy!
Related Articles:
Team Measurements: Use These Metrics on an Ongoing Basis
Team Goals are the Glue that Hold a Team Together
Developing a High-Performance Self-Directed Team
Discover more from Kristin Arnold - The Extraordinary Team
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Kristin Arnold
KRISTIN ARNOLD, MBA, CSP, CPAE-Speaker Hall of Fame, CPF | Master has been facilitating meaningful conversations between executives and managers to make better decisions and achieve extraordinary results for 30+ years. She's a leading authority on moderating panel discussions and passionate about finding the perfect olive to complement a vodka martini.
