A growth strategy is a plan to increase revenue. The following are common examples.
PromotionPromoting products and services in order to gain market share.
BrandingPeople buy what they recognize and know. Brand strategies seek to create a valuable identity in a crowded market that customer's recognize in order to gain market share.
Product DevelopmentDeveloping products to gain market share, upsell, cross-sell or enter new markets.
InnovationProduct development that aims to completely change an industry as opposed to directly competing with what exists today.
QualityImproving market share by improving the quality of products and services. In many industries, reputation systems allow firms with a high quality product relative to price to be quickly rewarded.
PricingIn many cases, the fastest way to obtain market share is with a low price. For example, an airline that charges a lower price will quickly find its seats filling.
CostReducing a firm's cost structure may allow it to compete on price more effectively. In some industries, efficiency and low cost are the keys to grow. For example, in order for a solar panel manufacturer to grow they typically need to reduce cost-per-watt.
Customer ExperienceViewing quality as an end-to-end experience such as a pleasing user interface and superior customer service. A chain of restaurants with unusually tasty food, friendly and engaging staff and a lively atmosphere may be able to grow market share.
DistributionExpanding the distribution of your products and services into new markets, channels and regions. For example, finding a distribution partner to sell your products to retail customers in Hong Kong.
SalesGrowing by hiring sales people and/or increasing revenue per salesperson.
Mergers & AcquisitionsA firm that has a high market share may find it difficult to grow organically. Such firms may acquire other companies to grow by deploying more capital.
This is the complete list of articles we have written about business strategy.
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