By Niki Tudge
When it comes to setting broad objectives for business growth there are really only four possible courses of action
- Market Penetration. You continue marketing your services and products to the same market but you increase your market share. In effect you amp up your marketing efforts and attract more new clients to purchase your existing services.
Options 2 & 3 focus on developing either new markets or new products and services.
- Market Development. To develop your market you continue producing and selling the same products and services but you target new market segments. You would develop new marketing strategies to tap into a segment of the market that you are not currently marketing to or attracting clients from.
- New Product and Service Development. If you have the necessary core competencies then you can look at a product development strategy and increase the number and type of services you offer.
- Diversification. When you focus on diversification you not only develop new services and products but you develop them specifically for new target markets.
In my opinion these four options are not mutually exclusive. When determining the most appropriate growth strategy for your business we need to take several things into consideration
a) How effective is your current marketing strategy?
b) What are the core competencies of the organization and its available resources?
c) Has there been a market audit conducted?
d) What is the organizations current performance?
e) What are the organizations goals and is there a focus on building or maintaining a balanced scorecard?
Here at DogNostics eLearning & Business Coaching we believe the following areas should be a focus in any coaching or business development program.
Contact us today at DogNostics eLearning & Business Coaching to talk about how we can fast track your business growth. We have a selection of affordable and effective business coaching packages.