7 Tips for Building a Business Growth Strategy

Building a business growth strategy involves making your vision for your company come true, but only if the right planning and execution is put in place. From identifying gaps in the market to establishing and implementing your business goals, having a business growth strategy is paramount to the positive development of your company. 

But if you haven’t done this before, or if you’re new to the world of business, then you might not know exactly what a business growth strategy is, let alone implementing one. So here’s everything you need to know about building a business growth strategy of your own.

What is a business growth strategy?

A business growth strategy is, essentially, a detailed plan of action that is specifically designed to grow, develop and further establish your company within the industry you work in. It has the sole goal of increasing sales and, therefore, your revenue over a set period of time. 

Often, your strategy will outline milestones in the process, so you should have a general idea of how long it will take you to execute your business growth strategy successfully. Something you’ll have to remember is that no two business growth strategies are the same, usually because they depend on the following factors:

• Your company and the industry you work in
• The goals your company have or wish to lay out
• The resources that are available in order to make sure your strategy can be implemented and executed in a successful manner

However, there are things that are universal to all companies, regardless of the industry you work in. Your business growth strategy should be implemented if you wish to build your business in a specific way in order to close considerable deals, shorten your sales cycle and strategically grow the company in order to generate the best possible results every single time.

Why is it important to have a business growth strategy?

The secret to a resilient business lies in the planning and execution of a successful business growth strategy. Typically, a business growth strategy is based on real data about your enterprise, meaning there’s absolutely no room for any guesswork. The course of action you will need to take will be based on your:

• Company’s strengths
• Company’s weaknesses
• Competitor’s performance 
• Company’s current performance

Simply envisioning your company’s success will not be enough to make it happen, hence why people take action by way of a business growth strategy. However, it’s important to note that your strategy will, and need to, change as time goes on and as your business develops. You might find that you’ve taken on more employees or additional stock which will, in turn, alter your company data. Bear this in mind when you first develop your business growth strategy.

7 tips for building a business growth strategy

Building a business growth strategy can be overwhelming at first, especially if you’ve never done it before or if you’re dedicated to developing and establishing your start-up or small company. There are several things you can do to ensure your first business growth strategy is planned and executed without a hitch. Here are seven tips for building a successful business growth strategy:

1. Be aware of current affairs

Many people will start with SMART goals (specific, measurable, attainable, relevant, time-bound), but that’s not usually recommended, more so when developing your first business growth strategy. Don’t establish goals without first knowing where your business is at. Think about what’s working for you right now and what isn’t. 

Afterwards, you must then establish a unique value proposition and subsequently identify your target, relevant customers. You must also make a list of what sets you apart from your competitors as this is what will keep your customers coming back time and time again.

2. Establish your business goals

When establishing your business goals, make sure they’re laid out into two columns: long and short-term goals. Depending on what those goals are, you may require an in-depth website audit. This will help to identify key performance indicators (KPIs), where you differ from your competitors and where your business sits in the market sector/industry. 

This is something that a dedicated digital marketing agency can do for you, such as us here at Kumo Digital. We have a team of website developers, SEO specialists, PPC experts and dedicated content writers at the helm of our operations, so you’ll always be in good hands with our professional team.

3. Use tools that support your business goals

There are many tools out there that you can use which will help you to support your business goals. From Google Analytics to Ahrefs, you’ll be able to gather valuable data on your business, including click-through rates, heat maps, bounce rates and more. Implementing a business growth strategy can be hard work, but with the right resources at your disposal, you’ll develop a business growth strategy like no other.

4. Develop a strategy that is data-driven

As already touched upon, it’s important that you have the right tools available to be able to gather the data needed to develop a business growth strategy that works specifically for you and your business. When it comes to data-driven strategies, there are some things you will need to consider, including:

5. Implement your growth strategy

Now that the goals are laid out and there’s a plan in place to be able to meet them, it’s time to put your strategies into action. But before you begin to execute them, it’s important to keep in mind that it may take a while before you’ll see any changes as a result of your newly-implemented strategies. 

This is because inbound strategies, especially, are designed to bolster your organic traffic, so you will not see results overnight. There might even be instances where it could take a few months to clearly see how your efforts are starting to affect your bottom line. Remember, you’ll get out of your strategy what you put into it.

• Conversion rate (CR)
• Impressions regarding the number of times an advert of yours has been served or seen by an online user
• Cost per click (CPC)
• Return on advertising spend (ROAS)

6. Take a multi-channel approach

In this digital age, it’s important that you take a holistic multi-channel approach to the development of your business growth strategy. Depending on the results of your audit, you might need to decide which marketing mix is right for your business. Address every single area of your brand marketing, thoroughly. Some of the marketing strategies you should include in your business growth strategy includes, but are not limited to, the following:

• Social media
• Paid search marketing
• Content marketing
• Email marketing
• SEO techniques
• eCommerce marketing

Hiring a seasoned digital marketing agency to do this for you would be the best option, especially if you’re busy or have no experience doing anything like this yourself. Marketers do this day in, day out, especially those on our team here at Kumo. We have two decades of experience and knowledge to draw upon, so you’ll always be able to look to Kumo Digital for excellent customer service and the meticulous and successful execution of marketing strategies.

7. Analyse your results & use them to develop future business growth strategies

The best possible business growth strategy is one that evolves as your business does and this includes making sure you’re looking at how your business is being affected by what you’ve done already. Look back at the results and data from past business growth strategies, if applicable, and go from there. When evaluating the progress you have made, you should ask yourself and your team the following questions:

• How has the company evolved?
• Are we happy with where we’re at right now?
• Do we have a cohesive team along with a business model that’s developed and established?
• Are we investing and valuing the talent our team has?
• Have we generated a loyal customer base?
• Have we created long-term brand advocates?

Kumo Digital have over twenty years’ of digital marketing experience behind us, taking an innovative, forward-thinking approach to everything we do. We are able to serve clients throughout the UK, regardless of the industry you work in. If you wish to find out more about the marketing services we have available, including SEO, PPC, content creations and more, then get in touch with our committed team today.