10 Corporate Growth Strategies That Work

Most businesses go through a period of stagnancy at some point or another. The same old tactics you’ve been using just aren’t working anymore, and you need something new and innovative to ramp up your sales and kick-start your success. Here at the Connell Curtis Group, we can help develop corporate growth strategies that can take your company to the next level.

 

We’ve found that despite changes in the economy, market, and consumer buying trends, one or more of these 10 corporate growth strategies can be implemented to bring business back from the dead:

 

1. Creating Partnerships & Joint Ventures

Create and cultivate partnerships that are mutually beneficial to you and the other parties involved. If you provide IT services, partner up with a local electronics store. When they sell a new computer, they can include your services in a warranty or add-on package. In exchange, you’d give them a small portion of each service you provide.

 

Look for companies with which you can build a cohesive, non-competitive relationship, sharing customer bases, manufacturing facilities, distribution systems and more. These can provide benefits not only to the bottom line of both companies, but to the customers of each as well.

 

2. Segmenting the Market

You’ve heard that old adage, “You can’t please everyone,” right? Well that’s the same sentiment behind segmenting the market, one of the most time-tested corporate growth strategies. Instead of aiming your products and services at everyone, segment that audience into varying groups. Maybe it’s by age bracket or gender, or maybe it’s by interest or education level. Once you’ve segmented, choose one group to focus on, and really pour your resources into it. Increasing sales in one segment exponentially can make up for lackluster sales across the board.

 

3. Leveraging Referrals

Never underestimate the power of a referral. People really value the recommendations of their social circle, so getting your existing customers to refer your business to their friends and family could mean big things for your sales numbers. Try creating an online or in-store referral program that rewards your customers each time they recommend you. It could be a coupon or free gift, or you could implement a points system in which they can consistently earn rewards the more referrals they give.

 

4. Mergers & Acquisitions

Though often risky, there are a lot of benefits to buying or merging with another company. You can expand your market share, increase your resources, and gain access to exclusive products, patents, technology and more. You also add value to your company and shareholders by increasing your product and service offerings. It’s important to be careful when going through with a merger or acquisition, though. Don’t go outside your budget and make sure the company you’re buying or merging with is one you can improve on or mutually benefit from.

 

5. Using Alternative Channels

As far as corporate growth strategies go, this can be one of the most game-changing. It’s about expanding your offerings into different venues, allowing customers to reach you and use your services in more ways than one. If you only sell in brick and mortar retail stores, launch a website and start offering online sales. If you already have an online store, try catalogs, phone orders, or other routes of delivery.

 

6. Launch New Products or Services

Unfortunately, the market isn’t always in demand for certain products. Try launching a new product that meets current consumer demands and needs and give yourself a whole new market to cultivate. If you provide headhunting services, but there’s a slump in job seekers, consider offering another service, such as human resources, to meet the needs of another, more booming market.

 

7. Widen the Scope

This is one of those corporate growth strategies that requires you to think outside the box. Try widening the scope of your company to meet different, yet similar, customer needs. If you sell women’s clothes, you’re meeting their need for apparel. Chances are those customers likely have a need for accessories or shoes, too. Try widening your scope to provide for those needs.

 

8. Increase Exposure

Just because you sell books doesn’t mean your products can only be sold in bookstores. You could partner up with grocery store chains, coffee shops, online retailers, airports, and more to increase exposure to your product line. Look for new and different venues in which to market, display, and sell your product. You could branch out of your current geographic area, too. If you only have stores in Oklahoma, try moving into Texas or Louisiana. The more exposure, the better.

 

9. Find a Niche

Tailor your products to a very specific market or customer need; then, dominate that market. As a result, instead of trying to make waves in an ocean of competitors, you’re a big fish in a small pond. You’ll have less competitors, more brand recognition, and more satisfied customers. If you manufacture refrigerators, look to narrow that product line a bit. Maybe you could start creating refrigerators that use only green, sustainable products, or you could create a line of colorful or patterned ones for the more adventurous home decorators. Either way, you’re creating a niche and tailoring your products to meet very specific needs.

 

10. Find New Uses

We talked about developing new products and services already, but what if you just improved on what you already had? Or found new uses for your existing products? Spend time working with and developing your existing services and products. Discover new ways they can benefit your customer and how they can serve different uses. Then, launch a marketing campaign toting those new uses.

 

Not sure which of these corporate growth strategies is right for your business? The Connell Curtis Group can help determine which venues are best for expanding your business and create a customized strategy just for you. Contact the Connell Curtis Group today!

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