The 4 Business Growth Strategies
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So in this video, I want to share with you the four different business growth strategies you can choose to implement in your business. We call it the Ansoff model.
So basically the choices for you are, if you want to grow your business, are you going to find more Betty and Bobs in order to sell your product or service to? We call this a market penetration strategy.
The second choice that you have is a market development strategy. This is where you take your product or service and whoever you’re selling it to right now, you go and develop new markets in order to sell your products and services.
Now, those markets could be new niches for you to go into, or they could be new geographical areas for you to move into. It doesn’t matter. We call that a market development strategy.
The third option, the one that most of my entrepreneur clients like to pursue, is the product development strategy. Product development strategy involves developing new products and services for you to sell to clients that you already have.
And the final one we call diversification. That’s a lot like starting a new business. It’s where you develop new products and services for new markets.
So, which one should you choose for your business? I say to my clients, why don’t you think in a three-month block because three months right now is a really long time, and why don’t you focus on just one of those strategies? That’s right, just one of those strategies.
Which one should you choose? Well, the place to start is to do a swat analysis on your business. Go through your strengths. Go through your weaknesses, then the things internal, the things that you can change in your business, the things that you do well, and the places in your business where you have little hold, the things that you don’t do quite so well. Go through your strengths and weaknesses. You want to have great clarity about your strengths in particular.
The second thing you need to do is look outside of your business. Look at what’s happening in the world. Look at what’s happening in your marketplace. Look at what’s happening with your competitors. And look for opportunities.
You want to match your strengths to the greatest opportunities available to you, and then pick which of those strategies is going to work best for you, and then focus. Focus, focus, focus!
I know you’re an entrepreneur. I know you like to create, but I also know that you like to have money in the bank account. So the key to you is to pick the strategy that’s going to work the fastest for you. It might not be the most exciting right now, but it’s going to be the most profitable.
So, choose your strategy and focus for the next three months.
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