Growth Strategies

All firms are seek­ing options to max­i­mize growth. For most firms, this sim­ply means attempt­ing to sell more of their exist­ing prod­ucts and ser­vices, to more cus­tomers. Whilst this is a valid com­po­nent of achiev­ing growth, suc­cess­ful entre­pre­neurs and firms must apply a num­ber of growth strate­gies to increase the value of their firm and its portfolio.

The exam­ple pro­vided, of sell­ing more prod­ucts to exist­ing cus­tomers is clas­si­fied as a mar­ket pen­e­tra­tion strat­egy. Other strate­gies avail­able to entre­pre­neurs and firms include:

• Diver­si­fi­ca­tion: launch­ing a new busi­ness in an entirely new market.
• Mar­ket devel­op­ment: sell­ing exist­ing prod­ucts in new mar­kets, e.g. franchising.
• New prod­uct devel­op­ment: sell­ing new prod­ucts to exist­ing customers.
• Mar­ket pen­e­tra­tion: sales, mar­ket­ing, adver­tis­ing and PR for exist­ing prod­ucts to exist­ing markets.

Too many entre­pre­neurs and firms think too small and there­fore limit their own growth by not focus­ing on the oppor­tu­ni­ties these strate­gies can provide.

StartUP Mar­ket­ing pro­vides spe­cific ser­vices in rela­tion to each of these growth strate­gies. These include:

• Oppor­tu­nity eval­u­a­tion: to inden­tify oppor­tu­ni­ties for diversification.
• Mar­ket­ing plan: to pro­vide a holis­tic set of strate­gies and tac­tics for mar­ket penetration.
• New prod­uct devel­op­ment: To develop new prod­ucts for exist­ing cus­tomers.
• Lead Gen­er­a­tion & Cus­tomer Acqui­si­tion: to increase sales of exist­ing prod­ucts.