Action Horizons: The 3 Focal Points Of Business Growth

Do you often find yourself in the middle of a changing digital sphere where businesses need to level up constantly? It can take time to achieve steady growth in today's competitive market. Your product or service needs to ensure significantly more sales than the value of time spent on marketing efforts to produce the desired outcomes.

Today, many start-ups or organizations need help to stretch their growth share in the global market. They are spending billions of dollars on marketing and innovation to win over customers. However, these efforts amount to minimal growth because the market continues to be one step ahead.

However, experienced and seasoned organic growth specialists create momentum and prevail. Growth Jockey believes that High-growth businesses should adhere to their clearly defined growth strategy, which increases the potential to unlock growth worth millions of dollars.

So, what are the core focal points that lead to business growth for even a new company entering a saturated field? These three basic yet vital factors can make or break the success of a business – the entrepreneur, the creator and the performer.

3 Stages of Business Growth

The Entrepreneur

The entrepreneur or investor knows the growth domains of existing products and services. It is the quickest and most efficient growth strategy at the initial level. For instance, increasing investments in advertising in a successful channel for direct-to-consumer businesses is the task of an investor.

The investor is also a pioneer of business growth ideas with ample knowledge about the industry or a knack for white spaces. However, a crucial question arises, how does an investor walk the right path based on the company's vision?

Here are two tested growth strategies -

Identifying and Defining Goals and Priorities

Create a list of your short-term and long-term objectives and define them. Select those that are specific, measurable, attainable, realistic, and timed (SMART). As you work through your business plan for growth, these goals act as a guide to focus on working towards the vision.

Prepare a realistic roadmap for your business by focusing on the time of the plan's creation. This brings us to our next strategy – setting timelines.

Setting up a Timeline with Accomplishments

To stay on track and keep tabs on any progress (even the tiniest), it is essential to establish a timetable and some attainable goals. Include information like the number of customers you hope to convert into permanent buyers.

Include vital aspects like the number of additional employees you might need to sustain business growth. Considering imagined scenarios and preparing a dummy plan for them is essential. Timelines offer a visionary growth graph for your business.

We at Growth Jockey have been helping businesses track their journey effortlessly to achieve realistic goals. With the best team on board, the Growth Jockey team has successfully created up to 10 times the revenue for small business as well as big businesses.

As time and customer behaviour is dynamic in nature, we are always ready to adapt to accommodate changes.

Creator

All businesses sell a product or a service. Through the creation of new goods or services, the creator adds value. The second focal point in any business is the creator's contribution to fulfilling customer needs and reaching unserved segments.

They also compare and analyze adjacent markets, which drive their creativity based on what is and what is not working in the present scenario. Advanced business creators use digital and advanced analytics to improve existing models and disrupt markets.

Let us look at a creator's contribution to product-led growth in furthering a business.

Customer UX

Product-led growth involves providing an excellent and seamless customer experience/UX. Users prefer to avoid waiting when pages load slowly or navigating through websites/apps with difficulty looking for a specific option.

For example, TikTok's app was not perfect when it was first released. Nevertheless, it started making changes based on customer feedback. Soon, users experienced an uninterrupted and easy interface to locate any feature. Research suggests that 54% of marketers said their main priority is to grow their website traffic. Hence, it is one of the well-focused areas.

Pro-tip: A product-led strategy that makes the process easier can significantly reduce acquisition costs.

Engagement

Product-led growth is primarily concerned with focusing on engagement and retention. Customers will likely suggest a product or service after a positive experience. Hence, a chain reaction started, which was the case with Amway, an MNC that promotes health, beauty and homecare products.

Research says that 42% of marketers are planning to improve customer retention. Therefore, creators must create and recreate products and services to cater to the rising demands. But the vital issue revolves around the process of improving customer retention. (Read in detail under the sales section).

Sales

The performer, or the person responsible for sales, constantly optimizes core commercial capabilities in sales, marketing, pricing, and customer experience. Companies that rely solely on traditional sales-led strategies will find acquiring new customers much more straightforward in product-led businesses.

The core of a product-led strategy is this kind of marketing strategy that aims to make customers feel at ease. However, for service-led businesses, you need to focus on building a value-added services relationship that yields more traction, pricing power, and stickiness with your customer base.

The emphasis placed on customer feedback and the creation of positive experiences for customers also assists in maintaining customer loyalty. Innovative product features can make any product stand out and improve customer retention.

By engaging them at various points along the customer journey, you give them a reason to stay.

• ToFU: ToFU or Top of the funnel is the sales funnel stage where you use engagement strategies to make people aware of your brand. This stage piques the visitor's interest in the product and he eventually buys it. Influencer marketing, product reviews, and social media community development are a few examples.

• MoFU – MoFU or the Middle of the funnel, is where you use engagement strategies to turn prospects into users by instilling a sense of interest and consideration in a potential customer. Manufacturing gated content like product explanations, customer testimonials, newsletters, experiential campaigns, and meet-and-greets make up some strategies.

• BoFU – BoFU or the Bottom of the funnel is where you make users evaluate your platform and decide. This is the last stage to convert them into paying customers. You can offer free sessions/appointments for services or discounts here.

The above three factors propel the growth of any business with the right plan and marketing strategy. So, it would help if you prepared a business model that runs on these focal points to drive progress (sales).

Profile your Competitors

Last but not least, investigating your competitors is an added advantage, assuming you are new in the business. You will be able to sort out any arising contest. Further, ponder how your opposition can modify your objectives for development.

You might have to adjust your prices and the speed at which you can deliver goods or services if your business is starting out. A good businessperson strives to provide clients with services of the highest possible quality.

Big names like Apple, Microsoft, Google, etc., have been able to live up to customer expectations to date because of their standards. Additionally, analyzing competition allows for a better quality of products and services, giving the customer the upper hand. As they say, "Customer is king."

Wrapping Up

Marketable strategies are frequently assiciated with new companies alone. However, a dynamic written business plan is essential for any company's proactive action and considerable success. The most critical factor in business growth is product/service-driven growth in today's market.

It is because the key point of business is achieving the company’s vision (customer satisfaction, sales, personal branding, etc.). A strategy must have a product-led approach to make it easier to retain customers and deliver higher revenue in the long run. Hence, product-driven companies need a strong 'Creator' team to develop a naturally viral product and increase customer engagement and retention.

The product or service places a greater emphasis on understanding customer behavior and is more likely to have more satisfied customers. However, a balance among the three focal points fosters a drawn-out relationship with the client and point a business in the right direction.

At Growth Jockey, we are committed to helping businesses achieve organic growth through tailor-made strategies that address the specific challenges they face across diverse industries. Regardless of the scale of your company, whether it's a small-scale enterprise or a large corporation, we can provide you with the expertise and insights needed to drive sustainable growth.

Take a proactive step towards unlocking new opportunities for your brand by reaching out to us today!