Despite your best intentions and hard work, sometimes you may feel your business is stagnant and not growing at the rate you aspire for. How do you achieve a constant business growth?
Below are 5 simple principles for a consistent growth:
Maintain your customer loyalty
Surge ahead to the path of growth by manipulating your customer needs through complicated relationships so that it becomes troublesome for your customers to leave you. Modify your products and services by carefully analyzing the customer data. Follow the needs and aspirations of your dedicated customers by scrutinizing the customer data. Also constrain your customers by pragmatic measures and take well-planned actions to restrict their defections. Develop emotional bonds as sustainable way to customer loyalty.
Beat your competitors to expand your market share
Force your customers to leave your competitor’s products and services by providing better quality. Make effort to reduce the exchanging costs. It can be complicated to attract customers away from competitors, so you should use all you have systematically to pull away customers from your competitors. Providing improved products and services at lower costs is a way to meet the goal. Other is to buy your competitor to eliminate the smaller or equal competition (definitely not an option if you are starting out, so focus on the first).
Manipulate Market trends
Be proactive in perceiving growth tendency in the market. Carefully analyze data to check the markets trends especially in buyers alterations, product or service developments and popular trending items. The best way to manipulate market trends is to proactively maintain a systematic approach to spot market changes. Keep a database to measure the statistics in market and make timely decisions to utilize the market changes for your advantage.
Overrun adjoining industries
Overrunning adjoining markets must be done after analyzing the market’s opportunities and possible growth factors. Find out your edge over rivals and develop high standards to equal your competitors. Push yourself in exploring the adjacent markets but with minimum risks.
Expand your business
Expansion must be smart and finely tuned to the market trends. Never pay more than required for launching yourself in a new direction. Do not destroy your revenue by using complex methods already developed by others. Try to discover new and simple methods in place of complicated ones. Simplify and modify old patterns to decrease costs and increase efficiency. Collaborate with new partners and find new partners by evaluating their strengths, leadership abilities, team work and revenue.
All these five principles may not be a part of the existing growth plans of your company, but make sure to include one or more of these principles in your growth plans.