When you have a growth mindset, there’s nothing stopping you from achieving your goal of growing your business.
So after you develop and secure a growth mindset, you can proceed to planning and acting on the four main growth strategies for entrepreneurs to acquire more clients:
Market Penetration
Entering an industry means that you know you can obtain a market share.
Growing your business through market penetration does not mean that you have to move into new markets to reach more consumers.
The goal of a market penetration growth strategy is to increase your market share in your current market by using the products and/or services you are already offering.
You can do this by developing new marketing plans or by changing how you articulate the value your business offers.
Product Development
If you don’t want to lower the price of your products or services to compete based on price, that’s totally fine!
At the end of the day, you have to think about your business branding anyway.
Therefore, if you wish to grow your business without using a market penetration strategy, you could create new products to serve the same market.
The goal of product development is to expand the products and/or services you offer without the need to tap new markets.
Market Expansion
If you want to tap new markets, then this is where market expansion comes in.
Market expansion involves entering a new city, state, or country where you can introduce your products and services.
Market expansion can also involve tapping new market segments – for instance, if you have a cold brew business and you’re just selling online, you could enter the commercial market by contracting your cold brew to bakeries, restaurants, or resellers.
Diversification
A completely different strategy for business growth is diversification.
Diversification involves the targeting of a completely new market, by offering a totally different product.
It’s like you’re starting from the ground up. That means failure is a big possibility. However, if you succeed, you’ll definitely get a big reward.
Just take note that if you want to diversify, make sure that you have sufficient capital and the current business’s financials can take the potential hit.
How the Right Mindset Intertwined with Growth Strategies Will Help You Grow Your Business
When you have the right growth strategies, you grow your business with a purpose behind it.
The four growth strategies will be easier for you and your whole team to act upon because you are determined to reach the goal of growing your business.
Contact us today to schedule a discovery call and see how we can help you with strategic business planning. Success or failure – which end do you want to be on?
