Implementing specific types of strategies can create immense growth potential for your business. Below are some proven strategies to help your business scale:
Current Customer Cross-Sell/Up-Sell– Leverage current customers to repurchase or buy another product. It is significantly more cost- effective to market towards repeat customers than new customers
Referrals– Referrals are a tried and true way to use your current customer base. If they like you, they will most likely be very willing to refer others within their network to your organization
Innovate or Augment your Product or Service– Discover new use cases for existing offerings to build a deeper bond with current customers, thus, increasing their switching costs.
Extend your Market Reach– Re-package your current products/capabilities to a new industry with similar use cases.
Contain your Costs– Determine what products are not contributing to the bottom line, and choose to eliminate them from the offering, or alter the design, streamline the production for specific use cases, etc.
To successfully apply strategy into your business, it is essential to set aside time to plan how, when, and why the strategy will be implemented. Planning will ensure that the strategy is suited for your business and will become an asset.