When it comes to business growth strategy, there are several models.
If you want to prioritize an organic growth model for your business, regardless of its initial size or industry, the importance of having a marketing strategy makes sense.
Internal growth is in fact based on the increase in turnover and therefore sales, or on the need for diversification of activity, for which marketing defines a strategy and an associated action plan. And if, on the contrary, you turn to an external growth model, strategic marketing will support the choice of targets according to the market, the offer, the competition and the maturity of the recognized players.
Strategic marketing allows you to precisely define the development and growth strategy of your business.
Marketing is the engine of growth strategies.
There are many different growth strategies and ways to achieve your goals. How to make the right decision, take up the right challenge, choose the right direction?
- Penetration growth is selling more of an existing product or service in one’s current market. This is the simplest option and the most limited in terms of strategic vision and innovation.
- Growth through development consists of launching new products or services in its current market. This is a slightly riskier solution, which may require investment and time, but which can allow them to reposition themselves, stand out and innovate.
- Growth by expansion involves selling current products or services in new markets. It is more risky because the target is less known and may require communication or device adaptations, but also more profitable because there is no investment in product development.
- Growth through diversification involves selling new products or services in new markets. This is the most risky solution but also the most complete. It involves an analysis and a strategic positioning that affects both the product and the market and a study of the price, the distribution model, etc.
The main objective of marketing is to understand the markets and their consumers in order to offer them attractive products and services.
Marketing plays the role of championing the voice of the market; it assesses the potential acceptance of new offers or the establishment of new markets by prospects and customers and measures the impact on turnover.