Opinions expressed by business partners are their own.
The key path
- Sustainable growth requires a long-term vision through investment in market research, technology and the right people.
- Understanding customer pain points and value drivers, combined with an informed sales approach, differentiates a business in a crowded market.
- Adapting to customer demands and leveraging a mix of marketing channels, technology and strategic partnerships is critical to growing a business for the future.
You have a great idea for a product, service or even a brick and mortar shop. You’ve discovered a need, an area you can fill or even improve on what’s already being done. Integral to your planning, sales and marketing strategies is determining how you plan and measure growth not just next year, but the next five or 10 years and beyond. You want your business to not only survive, but thrive.
Understanding sustainable growth
Sustainable growth is not about getting bigger at record speeds and generating faster revenue. It’s about looking at the long game, so you get consistent and steady growth with real staying power. This includes investment in market research, people, technology, various marketing channels and partnerships.
Know your business
In the beginning, define your business, mission and core principles, and make sure you live by them. Why are you doing that? Where do you see the business in a year in 10 years? How can a business evolve? Answer these questions so you know where you are and where you are going. Then figure out how to get there.
Related: 7 Strategies to Scale Your Small Business and Achieve Sustainable Growth
Do your homework
Spend time doing market research, analyzing your competition, knowing who your customer is (their pain points and value drivers), determining how you can differentiate yourself in all the noise and figuring out what works and what doesn’t work in your field that resonates with your target audience.
Customer pain points include a range of issues from unreliable service to lack of trust, while value drivers can include cost savings, pricing transparency and fast, reliable service. Knowing them will help you develop a sales approach that differentiates your business in the market and guides you in the long term.
Get the right people on board
You may have a great business product or service, but without the right people, sustainability is not possible. Take the time to find and hire people with intent – people who have the skills, drive and passion to build a successful future. These are the people who will be at the forefront of your business, in sales and customer service roles. You want people who believe in the product or service and are willing to deliver a great experience every time.
Collaborate with your team and give them a voice, so they are invested in the operation and its success, and understand that they will grow with the business. You don’t want “yes” people around, but people who will think outside the box, maybe even challenge the status quo, to develop the best sales and marketing strategies for brand positioning and profitable growth.
Related: How to hire the right employees who will grow with your company
Take advantage of the latest in technology
Use data and technology to inform your sales and marketing strategy. By leveraging technology for customer insights, you can make informed decisions to tailor your strategy to the needs of your target audience. By collecting customer feedback, you can predict future behavior and develop a long-term strategy that improves the overall client experience.
Netflix does this very well. The streaming service regularly uses viewership data, engagement metrics and direct feedback (viewing behavior and surveys) to determine what to show, renew or cancel. Additionally, it tailors its user interface, recommendations and marketing messaging based on regional preferences and viewer behavior.
Look at different marketing channels
Don’t settle for a one-size-fits-all approach. Depending on your business, consider all types of channels for marketing your products or services. This may include physical location, e-commerce website, social media platform and email. LinkedIn, Twitter (X), Instagram and Facebook are good for B2B marketing. TechTalk, YouTube, Facebook, Instagram and Pinterest are effective platforms for D2C marketing.
You want a consistent brand experience and messaging that follows your customers everywhere.
Related: The Next Frontier for Omni-Channel D2C Brands: But, Is It Easy?
Form collaborations and partnerships
Again, depending on the business, consider reaching out to like-minded businesses and individuals to promote your brand presence. You may want to partner with another business to enter a market where you can complement each other. Some high-profile successful partnerships include Nike and the Apple Watch, which tracks exercise, and GoPro and Red Bull, which co-branded extreme sports events and content.
The right influencer can help introduce you to a whole new audience and gain advocates and customers. It doesn’t have to be famous. American beauty company Glamour leverages user-generated content and beauty enthusiasts to turn everyday consumers into brand advocates.
Keep up with changing consumer demands, behaviors
In today’s fast-paced landscape, you must keep pace with changing consumer demands and trends. This may involve finding a different angle and message for your product or service to ensure it resonates. This may include product changes, expanding or updating how you deliver your services, and communicating this change with a new marketing strategy.
Don’t be stagnant, but also keep in mind what was behind your initial success. You don’t want to change something that’s working just for the sake of changing it. Take a look at what happened to the restaurant chain, Cracker Barrel. After 47 years, it hired a design firm to refresh its logo. There was tremendous public pushback, and the restaurant chain eventually fired the firm and reverted to its original logo.
When starting or growing a business, measure the business for long-term success. Define what the business is, conduct thorough market research and implement strategies that will effectively reach your target audience, while also being prepared for the pivot. Capitalize on the latest technology and distribution channels, identify partnerships that can help increase your brand presence, build a community of advocates and expand your footprint.
The key path
- Sustainable growth requires a long-term vision through investment in market research, technology and the right people.
- Understanding customer pain points and value drivers, combined with an informed sales approach, differentiates a business in a crowded market.
- Adapting to customer demands and leveraging a mix of marketing channels, technology and strategic partnerships is critical to growing a business for the future.
You have a great idea for a product, service or even a brick and mortar shop. You’ve discovered a need, an area you can fill or even improve on what’s already being done. Integral to your planning, sales and marketing strategies is determining how you plan and measure growth not just next year, but the next five or 10 years and beyond. You want your business to not only survive, but thrive.
Understanding sustainable growth
Sustainable growth is not about getting bigger at record speeds and generating faster revenue. It’s about looking at the long game, so you get consistent and stable growth with real staying power. This includes investment in market research, people, technology, various marketing channels and partnerships.
The rest of this article is locked.
Join the business+ For access today.
