We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Business

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

How do I Choose the Best Business Growth Strategy?

By Sheri Cyprus
Updated: May 17, 2024
Views: 4,130
Share

The best business growth strategy for your company may not be the same as your competitor's. You may need to take a completely different approach than competitors in your industry in order to grow your business. Market research and forecasting ahead on ways to meet clients' needs before business strategy planning is essential if you expect profitable growth.

The best competitive business strategy is the one that will allow your company to experience solid growth. Trying to compete in an area in which your competitors are likely to eventually overtake you is a poor business growth strategy in the long run. Either you'll need to sell more of the products you currently have by opening new stores or branch out into capturing new markets by offering different items. These new products shouldn't be goods that your competitors could simply start carrying, but rather angle them to fit your company's unique selling proposition (USP).

For instance, shoe stores sell the same product, yet often have very different USPs, target customers and marketing angles. A luxury footwear store chain carries expensive brands. These stores are likely to have high end furnishings with the shoes elegantly displayed. Attentive clerks typically assist customers.

Footwear chains that focus on the budget-conscious consumer are very different. The stores are practical in design and often have aisles piled high with boxed shoes for customers to try on themselves. Since the different store types target different customers, it wouldn't make sense to use the same strategies. Customers of the expensive shoe store aren't likely to welcome the idea of forgoing attentive service to dig through a messy stack of shoe boxes to find something they may like. Likewise, the budget shoe store creating expenses to make a fancier decor and footwear displays would be a poor business growth strategy since the customers wouldn't expect to pay more for the same products.

Global, rather than local, regional or national, market growth may be an ideal extension strategy for companies with a worldwide market. New sales possibilities would be created, but this business growth strategy needs to be weighed against logistics and costs involving added employees, transportation, commercial property and distribution. With the often lower labor and property costs in overseas countries, many larger companies do find global growth to be profitable.

Green business strategy may create growth by attracting a new eco-friendly target market. In some countries, government initiatives such as grants may be awarded to companies with a focus on environmental protection. A green-focused business growth strategy should first be carefully researched and planned out to ensure all laws and regulations will be met.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Editors' Picks

Discussion Comments
Share
https://www.wisegeek.net/how-do-i-choose-the-best-business-growth-strategy.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.