Good Business Growth Strategy – Are the best business development strategies marketing strategies? Over the years, most businesses we’ve come in contact with that want to grow immediately think that the best way to do that is through more marketing.
Focusing on marketing strategies to generate more leads may not be the fastest and best business development strategy for your business.
Good Business Growth Strategy
What if your follow-up and conversions from the leads you generate are very low? If you lose 9 out of 10 leads you generate, is it worth it? What if you get your margins or product branding wrong and lose money on every sale?
Business Growth Strategy Template
In either of these scenarios, focusing on marketing strategies seems like a very expensive and wasteful exercise for your business growth.
So how do you know what the best business development strategies are for your business? At Business Coaching & Training, we train all of our business coaching clients on the “Integrated Business Growth Formula”.
This formula helps us to determine which areas of your business you want to focus on and which priority. As a result, we can quickly identify the best business development strategies for your business. Surprisingly, the first few business development strategies we recommend are marketing strategies.
These eight key business principles culminate in a complex business growth formula to provide you with the following six key results in your business;
The Ansoff Model [marketing Strategy Matrix]
In this image of our business growth composite formula, you’ll see that the eight key business growth metrics are in blue, while the six key result areas are in green.
In the right column of this image, you will also see another column with six business development strategy categories. There are;
Most businesses make the fatal mistake of focusing on six key areas of green results in their business. However, none of us can directly change these major outcome areas. This is because they are only one result.
If we want to increase one of the main result areas in our business; we must focus on improving one or more of the 8 key business growth criteria in this formula, preceded by a specific key result area.
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We recommend that you achieve an average of 10% growth in each of the 8 key business growth metrics. Some criteria are easier to develop than others, but try to average 10% on each criterion.
Therefore, for the purpose of this article, we will try to use 3 strategies in each benchmark, aiming for an average growth of about 3-4%. This means that the 3 combined wins are an average profit of 10%.
But be careful, there is a smart way to grow your business and a hard way. Many businesses try to grow the hard way. This is because they do not understand the complex formula of business development and how it works. Everything will become clear when you read this article about business development.
Albert Einstein once called “compound interest the eighth wonder of the world.” Our complex business development formula allows us to activate this “joint” effect in our business development.
Business Growth Strategy
This compounding effect typically gives you an additional 11% increase in annual sales results. If you average about 10% growth in each area. The motivation of connections in any achievement is one of the main areas of personal development, only by observing the discipline of following the formula. You know who gets an 11% return just because you followed the formula?
We will explain to you the complex formula of business development in a step-by-step manner, as it appears. However, in most cases, when we actually start implementing business development strategies, we rarely start with Lead Generation strategies.
More on the correct application sequence later. Now, let’s walk you through each of the business growth metrics as they appear in the formula.
Both the lead generation strategies and the prospect conversion rate strategies below are included in our Content Marketing Strategies. Clearly, we need to develop content to generate leads and then convert them into prospects.
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Every business needs to generate leads. But what is lead? A lead is someone who is genuinely interested in finding out more about your products/services. However, you’d better be prepared to handle these leads as they appear or risk leaving them, or worse, going to your competition.
Although the leading generation is first in the list for this formula. Of the 8 key business development criteria, increasing your lead generation is usually the most expensive and resource-intensive business development strategy compared to the other 7 criteria. Therefore, we actually recommend working on this after first working on other smart areas.
We have over 70 lead generation strategies to choose from and advise our clients on. Some of the most popular lead generation strategies these days are digital and non-digital. Here are some examples. Note that we average 3% growth from each strategy;
A lead is someone who is willing to look for information, products, and services about your business. Now we need to convert them into Prospects and bring them into our sales funnel.
Building A Customer Led Growth Strategy
It is important that we record, report, and review our lead to prospect conversion rate. If your conversion rate is too low, there is no point in generating leads. In this case, focus on improving your conversion rate before looking to increase lead generation.
There are many ways to do this. We have over 40 conversion rate strategies for leads to choose from. Here are three examples that can each provide us with a target growth of 3%;
Once a lead is converted to a prospect, they enter our sales pipeline. Now we are moving to another level and different business development strategies.
Your sales pipeline strategies are your prospects for customer conversion rate strategies as well as how you manage your sales pipeline. The best way is to implement some business automation strategies using CRM.
Writing Note Showing Business Growth Strategy. Business Photo Showcasing Larger Market Share Market Penetration Acquisition Pile Stock Illustration
We always recommend building and managing your sales pipeline through a CRM – Customer Relationship Management System like “Keap Pro”. There are many benefits to using a CRM. The main advantage is that there are a ton of automation strategies available to you. Some of the benefits are;
Now your lead has become a prospect and is focused on the specific products or services you offer. Therefore, we need to use sales pipeline strategies to maximize our prospects for customer conversion rates.
We select over 50 customer conversion rate strategy prospects. Three examples can be given for this area. Again, we aim for an average of 3% growth from each of the strategies below;
If you’ve established a solid sales pipeline that works and you’re constantly measuring and testing to improve results, your prospects for customer conversion rates will improve.
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Your prospects will become customers. Remember that the number of customers is only the main result. We cannot directly increase the number of customers. We need to improve at least one of the previous business growth metrics to directly improve our customer base.
Looking at the 10% return on each of the first three criteria of a business development strategy, you should understand how a complex business development formula is really starting to produce results. We saw an average of 10% growth from each of the first three metrics of the business growth formula. If we add these up, it would be fair to expect a 30% increase, right? In fact, the income increased by 33.2 percent. Now you are starting to see the secret sauce of this formula!
Now your prospects are customers. There are two criteria of the business growth formula that we need to focus on. The first is to get them to spend as much as possible when shopping. This is known as “cost averaging”.
The second criterion is to get them back and buy as many of your business as possible during the year. This is known as a “Transaction Number” for each customer.
Global Business Development Strategy Market Detailed In New
The average cost of sales per customer is – average! Some customers might spend £50 when they buy from you, but others might spend £200.
Your average cost of sales is calculated by taking your total sales (eg £100,000) divided by the total number of customers (eg 1000). This is equal to the average value of your sales (eg £100). £100,000/1000 customers = £100 average sales value.
We want to introduce strategies to get your customers to spend more from you when they buy. We have over 50 business development strategies that you can choose from to help you grow in this area. Here are three examples. Note that we average 3% growth from each strategy;
The average number of transactions per customer is different every year! Some customers may buy from you only once during the year, but others may buy ten times. What is your average number of transactions?
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To determine your total number of transactions per customer, we have