A growth strategy is a comprehensive plan designed and executed by a company to increase its reach and profitability in the market in which it operates. This strategy seeks to identify expansion opportunities and define the actions necessary to effectively take advantage of them. Read on to learn more.
If you are thinking about growing your business, you are in the right place. In this article we will tell you about the 6 growth strategies most used by companies around the world to increase their profits.
In addition, we share with you the step-by-step instructions so that phone database you can implement them in your business and, as a bonus, an example applied in a real company. Shall we go?
Growth strategies: concept
A growth strategy is a set of planned and coordinated actions that are implemented to increase a company's profitability and market share in the long term.
Like any strategy, it requires in-depth analysis, as it involves setting clear objectives, identifying opportunities and taking specific measures to achieve sustainable business growth .
Types of growth strategy
If you are thinking about implementing a growth strategy in your business, you should know that there are 2 types: internal growth strategy and external growth strategy .
Your choice will depend on various factors, such as the market in which you operate, your competitive position , your available resources and the objectives you want to achieve.
We are going to analyze each type of strategy so that you can define which one best suits your business.
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Choose the ideal plan for your business:
Internal growth strategy
This strategy aims to achieve organic growth by developing and expanding a business's internal resources and capabilities .
As such, it is based on improving and leveraging the company's own assets, skills and knowledge to increase its market share and generate higher revenues.
While this type of strategy allows for greater control over business growth , it also requires investment in resources, time and effort for internal development and expansion, as well as the ability to adapt as market conditions evolve.
Examples of internal growth strategies include the development of new products or expansion into new markets.
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External growth strategy
This strategy aims to achieve growth through collaboration, strategic alliances or acquisitions of other companies .
By adopting an external growth strategy , the business can increase its customer base, gain access to new geographic markets and strengthen its positioning by integrating competitors.