How to design my company for sustained business growth was a question posed by one of my readers. Let me share a brief business growth model I use to help my clients.
Look at the target customer profile when designing a business portfolio. A comprehensive profile of the customer demographics and barriers preventing the customer from buying the product you intend to bring to the market should be documented.
Customer profiling should be done systematically. Take the help of secondary research and primary survey-based data. Tabulate the profile data and average the results.
The next step is to size the market. There are two approaches to market sizing. There is a bottom-up and top-down approach. I prefer the bottom-up approach because the sizing estimates are more accurate. The bottom-up approach starting point is authentic industry statistics on sales and growth in the product segment of your choice.
Once you have the target customer profiles ready and have a good estimate of the available market size, you can begin designing your growth strategies. Let me share the growth model that I follow for developing and implementing growth strategies:
At the base sits the business strategy. The business model drives the business strategy. The business model, in turn, is driven by the marketing strategy, which is implemented with the help of marketing tools. Many people believe that growth is achieved through marketing. Marketing alone does not lead to sustained growth; it is based on business strategy, business model, and marketing strategy.
As digitalization is taking place across business segments and businesses, digital marketing is an increasingly popular strategy that supports business growth models. Digital marketing includes customer profiling, segmentation, and various tools and strategies to help move the customer down the marketing funnel.
Professional certification for business growth: