Growth takes place when your customers like the product or service that you are offering. I like to closely examine the marketing mix 4 P formula (Product, Price, Place, and Promotion) elements.
Once you have the marketing mix right, I look at the customer. What does your customer like or dislike? I would segment the customers and explore options to target and position products or services. I like to spend a lot of time understanding the customer. It is here I look at competitors too.
It is time to look inward if the marketing mix is right and the customers are fully aligned with your product or service. Understand how well the internal organization is aligned to meet the customer’s needs. Are the processes efficient? What are the skill and customer requirements compatible? Is the leadership supportive of a customer-centric organization?
I have come across instances when everything I have touched upon above is right, but still, the company is not growing at the desired pace.
Here we look at the business model, value chains, activity charts, and strategy plans.
Growth in any organization occurs when everything is geared to serve the customer. Whenever you have mismatches, growth stagnates.