Any enterprise’s success depends on its ability to maintain a competitive advantage over its peers. Growth is the essential ingredient to maintaining a competitive advantage.
Competitors tend to copy the practices of successful businesses. They will hire experts and employees who will help them replicate successful enterprises’ practices, products, and systems. Rapidly, there comes a time when there is little to choose between competitors.
Businesses in this state are stated to reach the condition of strategic convergence. In this state, customers tend not to prefer an individual firm’s products and services.
It will be wrong to assume that in the condition of strategic convergence, businesses do not see growth. Most IT service providers worldwide can be described to be in a state of strategic convergence.
Customers are happy to pick any of the several IT service provider options. The customer’s choice depends on individual brand preferences, convenience, and marketing in these cases.
Even in these cases, growth is required because provider businesses have to be agile enough to pre-empt and be ready to meet their customers’ emerging and future requirements. Enterprises that can keep themselves prepared for the next wave of customer demand can flourish.
In the above example that I have presented, it is not growth driving business but customer preference, market size, business strategy, and business models. Growth results from appropriate business strategies, business models, and marketing; it is not the driver.