Plan for top line growth. Here’s how.
Looking to the future — strategic revenue planning will help you grow.
Many businesses are searching for ways to quickly grow their top line. There are several revenue growth strategies to consider. Not all of them are quick and some approaches are far more challenging than others. How can you determine the ones that are right for your business?
Understanding your strategic options — the pros and cons, how and what’s required for each approach — can help you determine the best path and prepare your business in all the right ways.
As you increase sales of your existing products or services to as much of your existing market as possible, you increase your market share. If you don’t own 100% share of your market, there’s always top line growth to be gained with this strategy. Most businesses don’t have 100% market share.
How? You can attract customers away from your competitors as well as strive to increase repeat sales with existing customers as often as possible. Depending upon your product or service, this is a decision point — is repeat business a reality for your business? If not, you’ll need to consider another option.
A market penetration approach is supported by practical and preferred pricing strategies, increasing brand awareness through effective marketing, content and communications, superior offer quality, outstanding customer service and sales support and finally, by leveraging the growing power and reputation of your brand consistently.
Even while you are working to increase your local market share, you can certainly consider an expansion into new, untapped markets. This is best considered by businesses that can already leverage a solid brand reputation they’ve created in their existing market. Why? The world is small and online reaches all corners. If your brand has a good reputation, great testimonials and stunning online reviews, it will help carry you solidly into new markets.
How? Market development requires smart analysis of the way in which your existing offer can be sold into new markets. Either via new customer segments, new geographies or unusual pairings of offer and categories previously untapped.
Market development is supported by thoughtful marketing and communications which help explain why the new market will benefit. Problem solving and comparisons in your communications are key, as is the importance of showcasing the brand power you’ve already built in subtle ways — highlight your prior success to garner the attention of a new audience.
The objective here is to create and launch new products or services to your existing markets. The point is to find additional products and services that your current customer base needs, beyond what you sell them today.
How? Your own market’s feedback is simply invaluable here. In addition to reviewing what you do for them today, ask your customers directly what else they need and how you can help.
In addition, you may consider a more general research and development approach based on your industry, market and competitive set. You may also consider mergers, acquisitions or merely acquiring the rights to produce/sell someone else’s product/offer. Finally, don’t discount the possibility of forming new partnerships with joint development and ownership rights to a particular idea or offer.
Offer development is truly underpinned by a solid brand foundation. Effective brand management is vital to allow you to expand your offer and services while leveraging the reputation you’ve already built with other offers. It’s your foot in the door and your VIP access based on the credibility your business has already worked so hard to create.
Diversification involves entry into new markets with completely new products or services. Not always easy unless you have an accurate crystal ball (please let us know if you do).
While this growth strategy is by far the hardest and the riskiest, if your team has focused on building your brand successfully, it will be the very thing that helps you mitigate that risk. Mature businesses can best leverage this approach by leading with brand — it’s the legacy and reputation of your business. It brings along a level of credibility based on the successes you’ve built with other offers in other markets and helps you garner trust with new, unknown audiences and new, unproven offers.
These are the 4-basic approaches to support top line revenue growth. You may be surprised that they all involve leveraging your brand effectively as a tool for growth. There are countless other growth and profit protection tactics you could be considering for your business — you can read about our POV on these operational efficiency ideas to support your business, here.
Lovely People believe that your brand is a highly valuable business asset — protect it, grow it, use it well and it will pay you back. We promise. Let's talk.
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