What is your top strategy for growth? Do you have written goals and a plan to get you there? Have you considered the different growth pathways available to you? Perhaps there is another growth path that could be even more effective for you.
You should be prioritizing one of these 4 pathways for strategic growth. Each can be effective; however, pursuing multiple paths at the same time can dilute your efforts and introduce risk. Which path are you following?
1. Sell more current products to your current customers—can you increase the frequency with which your customers buy your product or services? Can you get them to buy more than one of your products from you? Do they know all that you offer today?
2. Sell current products to new customers—who would benefit by becoming your customer? Who buys from you today? Why did they start to buy from you? Can you find similar people and introduce your product or service to them? How can you get more of the right people to try you?
3. Sell new products to your current customers—how can you add more value and build a stronger relationship with your current customers? Are the products or services you can offer them that would make current customers more loyal and perhaps even become an advocate for your product with their friends? Don’t launch a new product just to launch one. Launch a new product that will delight your current customer base. Think of the lines waiting to buy each new iPhone. Can you do that?
4. Sell new products to new customers—create a new category, a new market, a new business that is different from your current. This is the most difficult approach. You leverage fewer existing strengths and take on more risk. It can be done well, but even Steve Jobs tended to sell new products to existing customers first before seeking out entirely new markets.
When planning any important journey, it is good to have a plan before you depart. What is your plan and which path will you follow?
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