A Growth strategy is a plan designed by businesses to achieve sustainable, long-term expansion. The best strategies incorporate different tactics, including market penetration, market development, product development and diversification to reach new markets, explore untapped opportunities or innovate existing products.

The first step in choosing a marketing strategy that will grow your business involves conducting research. This step will give you insight into your current customers and untapped markets. It can also help you identify potential barriers to entry that could limit your success in a new market. This is especially helpful if you’re planning to use the market development strategy, which focuses on tapping into a new segment with your current offerings. For example, Walmart’s market development strategy resulted in the company becoming one of the largest retailers in the world by delivering low prices.

Growth Strategies: Proven Methods for Expanding Your Wealth

Developing a growth strategy starts with understanding your product and brand positioning. Using this information, you can create clear priorities and goals for your teams that align with the company’s growth ambitions. Having clarity across the network helps build alignment, and enables everyone to be part of the innovation process.

Growth strategies can take many forms, from organic marketing to strategic partnerships, and from market expansion to owning intellectual property. The most resilient brands combine multiple strategies into a holistic approach, allowing them to scale in ways that align with their strengths, resources and evolving landscape. These include leveraging the power of viral loops, milestone referral programs, and emerging approaches like owned asset optimization (OAO). This allows brands to stay competitive in their industry and adapt quickly to changing customer needs.