Strategy Growth Risk

 

The considerations of potential growth strategies 
 First identify what make the business grow as knowing is the brand /business sell it self or the strategy in place .If your business is currently experiencing a growth , you need to figure out exactly what sets you apart from other businesses. There are numerous things that you can do, such as analyze your  products ,sales, overheads, assets, and inventory. Once you have a better understanding of where you stand financially and brand position , you will be able to estimate how your growth will impact these factors, helping to avoid any potential liquidation or failures that might come down the line in the future.
Strategy can be different and implemented differently by identifying what and to whom your strategy to communicate the business /brand vision to the different target market .
In considering the business potential growth there are things that one must consider before making the decision :

• Understanding the cause of the growth 
• Providing excellence customer service 
• Carefully pick a team to work with 
• Measure the staff needed in the business 
• Use the right tool for the business 

The risks and benefits of possible growth strategies 
Risk can vary greatly depending on the brand , and how the strategies are executed.
  To help frame the growth discussion of a brand , here are five proven strategies for how to grow the rand,

1. Increase Penetration of an Existing Market

Simply put, increasing market penetration is selling more services to the customers you already have. It can be a great strategy, because it increases revenue without the effort and expense of obtaining new customers.

But it is not without risk. Selling an ever-increasing amount into the same customer pool can be tough on clients and your firm. Indeed, research my firm conducted shows that few customers understand the entire range of services available to them, and the education process is not always easy. Clients may associate your firm with one service, but not another. It’s an extremely common problem.

2. Offering Your Services to New Markets

This is an exceedingly common strategy. If you firm is doing well in Market A, it stands to reason that it would do well in Market B as well,  in not always right anything can happen .The risks of strategy can be substantial. Firstly it costs money and time to educate and nurture a new audience with the brand and sometimes its never enough time .

We often make a very common  mistakes of underinvesting in brands. There’s also the risk of diluting your brand always , If the brand is associated with a certain industry, you don’t want to pull the focus away from that unless you know there is new business to be gained.

3. Create Alternative Distribution Channels

 Professional services can be one of the common strategy in growing brands, but with strategy using all channels is very important. Being part of organizations of the brands that you sell is one of the easy distribution channels with risks of being just another brand meaning you need to put an extra effort to be out there .For example relationships are a form of  a partnership that can  often be very time consuming as you need to manage. If they don’t produce revenue, they become a drain on resources.

4. Developing New Services

With developing new service an extra funding is required meaning more resource to generate income, this is one of the most biggest financial risk that brand take not  consideration of failure .

5. Selling New Services to New Markets

This is the riskiest strategy of all because everything is new to your firm: both the market and the product. In the most extreme cases, you are in essence establishing a new business. Of course, it can be lucrative under the right conditions. But be very careful before you go down this road.

The future benefits and vision of the new strategy

Thinking forward and for the future for the brand , always thinking that there is a better brand brand out there better than yours .Knowing what is new and coming in the market . Brand Strategy give you the opportunities to plan ahead and always be will to evolve. Allow your brand to evolve to accommodate new things.  

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