Five factors shaping business growth

No business grows overnight. It takes time years perhaps decades of hard work to put a business on growth trajectory. But the hard work must be conditioned by business strategy which identifies and understands the five factors shaping business growth. Read for more….

1. Customer acceptance: Undoubtedly, the prime factor underlying business growth, is customer acceptance of the product and the firm producing & marketing it. Let me be very straight: customer acceptance is induced rather than spontaneous. Once customer becomes aware of a product, the firm must undertake to educate and elucidate customer via product promotions and adverts so that he gets glued in to the product first and thence to the firm. That begs the question:  In this scheme of things where is loyalty fitting in? Is it for the product or for the firm or both? Business competition gives a clue to this query!

2.  Technology as enabler: Adopting the right and suitable technology that is innovative can make a big difference in business competition, because the firm has focused the product well and fitted it with all the features customer is looking for. That solicits customer awareness first followed by customer selection of the particular product as test case to see how it turns out to be. When customer realizes product features are indeed modern, useful and user friendly he is not only satisfied but injects his findings to his circle of friends, colleagues and relations. Here it is the word of mouth that does the trick in confirming acceptance & loyalty together.

3.  Market share:  After launch of product, firm must concentrate on how to grab the market share in near term and make promotional campaigns that keep the focus of the existing and prospective customers on the product and induces them for repeat purchases and recommending same to others. Put it in perspective. market share has two verticals: volume & price. Optimization of both gives big boost as every item bought adds revenue to the firm within and reinforces dominance of the product without.

4. Training & motivation:  It is always an inside effort that makes or mars a product in the outside market. Facilitating success of a product and associate business growth is the result of combined efforts of production, marketing and admin arms of a firm. To achieve this every member of the firm must work with dedication and top of it great motivation. For all practical purposes at the end of the day, business growth is all about trained men & women putting their shoulders to the wheels.

5. Delivering excellence: The fifth & final aspect seals the fate of the firm within and without. When firm has clear idea of what the customer really wants or in the case customer is not aware of his actual needs educating him on the needs that make his life better, then it had got the right brew and has a defining moment. Thereafter firm resorts to the modern & innovative technology to fabricate the item which creates value and afterwards delivers value unto the customer. All these three limbs are associated with one major output: delivering excellence. Need I say more, about this firm being a top rung player in its chosen market because of its right business strategy?

 

Cheers! 

 

Muthu Ashraff Rajulu

Business Strategist

Mobile: + 94 777 265677

E-mail:   cosmicgems@gmail.com

Blog:   Business Strategist