Where is Your Business Growth Coming From?

January 30, 2024 | Elke Steinwender
2 min
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Armed with expertise, you skillfully navigated the stormy waters of start-up and expansion. Your company has not only survived but thrived. Today, however, you face a new challenge: stagnant growth. This unprecedented and perhaps even worrying plateau has you wondering: how can you renew the momentum?

Competition is fierce, and you may try to get ahead with tempting promotions, but this reduces your performance and overall profitability. Not an ideal solution.

What else can you do? Put pressure on your sales team? Motivate them even more? Sometimes, this is beneficial, but often, it’s just a bandage and won’t fix the root cause of a growth plateau.

There may be other aggravating factors… such as insufficient exploitation of your existing customer base or dependence on it for growth.

So, the key lies in the strategic alignment of your brand (BX), the consistent satisfaction of your customers (CX), and the commitment of your employees (EX). Together, these elements form the foundation of your business agility, enabling you to evolve and grow in an ever-changing economic landscape.

Here are a few ideas to help you see the light at the end of the tunnel:

1. Are your growth objectives clear?

→ Simple solution: Set SMART objectives! These will enable you to set up a clear and effective action plan. The Ansoff matrix can also be a useful tool. This model proposes four growth strategies: market penetration, product development, and diversification. Each of these strategies offers different directions for exploring new growth opportunities, whether by deepening your presence in existing markets or exploring new markets with your existing or new products.

2. Do you know how your customers buy?

→ Simple solution: Use the persona (a fictional character faithfully representing your potential customer) and the customer journey (the set of interactions from the recognition of a need to the use of the product or service meeting that need) for your company. These tools can help you create an agile strategy and deliver a personalized customer experience that aligns with your target audience’s needs, setting you apart in a fiercely competitive market in a sustainable way.

3. Is your brand identity suited to attracting a new market or developing your current one?

→ Simple solution: revisit your brand identity from a new angle. Ask yourself: is our message relevant to this new audience and/or our existing customers? Does our image reflect values that resonate with these potential new customers and/or our current customers? These questions help define your brand’s DNA, a process that provides an overview of your brand’s positioning by identifying the elements that create its identity and differentiate it from others in the marketplace.

4. Do you work in teams or silos?

→ Simple solution: If unsure, take our (free!) marketing diagnostic. We would be delighted to arrange a meeting with you and offer guidance. 😊

5. Are your performance indicators relevant to your new market objectives?

→ Simple solution: review your current performance indicators to ensure that the metrics used to measure success are aligned with your new target market.

6. Do you know why your customers choose you over the competition?

→ Simple solution: A customer satisfaction survey can quantitatively measure the satisfaction of your target clientele, aiding decision-making, or a Voice of the Customer program, an improvement process that links your teams and your customers and generates concrete actions to improve their satisfaction.

For your business to grow sustainably, you need to develop a well-planned strategy that aligns your brand experience (BX), customer experience (CX), and employee experience (EX).

Take our free marketing diagnostic to receive your results straight to your inbox.

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