- 27 Mar
If You Need the Right Answer Then Ask the Right Question
by Dan Hoff
Do you need to increase sales and get more selling opportunities?
Now those may sound like pretty silly questions. Of course you want more business. After all, who doesn’t?
We deal with just these types of questions on behalf of our clients every single day and through that, we have discovered that the challenge isn’t in the question of IF you need more business. The challenge is in answering the question of HOW.
How can you make your business grow? That’s the tough question.
After all, If You Need the Right Answer, Then Ask the Right Question.
Now it’s fairly easy to ask a questions. But as a business manager or owner, it’s not always easy to answer that question. That was true in high school algebra class and it’s even truer in business.
You need answers that can drive business for you that reflect how you do business. Those answers need to be built around your specific needs and challenges. They need to be designed to complement and enhance, not change your approach to your business. And most importantly, they need to reflect your unique business values.
So, how does that happen?
If you need to increase your business volume, you have to honestly answer the question of HOW. If you need more business, where is it going to come from? And, how are you going to go after that new business?
If we use the age-old pie analogy as our starting point then your options start to come into focus:
Do we need a bigger slice of the pie?
Do we need a bigger pie?
Do we need a new pie to slice into?
OK, so maybe that doesn’t really bring the issue into focus. What we are talking about here is how to fully define the types of business growth strategies that fit your business, your approach and your market and source more sales, more leads and more business.
Successful Business Growth Strategies
There are some well-accepted and clearly defined ways to grow your business. While there are some business growth strategies that are unique to some segments, there are broad types of strategies you can use for business growth.
Develop New Product/Service
Perhaps the most obvious source of growth or revenue maintenance is the development of new offerings to your existing customer base.
Expand Your Market
You could expand your target markets – whether by customer type or geographic location. This is often the linchpin for sustained growth.
Diversify Your Product/Service
Diversifying your product portfolio can lead to expanding your share of wallet with your customer base, as well as make your offerings appeal to a broader market base.
Gain Market Share through New Marketing Initiatives and Programs
Another approach is to build additional market momentum through new and innovative targeted activities, initiatives and programs to drive market acceleration and business growth.
Competitive Market Analysis and Action Planning
A rigorous and regular approach to competitive position, direction, strengths, and weaknesses will identify gaps and opportunities, defining the path to competitive advantage in your market.
Segmenting markets, targets and opportunities can yield greater clarity and more specific relevance for your company and its offerings.
Finding Business Growth The Right Way
Once you have identified where your growth will come from, then you can more effectively and efficiently grow your business. By discovering the HOW, you can focus your time and investment more effectively.
Slow growth or a declining market can be frustrating and even fatal for your business. We work with you to address growth challenges as opportunities, including strategic and operational guidance for market expansion, new product launches, market activity acceleration programs, as well as product/services diversification strategy – all critical components to your business growth strategy.
All businesses ask questions, but not all grow. Ask the right questions, and you are already in a better position to achieve the growth you are looking for. So if you are asking yourself the question “How can I grow my business” then we have answers. Contact us today to see how we can fuel your business acceleration to the next level.