Do you want to grow your business? Of course, you do!
Then, what are you doing to grow your business?
Yes, people only saying that you want to grow your business will not help. You need a proper business growth strategy to scale up your operations in a systematic manner.
You need to decide which tools and policies can take your business ahead of your competitors. In short, you must plan a well-structured strategy to skyrocket your business growth.
Don’t know how to create a business growth strategy?
Then, no need to worry about it. This guide will show you how to develop a business growth plan using a customer relationship management platform.
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What is Business Growth?
Business growth is when a company expands and needs more revenue streams. For example, this can occur when a company's revenue increases, more products or services are produced, or its customer base expands.
Growth is the primary goal of the vast majority of businesses. With this in mind, business decisions are frequently made based on what will contribute to the company's long-term growth and success. Several methods can help with growth, which we will discuss further below.
Types of Business Growth
Business owners have several options for their workflow expansion. Business expansion can be classified into the following categories:
Organic growth occurs when a company expands through its own operations, using its own internal resources. It is the opposite of seeking outside resources to help with development.
Making production more efficient so that you can produce more in a shorter time frame is an example of organic growth, which leads to increased sales. Organic growth has the advantage of relying on self-sufficiency and avoiding debt. Furthermore, the increased revenue generated by organic growth can be used to fund more strategic growth methods in the future.
Strategic growth entails creating initiatives that will aid your company's long-term growth. Two examples of strategic development are — coming up with a new product or designing a market plan to reach a new audience.
Unlike organic growth, these initiatives often require significant resources and funding. As a result, businesses frequently take an organic approach first, hoping to generate enough capital to invest in future strategic growth initiatives.
The internal growth strategy aims to increase revenue by optimizing internal business processes. This strategy, like organic growth, relies on companies using their internal resources. However, an internal growth strategy is about using existing resources best.
Internal growth could be demonstrated by reducing wasteful spending and running a leaner operation by automating some of its functions rather than hiring more employees. However, internal growth can be more difficult because it requires businesses to consider how their processes can be improved and made more efficient rather than focusing on external factors such as entering new markets to facilitate growth.
4. Acquisitions, mergers, and partnerships
While riskier than the other types of growth, mergers, partnerships, and acquisitions can yield high rewards. There is strength in numbers, and a well-executed merger, partnership, or acquisition can help your company enter a new market, expand your customer base, or expand your products and services.
What is a Business Growth Strategy?
A growth strategy enables businesses to expand their operations. Growth can be attained through practices such as opening new locations, investing in customer acquisition, or broadening a product line. The targeted market of your company influences the growth strategies.
Strategizing is considered as your option, incorporated into your business plan. Depending on the type of company you're establishing, your growth strategy may include elements such as:
● Including new locations
● Putting money into customer acquisition
● Opportunities for franchising
● Expansions of product lines
● Selling products across multiple platforms online
Your industry and target audience will influence your decisions, but new customer acquisition will almost always play a significant role.
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How Can a CRM Platform Support Your Business Growth?
Customer relationship management software can help businesses to interact with customers and store their data. It can provide analytical data to develop a robust business growth plan.
Using a CRM platform, businesses can better plan growth strategies as follows:
Find and group potential leads
A CRM system can help you easily and quickly identify and add new leads and accurately categorize them. As a result, sales can prioritize opportunities to close deals by focusing on the right leads. Likewise, marketing teams can identify information that requires more nurturing and prime them to become quality leads.
Sales and marketing can focus their attention on potential clients if they have
complete, accurate, and centralized information about them.
Retarget your existing customers
Cross-selling and upselling opportunities become clear as you gain a better understanding of your customers, giving you the opportunity to win new business from present customers.
With increased visibility, you'll be able to provide better service to your customers. According to some studies, happy customers are more likely to become repeat customers, and repeat customers spend more — up to 33% more.
Improve customer experience
Customers today expect prompt, personalized service at all hours of the day and night. A Sales CRM platform can assist you in providing your customers with high-quality service. Your sales reps can quickly see what products customers have ordered and obtain a record of every interaction, allowing them to give customers the answers they require on time.
A CRM can enhance your customers' experiences to offer better customer service, marketing, and more.
Better design products and services
A sound CRM system will collect data from various sources within your organization. This provides unprecedented insights into how your customers feel and what they say about your company — allowing you to improve your offerings, spot problems early, and identify gaps.
Customer management solutions can help you find, win, and retain customers more quickly and efficiently.
5 Ways to Create a Business Growth Strategy Using CRM
Businesses can finally put customers first with customer relationship management software (CRM). However, technology has its limitations. Without an effective CRM strategy, businesses risk failing to provide superior customer value. Here are some pointers to help your company develop a successful CRM strategy:
1. Set your goals
Above all, your CRM should assist your company in meeting its objectives. As a result, the first step in implementing a CRM strategy is to identify those objectives.
After knowing what you want to obtain from your CRM platform, the next step is to figure out how you will get there. Break down your goals into smaller chunks, more manageable objectives, and then plan out how and when you intend to complete these steps. This map should be adaptable, allowing for changes along the way.
2. Prioritize your valuable customers
Businesses frequently want to treat all of their customers fairly. The issue is that business is not a democracy; to be successful, a company must be willing to prioritize customers based on how profitable (or likely to become profitable) they are.
Returning customers, for example, are frequently much more valuable, spending nearly twice as much as new customers. Your company may have its definition of what makes a customer value, so it is up to you to identify the characteristics you most value in a buyer so that you can segment your accounts to increase metric effectiveness.
3. Interact with your employees
Your CRM is designed to handle large amounts of data and facilitate communication among various groups, but your employees will determine whether your objectives are met. Involve your employee in all aspects of the strategic planning process.
This will help them internalize the tools and give them personal ownership over the company's direction. In addition, employees who have been invested will be better able to integrate new policies and technologies to benefit everyone.
4. Changes should be staggered
If an aspect of your business isn't functioning correctly, you may feel pressed to implement new policies and technologies as soon as possible to mitigate any damage.
The issue with this mindset is that implementing too many changes at once can harm your employees' productivity. So keep your workforce in mind, and whenever possible, phase in your new CRM policies.
5. Everything should be synced to your CRM
Many CRMs include built-in programs that mimic the functionality of other, frequently used applications. When this is the case, your systems can easily sync so that any notes or appointments made throughout the system are automatically tracked through the rest of the CRM.
However, if external applications are required, sync your CRM with whatever other programs are being used. The best CRMs will handle this automatically, importing client appointments from your calendar, updating cancellations and other changes, and sending reminders as needed. Syncing everything together will help ensure you use your CRM to its full potential.
The Best CRM Platform to Create Your Business Growth Strategy: TrackOlap
TrackOlap is the Employee Monitoring Software with employee and customer tracking services. We offer a complete CRM platform with an analytical dashboard that compresses all your lead information and helps faster lead conversion.
TrackOlap CRM dashboard has the four core features:
● Lead management software to identify qualified leads and priorities them for quick conversion.
● Task management solution to complete lead nurturing tasks faster and align your team.
● Employee live tracking to ensure your team is always productive and efficient.
● The field force automation platform streamlines field and in-office sales reps.
So, do you want the best CRM platform to build a progressive business growth strategy?
Then, let’s book a free demo with the TrackOlap team to better understand our system.