This article is about Business Growth 5 Addictive Tips March 2011.
Business Growth is an area where companies have to allocate a substantial portion of their monetary budget.
Business Growth is the advanced stage, once the company has successfully completed its development and seed funding phase it may proceed towards business growth plan.
It’s the first quarter of 2011. Large companies are spending more resources on Business Growth and Development areas to get themselves out of the intense recession.
Although 2010 was a very stable year when a lot of companies recovered from their 2009 unsatisfactory performance showcasing extraordinary results.
It is March 2011, the spring season when a lot of companies are granting more resources in their budget for marketing and advertising to experience growth for their business. Summer season is approaching so the companies are gearing up for high sales of their products in the second quarter of 2011.
Business Growth 5 Addictive Tips March 2011
Here are the five useful and addictive business growth and development tips that may help out strategic management expand their business.
Penetrate More Market Segments – Business Growth Tips
The companies should launch their product in different markets for business growth. It is easier to penetrate in short markets due to low competition, the customers are more willing to try out new products in short markets.
It is really tough to stand out and capture market share in large market segments due to monopoly of some existing brands.
We can take an example in the Smart Phone and Tablet Computer Industry. Apple recently launched Apple iPad 2 in March 2011 and is expected to launch iPhone 5 soon. Now Although Google Android has succeeded in business growth and is steadily getting ahead of Apple in market share terms but still Apple has more brand value that is causing low sales for other small brands in the industry.
Operational Efficiency – Business Growth Tips
It is spring season of 2011 a time for planning new business development and growth strategy that will be more beneficial in the long run, the summer season is approaching. The electricity, gas and fuel costs may rise so it is a better idea to reduce costs which may increase margin of safety and creating more opportunities for price reduction.
Offering rebates and discounts to customers with attractive packages may seem to be a nice idea in business growth and development perspective.
Innovation in Marketing- Business Growth Tips
Marketing is something that requires new ideas to be worked upon. Winter has left and the spring season brings more viewership for Television Channels, Printed Newspapers,Magazines and Internet Websites.
The Advertisement, Products Portfolio, Quotations and Company Prospectus should be convincing enough to lure customers attention towards the company.
It is a cool idea to advertise on popular Social Networks and Google Search Sponsored Results with innovation and brand new tactics.
The more exposure for products will result in more chances of increased sales.
Brand Value- Business Growth Tips
It is very important for executive directors to try out new ideas for strengthening customer’s trust upon their brand. The brand value could do a lot of marketing in itself. The more famous and strong a brand name is the more chances exist for conversion.
Customer Satisfaction- Business Growth Tips
More Customers = More Turnover
The simple formula says it all. The more customers a company has the higher chances exist for more turnover. More sales means reduction in costs as large orders can be placed resulting in reduction of costs.
The price should be reasonable enough so that more people could afford the product. The low price, good and reliable quality along with customer support will help a company retain existing customers and target new customers.
These tips seem to be simple from the first glimpse but determination and right strategy needs to put them in action. Business Growth and development areas require high vigilance as some wrong steps may damage brand reputation causing harm to the company.
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