The Non-Marketing Approach to Steady Business Growth (2023)
A non-market strategy is a deliberate group of actions addressing political, cultural and social issues in the non-market environment, with the ultimate purpose of improving the overall perceptions, operational ability, and performance of the business, thus creating additional value.
The 4 primary types of growth a business can experience include strategic, internal, organic, and lastly- partnership, acquisition, or merger growth. Learning more about each of these 4 types of growth can help business strategy efforts be more successful and organized.
The main strategies for business growth include increasing customer loyalty, improving existing process efficiency, targeting new customers in a new market and building on existing successes. These strategies can be combined to create an effective strategy for your business to achieve its objectives.
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Regardless of your business’s type, most companies want to grow and tap into new markets. While many successful companies benefit from organized departments and well-drafted marketing plans, it’s often tougher for smaller businesses or those unfamiliar with effective marketing tactics.
However, even if you don’t have a big marketing team or an extensive budget, there are still proven methods to grow your business. And by following best practices, you’ll be able to see a steady stream of growth without sacrificing business viability.
Challenges in Attaining Sustainable Growth
Although most businesses are always wanting to see their revenue and customer base grow, there are several common challenges that can disrupt this goal.
- Lack of a Clear Strategy. Some companies might believe that they can grow naturally without much foresight or effort. However, genuine, lasting growth demands a well-thought-out approach. Without setting clear objectives and outlining the necessary steps to reach them, businesses risk losing their way and misallocating resources.
- No Market Insight. A significant advantage of a specialized marketing team is its capability to uncover crucial market trends and insights. But for smaller enterprises with tighter budgets, collecting and analyzing this information can pose a challenge.
- Poor Financial Planning. Regardless of your spending habits, without diligent budgeting and financial planning, sustained growth becomes difficult. A brief spell of success could happen on its own, but without strategic financial management, a business might also see rapid declines.
Achieving Sustainable Growth as a Non-Marketing Professional
Regardless of your marketing background, you can achieve sustainable business growth by employing the right tactics. Whether you run an online store, a legal practice, or a clinic specializing in couples therapy or trauma therapy, making informed decisions is crucial to achieving your business objectives.
To help you get started, here are some essential best practices that can make a significant impact.
Developing a Vibrant Company Culture
Having a strong team by your side is one of the most important factors when seeing your business succeed. Without a strong organizational culture supporting it, your team might not reach its full potential. This is why establishing a great company culture that resonates with your core values and business objectives is essential.
Prioritize Customer and Employee Satisfaction
Focusing on just keeping your customers or employees happy isn’t necessarily enough to help your business grow. There needs to be equal priority placed on both parties.
When you have a satisfied team who knows they are appreciated and valued, that attitude will show when dealing with customers. This will help to create much more positive brand experiences, which can lead to repeat business and effective word-of-mouth marketing.
Create Effective Operational Processes
In the early phases of growth, many businesses struggle with managing their rapid success. This quick increase often reveals gaps in documentation and well-defined workflows, potentially hurting the business’s foundation.
To address this, every company should prioritize setting up strong operational procedures. While not all organizations will need to have detailed workflows for all areas of their business, documenting procedures ensures they can expand without compromising on sustainability.
Utilize Tools and Resources
Today’s business world is full of helpful resources and tools that can help with company growth. From project management applications to communication platforms, selecting the appropriate tools can significantly improve operational efficiency and increase productivity.
While not every tool will be relevant to every business, it’s important to continuously assess and invest in the resources that can benefit your organization long-term while staying within budget.
Track Your Progress and Make Necessary Adjustments
Change is inevitable, especially in business. When businesses witness a quick surge in revenue, they can sometimes become complacent, riding the wave of success without looking into how it’s happening.
The mindset of “Why change what seems to be working?” can set companies back, causing them to overlook areas where they can improve. Regularly monitoring and benchmarking performance is essential. Using this information, businesses can shift their strategies, ensuring their business doesn’t just grow but is also sustainable.
Establish the Right Foundation for Success
Not all successful businesses today inject huge amounts of funding into their marketing strategies. A large team or extensive marketing knowledge isn’t always necessary to position your business for success.
By emphasizing a strong business foundation and applying the suggestions above, your business can see sizable growth, and most importantly, sustain it long-term.
What are the characteristics of business growth?
Growth gives the business continuous existence in the market. Business growth means increase in the number of business activities such as increase in production, increase in sales, profit, promotion etc. growth creates confidence in the minds of employees, shareholders, customers investors etc.
Which type of business grows the fastest?
Oil and gas production and exploration is the fastest-growing sector worldwide. This is due to increasing population, urbanization, rising living standards, and growing economies.
What are the 5 pillars of business growth?
The success of your business will depend on having a strong foundation in the five key areas of People, Product, Process, Profit and Permanence. Permanence is a measure of how likely is your business to succeed for the long term.