Let’s take the second item from our common strategies list (market development) and flesh out an example:
Company A is a software company that provides project management solutions to small and medium-sized businesses. They’ve been in business for a few years and have established a solid customer base in their local region.
To grow their business, Company A decides to implement a market development growth strategy. They identify new regions with demand for project management solutions but where they currently have no presence. They research the market, the competition, and the potential customers in these regions to understand their needs and preferences.
Based on their research, Company A develops a targeted marketing campaign to reach potential customers in these new regions. They use a combination of digital marketing tactics such as social media advertising, email marketing, and content marketing to build awareness and generate leads. To nurture digital leads at scale, they employ marketing automation through their CRM software to help lead readers and visitors down the path to conversion.
In addition to marketing efforts, Company A also invests in building a strong sales team in these new regions. They hire sales professionals who are familiar with the local market and can effectively communicate the value of their project management solutions to potential customers.
Over time, Company A’s market development strategy pays off, and they successfully expand their business into new regions, gaining new customers and increasing their revenue. They continue to refine their strategy based on customer feedback and market trends to ensure long-term growth and success.