Remember all the late hours spent strategising about how to position your brand, how it would affect your success, and your new company idea? Your efforts don't stop there, though. The fact is that although they might be interested, people won't necessarily sign up for what you have to offer.
Positioning your business as a start-up
The success of a company as a whole depends on its management’s ability to recognise and develop the appropriate position for it.
As they say, “First impressions matter” so as a start-up, creating a distinctive brand helps place your product in the eyes of potential customers. This involves answering questions like “Who is the company’s target audience?” “How is the company’s product and services different from their competitors?” “What problems would the company be solving”?
Simply being aware of the goods or services you provide won't be enough to draw in customers. It is crucial to explain why your products or services are far better than those of the competitors. What more effective method is there to say this than via the company’s positioning statement.
A positioning statement identifies a need, the target population or market segment it pertains to, how the company will address it (brand value), and the benefits of using this product or service over alternatives. Additionally, it creates and strengthens a company's identity or brand. Since it takes a lot of creativity and study to create the ideal positioning statement, the majority of businesses do not give it any thought.
Establishing your growth strategy
It takes time for a start-up to become a successful, well-established company. It involves an array of processes, one of which is developing a growth strategy.
Although there are a lot of options when developing a growth strategy, it's crucial to take a practical approach. This refers to an approach that guarantees the best outcome with the least amount of work. Do you want a slow or rapid path to growth? This is dependent on variables such as the company's financial standing, the level of current competition and market dynamics.
A growth strategy should, in theory, go beyond your company's marketing and business plans because it is concerned with the survival of the company. The objective is to achieve visible and sustained growth, depending on the approach the company chooses to employ, such as market penetration, market expansion, product development, diversification, or acquisition of other businesses.
Market penetration is the ideal first approach for start-ups. By cutting pricing or coming up with brand-new, inventive methods for people to use their products or services, a company may use an existing product to gain market share.
Email us at: enquiries@ovacgroup.com for a free consultation with our team specialists on choosing the right growth strategy for your business.