The 5 levers for business growth in 2019
Growing in 2019 won’t be an easy task. Delivering a highly focused and expansive strategy to reduce waste, innovate in your category all while building the experience of tomorrow will be the recipe for incremental growth in today’s business climate.
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Standing on the outset of 2019, we have a decision to make - to grow or not to grow. With our resolutions and strategic plans running around in our heads, it sounds like we’ve made up our minds to grow. However, it may be harder than expected - especially as the year picks up.
“In 2019, the pace of GDP growth slows to 2.4 percent in the agency’s forecast, as growth in business investment and government purchases slows.”
When we work with our clients to solve their business growth challenges, we use the reality of the marketplace only as a starting point. We move beyond the expectations of this status quo to deliver strategies that begins to fulfill the true ‘potential’ growth of the business. These strategies will vary based on industry and consumer type, but they usually revolve around 5 core approaches.
Ease the interaction - reduce the ‘Chore’
Many companies have a core set of products and services that deliver revenues and profit to the organization. However, the experience for the consumer to shop for, purchase and own these products and services are usually outdates, cumbersome and costly. Our first step to elevate growth is to optimize these experiences to make it as simple as possible for consumers to do business with your company. We reduce the ‘chore’ actions to get in and get out.
Differentiate further - Expand the ‘Cherish’
Consumers are looking for moments where they feel understood and celebrated by the brands they do business with. These expectations are giving businesses to opportunity to cherish their consumers. Our next step for growth is to differentiate your products, services and experiences further to create moments of cherish for your consumers. This usually includes personalization. These actions will only differentiate business value propositions further in the mind of the consumer to aid in securing a sale, repurchase and loyalty.
Adopt flexibility - Pricing & Personalization
New technologies and data methodologies are giving businesses the ability to implement flexibility and personalization to many aspects of their business - from pricing to customer service to product offering. This flexibility, if done correctly can give business the power to find new ways to drive revenue or increased margins through data. Our third step for business growth is to re-evaluate business models to find ways where this flexibility to drive new or incremental revenue for a business. Imagine a world where retail pricing is based on the consumer need and real time supply and demand. That world is upon us now.
Expand Products & Services
Digital disruption is happening in most industries, some more than others. It’s creating an environment where consumers are expecting different ways to shop for and buy product and service bundles within different industries. The power of digital is through enabling new experiences for products and services, not just through communications. Our final step is to work with our clients to find new value propositions of products and services that could be enabled by technology to deliver to their core or new audiences. This provides net-new and incremental revenue streams for the organization.
Sell the Experience
We believe the statistic that by 2020 the consumer experience will become the number one purchase driver for consumers - surpassing product efficacy and price. The experience we now create will ultimately become the single, most valuable asset we have as a business. When working with clients on their business growth challenges, we hold the experience the strategies create in high regard - knowing that they are the most valuable thing we will be developing. What we’ve found is that these experiences not only reduce costs, but drive higher purchase prices, find new revenue opportunities and deliver a level of retention and loyalty like we’ve never seen.
How are you planning to grow in 2019?
Ready to chat more, feel free to reach out.