GrowthWise Strategies
Customer Growth Strategies
Outmaneuvering the competition while growing your existing markets
Typical Customer Growth Challenges:-
Growing market share and expanding geographies
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Reaching new customer segments
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Securing new channels
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Targeting the right customers
Our Point of View
GeoStrategy’s experience highlights four key elements of successful growth:
- Raise awareness, presence and distribution
- Target profitable but overlooked customer segments
- Leverage partnering opportunities
- Proactively influence and grow the market
Customer Growth Strategies are focused on leveraging existing products and services and developing new customer relationships to achieve higher penetration in your markets. This approach can be extremely profitable since the new revenue is often added through a more cost-efficient service delivery model. However, the successful execution of these strategies can be complex since it often puts competitors on the defensive, without raising overall market demand. That is, unless you have the right growth strategy.
Understanding Base Economics Is Key
Successful customer growth strategies expand your existing business. In a perfect world, companies could accurately predict the incremental revenue and costs associated with scaling their business. Although it is straightforward to calculate direct revenues and costs, many companies fail to appreciate the total impact of indirect and fully-loaded costs.
Once a baseline understanding of the economics is complete, companies need to assess competitive alternatives and anticipate reprisals. Competitive scenario analysis helps companies plan a more robust playbook, targeting niches and underserved markets, or confronting the competition directly.
For a look at how we created a robust customer growth strategy targeting the right customers for a real-world client, see Redefining the Sweet Spot
Contact GeoStrategy to learn how a customer growth strategy can create new upside opportunities while controlling downside risk.