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7 major stages of
development strategy that work immediately
If only half the startups survive beyond five years and only
one-third make it to 10, what can you do to make your company sustainable? The
answer is definitely to create a growth strategy for your business.
A development strategy involves only imagining long-term
success. If you don’t have a solid plan, you’re actually losing business – or
you’re increasing your chances of losing business to competitors.
Intentional is the key to any development strategy. Find out
the rate-limiting step in your development, and put as much fuel as possible on
fire. But for this to be profitable, you have to take the following steps:
1. Establish a value
To maintain long-term growth for your business, you must
understand what sets it apart from the competition. Identify why customers come
to you for a product or service. What makes you relevant, differentiated and
reliable? Use your answer to explain to other consumers why they do business
For example, some companies compete on “authority” – the Whole Foods Market is the definitive place to buy healthy, organic foods. Others, such as Walmart, compete on price. Find out only the special benefits you offer, and forget everything else. If you deviate from this offer, you can only afford to devalue your business.
2. Identify your ideal
You got into business to solve a problem for a certain audience.
Who is that audience? Is that audience your ideal customer? If not, who are you
serving? Let your ideal customer down, and return to this audience with
adjusting the business to encourage growth.
3. Define your key
The change should be measurable. If you are unable to measure a
change, you have no way of knowing whether it is effective or not. Identify
which key indicators affect the growth of your business, then dedicate time and
money to those areas. Furthermore, A / B testing properly – making changes over
time and comparing historical and current results is not valid.
4. Verify your revenue
What are your current revenue streams? What revenue streams can
you add to make your business more profitable? Once you identify the potential
of new revenue streams, ask yourself if they are sustainable in the long run.
Revenue streams are not necessarily linked to some great ideas or cool
products. Be careful to separate and understand the difference.
5. Look at your
No matter your industry, your competition struggles with your
company. Look for similar businesses growing in new, unique ways to inform your
growth strategy. Do not be afraid to ask for advice. Ask yourself why your
competitors have made alternative choices. Are they wrong? Or is your business
positioned differently? The notion that you are smart is rarely right.
6. Focus on your
Sometimes, focus on your strengths rather than trying to
improve your weaknesses – can help you set up development strategies. Reproduce
the playground to suit your strengths, and build on them to develop your
7. Invest in talent.
Your employees have direct contact with your customers, so you
need to hire people who are motivated and motivated by your company’s value
proposition. Be cheap with office furniture, marketing budgets and holiday
parties. Hire some employees, but pay them a ton. The best will usually stick
around if you want to cut your compensation during slow periods.
Developing a development strategy is not a one-size-fits-all
process. In fact, due to changing market conditions, it would be unwise to make
strategic decisions based on someone else’s successes. This is not to say that
you cannot learn from any other company, but blindly implementing the
cookie-cutter scheme will not lead to sustainable development.
You need to calm down the inefficiencies of your business,
refine your strengths, and adapt your plan to better suit your customers –
which is completely different from the vague, one-size-fits-all strategy Can.
Your company’s data should lend to all your strategic
decisions. In particular, you can use the data of your key indicators and
revenue streams to create a personal development plan. In this way, you will be
able to better understand the nuances of your business and your customers,
which will naturally increase.
A one-size-fits-all strategy means fuzzy indicators. But a
specific plan is a successful plan. When you plan your growth strategy for your
business and customers, you will keep your customers happy and fulfill their
wants and needs, which will keep coming back to you.
Name- Kamlesh Kumar
Email ; [email protected]
Website : https://www.pruvisorconsulting.com/
Call Us On: +91 98339-67579