BUSINESS GROWTH
STRATEGIES
WORKBOOK
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STRATEGIES
FOR ANY ASSISTANCE
Phone : +91 7760431980 ​|​ Email : i​ nfo@idesignmylife.net​ |​ ​ Website : www.idesignmylife.net
To figure out your strategy for growth please answers the questions below :
Can you create new products/services
Yes/No
Can you enter new markets
Yes/No
Based on the answers above, you have four choices to choose from - Based on
your selection choose the strategy which will work for you.
Suggested Strategy
Product
New Market
Market Penetration
No
No
Market Development
No
Yes
Product Development
Yes
No
Diversification
No
No
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MARKET PENETRATION STRATEGY - ACTIONS
1. Reducing the selling prices of the products or services
- Works best in a market with very little differentiation
[ For Ex - CA filing for company registration ]
2. Increasing promotions for products or services to improve
their pull strategy.
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Create special offers
Special promotional events
Offer trade and sales discounts
Offer Rebates
This will appeal to your current customers, it will also catch the attention of the users in
the market that were initially unaware of your product, brand or company.
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3. Expanding distribution channels to widen your reach.
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Look for distributors, retailers and dealers,
Small businesses should also consider entering into partnerships with these
major channel players [Just Dial, IndiaMart etc]
Figure out how to come on top of Local Search Engines
A wider and more stable distribution channel means greater chances of reaching
your customers, and staking a claim on a bigger market share
4. Zeroing in on the competition’s customers and distribution
channels.
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Win over the customers of their competitors to their side, they will gain a larger
market share, and make their rival’s smaller.
Offer them a deal better than what they are currently getting from their
partnership with the competitor, they may consider jumping ship.
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MARKET DEVELOPMENT STRATEGY - ACTIONS
1. Selling online.
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Set up your own website
Partner with retail websites that will serve as Online Storefronts
[Ebay|Amazon|Flipkart​​]
2. Selling through subscription programs
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Create customer loyalty & Create repeat business
Create business subscription plan
__________________________________________________________________
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Phone : +91 7760431980 ​|​ Email : i​ nfo@idesignmylife.net​ |​ ​ Website : www.idesignmylife.net
PRODUCT DEVELOPMENT STRATEGIES
1. Introduce New Product
Expanding product line by developing and introducing new products
2. Add new Features
Adding new features to existing products
3. Update Features
Updating features of products when the old ones become obsolete
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Final Action
1. What is is your Strategy to grow your business?
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2. What are the proposed steps - Write them down?
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3. What are the challenges you are facing in executing the
steps?
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❖ BUSINESS COACH HELP
❖ DEDICATED FOR ENTREPRENEURS
❖ DOUBTS CLARIFICATION
❖ DAILY VIDEOS FOR BUSINESS
SUCCESS
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We all have lots of information and knowledge. At times working on our
own, we find it difficult to implement all that we know.
Our team works with lots of business owners and help them grow by
sharing the strategies and assisting them in implementing those.
If you are passionate about your growth, JOIN our program and work on
your goals actively.
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Phone : +91 7760431980 ​|​ Email : i​ nfo@idesignmylife.net​ |​ ​ Website : www.idesignmylife.net
JOIN NOW
FOR ANY ASSISTANCE
Phone : +91 7760431980 ​|​ Email : i​ nfo@idesignmylife.net​ |​ ​ Website : www.idesignmylife.net