Exclusive Business Growth Examples and How Your Venture Can Be One

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For growing a successful business, companies need to use growth strategies. This will efficiently help to reach out to a large number of target-specific customers. Moreover, it will effectively help companies increase their exposure by creating better products and services.

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Determining consumers’ demand and understanding the growth strategies can help businesses surpass their competitors. In the past two years, numerous small companies have come up. And all of them have individual plans for growing their business and significantly increasing their sales and profits.

Businesses, both big and small, are implementing growth strategies through specific methods. However, those methods are primarily contingent upon the financial situation of the companies. Besides, defining proper business growth is quite challenging for many professionals.

Contribution of Process Outsourcing Services to Business Growth

All small startup companies prefer doing each of their activities in-house. This convenient trend efficiently helps manage small brands while working with a tight-knit team. It might seem the best choice for budding companies, but business growth and expansion demand more.

Business process outsourcing extensively helps businesses in many productive ways. As it proves to be immensely convenient and beneficial, more and more brands embrace process outsourcing services.

The process outsourcing services offered by Invensis help businesses grow and reduce the high cost of in-house processes. We also ensure that all brands divert their concentration to growing their business. With outsourcing, we help brands become more productive by integrating innovative technologies into all business processes

What does Business Growth mean to a Company?

The most common definition of business growth is that a company gains more experience while marketing share presence, thus increasing their profitability. From business model updates to marketing strategy, a business has endless opportunities to grow and expand.

Any considerable and measurable occurrences within a business can be defined as business growth. Successful sales work is the primary motivator for many business aspirants to start their company. Nevertheless, some exceptions do not consider sales as business success to be motivational.

Certain businesses ensure the priority of their employees. For them, the growth strategies focus both on employee and customer experience. However, all implemented business strategies must be in proper alignment, thereby complementing one another. Companies must ensure business strategies from the initial plan to improving product lines.

Successful Business Growth Examples

All businesses follow a unique growth structure to succeed in their unique ways. In addition, they implement different growth strategies, so their success rates are distinguishable. Here are some real-world examples to determine how different growth strategies function for other businesses:

Amazon

The retail dominance of Amazon was outlined in 1995 when consumers were not familiar with online shopping. Despite that, the brand successfully made billions of dollars in annual sales. But what led Amazon to achieve such enormous growth? Well, a diversified growth strategy is key.

Amazon growth graph

  • The earliest online retailer – Amazon, granted the privilege of making online purchases when a new market was gaining prominence. The growth strategy taken by Amazon was to offer an enhanced customer experience. The brand commenced by providing its customers with a vast section of books. The entire collection was more extensive than the collections of the brick-and-mortar bookstores.
  • Being an online brand, the shelf space was limitless. The best part? Customers could seamlessly navigate and check for their availability. This outstanding convenience brought about immense success for Amazon.
  • Further, making extensive use of the proven model, Amazon spread its wings to expand into adjacent markets. Soon they established their electronic appliances market, and now it has branches of groceries, healthcare, fashion, and even entertainment.

Google

Alphabet, the outsized revenue of Google, fueled its growth to what it is presently. But what made it possible for Google to reach such heights? It simply used an effective product development growth strategy. 

Google growth graph

Initially, Google commenced as a B2C company, providing a search engine to its users. Nevertheless, a source of revenue was highly vital. And for that, Google ensured the development of a new product – AdWords. This was targeted at those businesses which paid for advertising.

To transform from a B2B product, an entirely new set of capabilities was designed for B2B audiences. Moreover, Google ensured that AdWords fit seamlessly within the experience of B2C products. The brand was highly concerned with safeguarding the speed of its search engine. So it provided text ads that loaded quickly and looked similar to other search engine results.

This effectively guaranteed that the consumer experience would never degrade because of advertising. Also, consumers could seamlessly continue using the search engine.

Apple

Apple is one of the most successful companies in the world. The company has a market capitalization of over $1 trillion. Apple’s success can be attributed to several factors, including its innovative products and strong marketing strategy.

Apple growth graph

  • Besides being the most prominent tech organisation, it is also the finest among its counterparts. Apple has deliberately crossed all bounds to bring technological innovation to the forefront. No other tech biggie could ever build a motherboard without a keyboard and monitor as Apple did
  • So instead of keeping their focus on the iPhone, they tried their hands on other fancy gadgets as well. And by crossing all boundaries and reaching all heights, they’ve gone beyond the horizon
  • The iPhone manufacturer lessened its dependency on manufacturing partners by bringing more assembly in-house. This allowed the company to exert more control over the quality of its products and shortened production timelines. As a result, Apple was able to bring new products to market faster and respond more quickly to customer demand
  • Technology and Apple go hand in hand as they’re like two sides of a coin. From small earphones to mini handsets, their technologies are beyond comparison. Their ever-rising dominance is making all competitors confused, and they are desperately trying to figure out Apple’s growth strategy

What is the Importance of Business Growth?

The success and profitability of businesses is a key to business growth. However, there are other reasons why expansion is crucial for all businesses. Some of them are:

  • Significant increase in profitability by making more sales
  • Ability to onboard a more significant number of employees to assist customer service capabilities and improve product lines
  • Enhances employee retention rates, thereby aligning employee goals
  • Deliberately amplifies product line and services and expands business profits, thereby offering a competitive edge.
  • Larger market shares with an increased share percentage

Business growth will offer a solid brand reputation for providing outstanding customer service. Moreover, it will attract significant new customers over time. Thus, the compatibility between customer service experiences and brand reputation is likely to retain new customers for the long term.

What are the Types of Business Growth?

Typically, businesses experience two types of growth. One is natural growth, while the other is growth-driven. However, beyond classifying a corporation, businesses experience further additional growth too.

Primarily, there are four types of growth all businesses can experience. Moreover, it can help business strategy efforts become more successful and organised.

The four types of business growth are:

Organic

Organic growth is one of the easiest and most effective methods of experiencing business growth. The recognized method consists of visible and tangible change – from new products and services to new storefront openings. The more offered products and services are, the more sales are likely to increase.

Organic growth usually necessitates enormous physical space for serving customers. Aspiring business owners and entrepreneurs have the privilege of setting foot in the new market without sufficient inventory. Nevertheless, this growth strategy is not entirely sustainable in the long term.

Strategic

Unlike organic growth, strategic growth emphasises more on the long term. It is undoubtedly an excellent option for businesses, preferably after completing the organic growth stage. This lineup’s key reason is mainly due to the requisite resources.

While in the organic growth stage, businesses will produce sufficient capital for investing in long-term growth goals. Companies that are planning initiatives must indeed consider strategic growth. This will significantly help release new products to target a specific new market audience.

Internal

Quite different from organic and strategic growth, the main aim of internal development is to utilise and optimise all available resources. Thus, it doesn’t have an outward approach toward production. Businesses can opt for this growth strategy between organic and strategic.

Internal growth has the capability of optimising resources without obtaining sizable financial investment. It focuses more on using existing resources with more purpose rather than investing in business developments and expanding production.

It might include significant business model changes or linear business strategies for optimising resources. Initially, this growth strategy might appear intimidating, but it is worthwhile for optimally using available resources.

Partnership, Acquisition, or Merger

Numerous businesses seek a partnership, acquisition, or merger strategy to obtain potential rewards. This growth strategy is usually considered the riskiest type. Nevertheless, it comes with a potentially captivating result.

This strategy makes it easier for businesses to make a dramatic entry into a completely new market. Moreover, it helps them expand their existing customer base and production capabilities. This significantly allows companies to quickly create, introduce, and launch new products and services.

Besides, this strategy helps business innovation through collaborative efforts, thereby increasing the likelihood of business success.

Leverage Business Growth with Invensis

At Invensis, we help businesses find the right strategies and leverage efficient business growth. Our fields of expertise include call center services, finance, and accounting, back-office BPO services, training and development services, etc. We offer high-quality services across various sectors to promote enhanced business efficiency.

Here at Invensis, we know what your business requires to grow efficiently. So come, join hands with Invensis, and leverage the suitable potentialities for a brighter tomorrow.

FAQs

1. What is a growth opportunity?

A growth opportunity exists for all businesses in any given industry:

  • Scales-up revenue growth up to 10X times
  • Enormous demand in the market
  • Processes under control
  • Remaining ahead of potential competitors in the industry

2. Will my company grow faster by selling to existing customers or new ones?

Many businesses see significant growth in sales by selling to existing and new customers. But you need to compare both paths thoroughly and decide which is working as a better option for you.

3. How do I know if I’m selling the right product to my customers?

Selling new products to your existing customers will effectively affect your business growth. But first, you need to ask your customers what they would like to obtain from you.

This will significantly pave the way for brainstorming new product ideas. You can then build a prototype, acquire customer feedback and implement your ideas in your new products.

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