Why is this fundamental today?
Most businesses suffered losses as a result of the Covid -19 pandemic, with reduced or even no sales. Many businesses have reduced their staffing or forced their employees to work from home, drastically altering their business processes. Along with the survivors, there have been thrivers. This is where a digital-first approach comes into play.
How can I transform my business model?
- Market Penetration:
(Existing Markets | Existing Products)
This section of the growth business plan will analyse untapped business within your existing markets using effective market research. Also, what products you already have that would meet their requirements.
- Market Development:
(New Markets | Existing Products)
Promoting existing products to brand new markets can be a cleaver way to balance your business resources and level your sales. One example is by servicing different markets that have opposite seasonality.
- Product Development:
(Existing Markets | New Products)
Imagine launching a new product when you already have a market who wants to buy it and you already have a relationship with. Consider the solution your new product will bring and promote the benefits in order to generate the desire to purchase.
(New Markets | New Products)
This is the option that carries the greatest risk because we are working with 2 unknowns simultaneously however it could also prove to make the most money. All sales generated here are new sales and you can still utilise your existing resources which cuts costs.
Return on Invertment (ROI)
Determine whether you need to implement a business growth strategy!
Consider whether implementing a digital first strategy should be a major part of your company’s business evolution.
Digital Connections has decades of experience in business economic development, digital platform development such as web design, and social media strategy development.