Business Growth in a Competitive Market

3 Strategies for Sustainable Business Growth in a Competitive Market

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The internet is the great equalizer in business. It makes it possible for small companies to compete with massive, well-established brands. In certain David versus Goliath scenarios, digital David’s agility has overpowered Goliath’s sluggish legacy infrastructure. Netflix versus Blockbuster is a prime example.

The trick may not be getting on the field of battle but getting bigger and holding your ground. Many companies come out of the gate hot but fail to sustain success. It may take months or years, but at some point, they disappear.

Growing and sustaining a healthy business has never been tougher. The market is chock full of competitors trying to take the lead. Of course, success over time begins with a strong foundation. From there, it takes clever strategies to keep growing. Here are three strategies that should keep your business in the running.

1. Dial Up Your Digital Strategy

If the only item your business is putting out into the world is a website, you’re not positioning it for growth. A website isn’t a strategy. It’s merely one component of a plan that makes the most of digital technology.

A well-rounded digital strategy needs to include growth marketing, strategies to boost SEO, and plans for content development and digital PR. Few companies know how to tackle all these areas successfully. But a savvy online strategy agency will move your company organically into that growth position and help you stay there.

The goal of a digital growth marketing strategy is to make your company a leader in your industry. Efforts focus on building industry authority, credibility, and visibility. You want to aim to be a Google, not a Yahoo.

Speaking of Google, your business needs an aggressive, informed, and vigilant SEO strategy. AI is playing heavily into Google’s ever-changing algorithms. Companies lost in millions of search results don’t grow. And if yours rises to the top, its position can be fleeting.

Your brand’s content and digital PR strategies also require constant attention. They are how you keep existing customers engaged and attract new ones. You need both to grow and keep reaching upward over time.

2. Make Your Business Financially Resilient

If the first quarter of the 21st century has taught companies anything, it’s that anything can happen at any time. Recessions, pandemics, wars, inflation, interest rates, booms, busts, and burst bubbles come and go. Financial resiliency is a necessary trait for brands to not only grow, but to survive.

Begin by carefully managing the company’s debt, increasing cash flow, and building cash reserves to help weather downturns. Managing debt doesn’t necessarily mean paying it all off. In fact, debt may be a good way for a company to grow the business. Just use it wisely.

Develop contingency plans that anticipate certain scenarios that could stifle your growth. As you’re examining potential risks, mitigate what you can now. For example, invest in technology now that could make your employees more productive and your business more profitable. Don’t wait until you’re faced with laying off people to reduce overhead.

Diversification plays an important part in building financial resilience. If your company has an investment portfolio, make sure it’s a mix of stocks, bonds, real estate, and other investments. Moreover, diversifying your revenue streams is key to sustaining growth, and you can get creative in how you do it.

You never know what the next world-altering event will be or when it will happen. The only step you can take is to be prepared for that eventuality. It may slow or halt your growth for a time, but you’ll be ready to flourish again when it’s over.

3. Build Mutually Beneficial Partnerships

Partnerships can power companies to grow and help them sustain it over time. However, not any partner will suffice. The choice of who your company partners with and why must be highly strategic. Get it right, and you might leave your competitors in the dust.

Partnerships come in various shapes, sizes, and degrees of formality. Let’s say your company has an opportunity to grow by expanding into a foreign market. The process could be much easier if you partner with an employer of record or professional employer organization.

If you’re having problems getting products to your customers, you might want to partner with a logistics and delivery company. Not only can you solve the delivery issues, but it might save your company money as well. Consider the contractual agreement between Amazon and the USPS.

Maybe you want to build a new audience for your products that you’re struggling to reach on your own. Partnerships between companies and social media influencers are increasingly popular. Of course, choosing the right influencer for your brand is key to making it work.

Partnerships may also be co-branding opportunities. GoPro and Red Bull or Starbucks and Spotify are a couple of examples. These unions are designed to help each brand reach into the other’s audience and mutually build success.

Even the most successful companies often have a few chinks in their armor. Strategic partnerships can fill voids, elevate success, and sustain growth for both companies involved.

Keep Growing

If your business isn’t growing, it’s likely failing. At the same time, growth alone won’t make it successful. Your brand has to sustain that upward movement over time, despite everything that could work to stunt it.

Take a deep dive into your digital strategy. Plan for times when you’ll take financial hits. Look for partnership opportunities that can help you broaden your reach. The landscape is challenging out there, but as you rise above your competitors one by one, the view gets better.

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