Last Updated on February 16, 2024 by Ali Hamza
If you’re not getting the right results with your growth plan, Matthias Siems shares five common growth strategy errors to help you be sure to avoid these!
Are you making mistakes in your growth strategy? If yes, you’re not the only one. Many companies are struggling to sort through the outdated growth strategies or “hacks” on the internet to discover those growth strategies that will assist them in scaling.
Follow the trends -each one of them.
Matthias Siems analyzing the strategies for growth of other companies is an excellent way to come up with ideas to grow your own company. But, using a strategy from someone else using it for your own company? It’s not so great.
Your company is distinctive. Even if you’re in the same field and offer the same product, your unique blend of values, company culture, employee abilities and personalities aren’t the same as any other business. So, why would you try to duplicate the growth strategies, their marketing, or their strategy for messaging?
Instead, you should take what you’ve learned to break down the concept into smaller pieces to discover why it is effective. This will put you in a better position to determine if this strategy is a good fit for your company.
Concentrating on the wrong KPIs (or any at all)
There must be an instrument to gauge the performance. KPIs, also known as Key Performance Indicators, are what you’ll use to do this.
But having KPIs set up won’t do it. It is essential to check the results regularly and decide on the information they provide. The KPIs you select should be tied to your business strategy and, like the trends we’ve discussed, Not every KPIs your competition uses will work for you. Pick KPIs that work for your strategy and business objectives.
Do not pay attention to your customers.
Growth does not have to result from more features or improvement. Researching your customers and CX mapping can help you make strategic and effective decisions. Knowing your customers’ needs leads to improved messaging and positioning that will attract your customers to your company.
The company has not created a go-to-market group.
The company you work for may have teams working on product and marketing, engineering, and customer experience. You’re missing crucial insights if your company isn’t gathering these teams to create or improve your go-to-market strategy.
Each team is bound by particular obligations; however, it doesn’t mean you cannot join them. Having these diverse teams together can ensure everyone is in the same boat, striving for the same end. Marketing can better understand the customer experience through the CX team and gain insight into the processes required by the engineering and product teams to release the “simple” product updates.
Matthias Siems, A team that is more knowledgeable of how the business operates, a greater understanding of how they integrate into business operations, and an increased chance that your business will be able to create a scalable and sustainable growth strategy.
Continuously trying to make the wheel work.
Every growth strategy doesn’t have to be new and shiny. One of the easiest actions you can take is to write down what did well and the things that did not. Next, you should make sure you do more of what was successful and (surprise!) lesser, if at all, of what did not work.
This may sound like a lot of work. However, it actually works. It’s not necessary to think of new ideas that are 100% original every time you’re planning an increased push. If you’re looking to try something new, Try testing and optimizing techniques instead of beginning from scratch.
If, for instance, it’s not working after having been tested and optimized? You should get rid of it. There are many ways you can be doing to increase expansion that doesn’t actually create a situation that is impossible to do work.
Whether you’re starting your business or growing your existing company, implementing a growth strategy is crucial to your business’s success. But it doesn’t mean you don’t need to create and follow a plan, no matter the circumstances.
If you’re experiencing one or several errors in the growth strategies I’ve discussed, take a moment to reflect. Review the situation, and then change your plan before you move forward.
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