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What is Business Growth?

Business Growth write for us – Defining business growth is challenging as many professionals disagree with an official description. A standard definition of business growth is that bottom-line profitability and market share presence increases a company’s experience.

However, an alternative meaning of business growth is the development of a company in one or more ways. From a marketing approach to business model updates, there are virtually endless occasions for a company to grow.

A critical consideration in whether something in a company can define business growth is whether that event can measure. When something cannot be measure, it is difficult, if not impossible, to determine that it will grow. Growing business revenue and success is a primary motivator for many people starting a business. While the vast majority do this, not every company regards turnover and business success as a top priority.

Growth vs. Growth Driven Business

However, identifying the source of business growth or measuring the effectiveness of growth strategies can be challenging. Many professionals find it helpful to analyze the differences between growth-driven companies and growth companies.

While a growing company focuses primarily on quick results, a growth-driven company focuses on long-term, sustainable business growth. However, among the five key considerations to better understand the difference between growth and growth-driven companies are :

1. Marketing and Sales Relationship

The relationship between sales and marketing departments can be strained and fraught with misunderstandings. This incompatibility between departments can lead to significant growth problems for the entire organization. A growth company makes specific efforts to challenge any misconceptions these departments may face.

However, a common misconception that marketing staff has about sales is that salespeople do not understand the persuasiveness of marketing materials. On the other hand, 80% of full-time sales professionals say marketers don’t understand real-world sales strategies.

Therefore, compatibility between marketing strategy and sales strategy is essential for the long-term development and maintenance of business growth strategies. Companies should ensure that the two departments are pursuing growth goals to achieve together.

2. Customer Journey

However, every company understands that having an established customer base is critical to long-term business success and profitability. And also, there is a significant difference between a growing company and a growth-oriented company regarding customer base priorities.

Firstly, a growing company is primarily focusing on attracting new customers and new markets quickly. Alternatively, a growth-driven company focuses on long-term customer loyalty.

Therefore, the orientation of a growth-oriented company based on growth targets leads to the loyalty of new customers in the long term. Alternatively, a growing company may temporarily have many new customers but then not retain these new customers over a long time.

Lastly, Growth-oriented companies determine every step of the customer journey, from initial awareness to the brand ambassador phase. And also, these growth-oriented companies know that business success depends to a large extent on long-term customer loyalty.

3. Brand Development Both

However, a clear indicator of a growth-driven business is the compatibility between brand and customer experience for small businesses and large companies. Therefore, the established reputation of the brand and company should always reflect in a company’s customer service capabilities. Defining a brand requires a thorough understanding of the company’s business model and growth objectives. And also, a company’s unique brand should consider every area, from customer service interactions to its social media presence.

4. Market focus

Firstly, a growing company and a growth-oriented company have different priorities for new customers and new markets. However, a growing company may seem relentless in its quest to attract new customers. And also, the focus and motivation of these efforts are on generating profit, not the customer experience.

A growth-oriented company has a passion for customer service for both new customers and long-term customers. Growth-oriented companies ensure that they understand each new market before entering and even anticipate market changes before they occur. Therefore, for a growth-oriented company, doing business often looks like making sure that customers don’t have just one line of products that provide excellent customer service every step of the way.

5. Technological Investments

However, a growth-oriented company has an exceptional business strategy and long-term business plan in terms of technological advances. Rather than waiting for a crisis to make changes, growth-oriented companies are well prepared for whatever future changes may bring.

A growing company cannot make this proactive technological investment due to a lack of capital or the pursuit of a distorted growth goal. For example, hyper-concentration on a sales or marketing strategy by a growing small business or a new venture could result in insufficient capital to deal with an impending market crisis.