Choosing the right growth strategy for your business can be tough. Make your decision easier and the roll-out more confident by adopting a brand-driven approach
If you are heading up a business you’ll have a menagerie of growth strategy options to hand and no doubt you’ll have tried and tested a few already. Most of these strategies will be effective in one way or another - you may choose to segment your marketplace so you can better focus your time and energy, acquire businesses to achieve scale or set up strategic partnerships to access new markets …and so the list goes on.
Whichever strategy you choose, it will be strengthened by adopting a brand-driven approach. It does this because it considers, in detail, the union between your marketplace, your customer and your capabilities in a deep and meaningful way. Through research it analyses where opportunities to develop an uncontested market space might exist and it joins the discussion about how your business might change, develop, implement or acquire to take ownership of that space. While great to achieve, the answer does not always have to be revolutionary either, it can be a subtle mix of product and service, a uniquely configured set of services, or an approach to customer delivery that no one else has managed to achieve in your space.
The key is for your brand (and its component parts) to answer a specific and meaningful customer need. Getting this right not only helps you make decisions pertaining to your strategy roll-out, it also plays out in your marketplace by helping your Business Development Team compete on merit rather than price and it gives your Marketing Team very clear direction with masses to talk about and plenty of tools to engage with.
The key strategic benefit however, is that it will be extraordinarily difficult for your competitors to copy what you do because you will have considered and developed all aspects of your brand in a way that they can't necessarily derive – they can just see that its working.
A perfectly aligned and well executed brand-driven strategy helps achieve growth by giving your sales and marketing teams very relevant topics to promote and your customers a reason a buy, these alone are good motivators. Add to that the support, strength and guidance it gives your business strategy and you might consider it a necessity.
We recently worked with ITM Monitoring, a geotechnical and structural monitoring business that delivers to the construction and asset management sectors. We were asked to help them determine how to better align their business strategy to a new business structure and an evolving marketplace. Read more