4 Proven Growth Strategies for Small Business Owners

Strategy Driven

Determine Your Market Penetration Strategy. This is where your market strategy becomes important. How do you intend to penetrate the market? Is your product different from the others in the market? So, find your market penetration angle and run with it.

The New Agents of Market Penetrations

Harvard Business Review

Kenyan groups understand frugal engineering suitable for the local market and are carefully adapting mobile technologies with African flavors. Also, it is a cost-efficient path to enter new markets, especially for embedded systems and educational computer aided design firms. Using students to create new markets is not new. Three MIT students pitched an idea : travel to India and help local students apply technical knowledge to local problems.


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Is Grumbling Your First Response To Cutbacks?

Lead Change Blog

poverty really looks like; the differences in market penetration for various types of technology (not just refrigerators); the carbon footprint aspects of the technologies we use; and new ways to think about food purchasing and preparation. If senior management cuts your budget, says no to replacing broken equipment, or reduces your headcount, what is the first feeling that wells up inside you? Irritation? Anger? Panic? A sense of unfairness? Probably not gratitude.

Tesla Shows How Traditional Business Metrics Are Outdated

Harvard Business

Classic metrics like market penetration and market share, which many leaders are measured on, are the very things causing us to miss market opportunities and threats. Here are some of the areas I see as most ripe for change: Market share is one of the most widely used, and wildly misused, business metrics. In May Forbes tried to dampen the Tesla enthusiasm with the fact that Renault-Nissan was the global electric vehicle market leader in Q1 of 2017, with 1.5X

The Mylan EpiPen Debacle: How Tremendous Greed Can Lead to the Demise of a Leader

N2Growth Blog

Through shrewd marketing efforts, failed competitors and helpful legislation (which requires its availability at public schools), Mylan has cornered the market on this allergy medication. With this kind of market penetration and mammoth customer need, a firm can name its price for its product – and, there’s not much a person in need of the lifesaving drug can do about it.

Price 150

How to Maximize Your Small Business Success

Strategy Driven

Marketing. To increase your visibility and draw in more customers, it’s therefore a crucial part of a small business’s strategy to plan marketing campaigns aimed at encouraging repeat customers and enticing new clients. The crux of a successful business is the staff that work the inner cogs of your intricate business plans and market penetration strategies.

Blockchain Could Make the Insurance Industry Much More Transparent

Harvard Business

This gap between insurers and customers can be widened into a gulf by trust brokers, who dominate the top-heavy insurance brokerage market and benefit from its opacity and byzantine operating standards. This low market penetration has as much to do with customer misperceptions of the likelihood of catastrophic events as it does with the prohibitively high costs and inefficient delivery models in the insurance industry.

Keeping Tabs on the Competition as a Start-Up

Harvard Business Review

They have a defined brand and a fairly clear picture of market penetration, differentiators, and existing products and services. It tells investors why you might succeed in this particular market or in creating a new one – and who could come nipping at your heels. It can also help you outflank savvy competitors and acquire more market share. You may get a fingertip sense of market penetration by checking out an opponent’s social media channels.

Women Are Africa's Big Opportunity

Harvard Business Review

Zambia's government, too, is finding that women are a lever to growth, prosperity, market penetration, reputation and sustainability. Getting invited to Zambia to speak on gender balancing the business world was a bit unexpected. But the experience was also humbling. Discovering that Mark Bennett, the head of Africonnect, the leading internet provider in Zambia, has 60% women in his staff would put many a German CEO to shame.

Who Owns Your Customer Relationships: Your Salespeople or Your Company?

Harvard Business Review

Marketing designs the promotional campaign. A sales model that pays salespeople almost entirely on commission and gives them exclusive "ownership" of customers often works for a while for products in unsaturated markets. With seemingly unbounded opportunity, salespeople work hard to build relationships and create a book of business that drives their future financial success and creates fast market penetration for the company.

Jack Welch’s Approach to Breaking Down Silos Still Works

Harvard Business Review

During these meetings, team leaders get real-time input from multiple stakeholders (marketing, product development, supply chain, finance) and then make immediate decisions about how to reduce costs and increase market penetration. Working across organizational boundaries was a new way of thinking 25 years ago —one that was largely championed by Jack Welch, then CEO of GE.

Why the X Games Won’t Dethrone the Olympics

Harvard Business Review

A “ new model for how winter sports are done” that “feeds an audience hunger for life-treating daredevilry” and drives “ high market penetration and. The disruptive innovator first targets a market segment that embraces those tradeoffs and builds a business model around simplicity and affordability. Next, can the disruptive idea improve to move into broader market segments? That is, the attacker is motivated to serve markets that are uninteresting to the market leader.

Megastores Want to Be Like Mom-and-Pop Shops… Sort Of

Harvard Business Review

In the words of its executive vice-president and chief merchandising and marketing officer, “This is really the year of localization.”. To protect their advantage, forward-thinking national chains are combining their brand recognition and market penetration with a local approach. Local store marketing has always played an important role in retail promotion, but in the new indie-inspired model, it becomes the lead strategy. Marketing Operations Retail

6 Reasons Platforms Fail

Harvard Business Review

For years Apple’s market penetration hung in the single digits. Google Android quickly lost market share to the new versions. But by early 2015 they stopped accepting new submissions to their open market and discontinued their API support for external developers. As a result, parts suppliers left the platform and the market never became sustainably profitable. But this time, Google needed to focus first on providers — the other side of the market.

Which Management Style Will China Adopt?

Harvard Business Review

It has to develop domestic consumer markets and orient its production towards them. approach to managing innovation are quicker market penetration of new products, broad brand recognition in new markets, and attention to customer feedback which can be used to improve future generations of products. The downside is that new products can be late to market, and truly disruptive innovations few.

Throw Your Life a Curve

Harvard Business Review

Then you enter hypergrowth, which typically happens somewhere between 10-15% of market penetration. With Facebook for example, assuming an estimated market opportunity of one billion, it took roughly 4 years to reach penetration of 10%. Our view of the world is powered by personal algorithms: observing how all of the component pieces (and people) that make up our personal social system interact, and looking for patterns to predict what will happen next.

Practical Tips for Overcoming Resistance

Harvard Business Review

When I have a good idea, a solution to a problem, or a product/service I know will increase market penetration, I am eager to communicate it to the other person or group. Although many managers and leaders are under pressure to get things done quickly, pressuring subordinates frequently leads to resistance. This is not due to stubbornness as much as it is due those subordinates simply feeling overwhelmed by the volume of work they have.

Why Comcast Would Rather Be Feared Than Loved

Harvard Business Review

Their market penetration has probably peaked , as younger consumers (among them many of my colleagues at HBR) increasingly opt for cheaper workarounds via their Internet connections. When Machiavelli wrote that it is better to be feared than loved, what he had in mind was the nature of commitment and obligation. Allegiances built on good feelings evaporate when times get tough, he reasoned.