How Interim Executives Create a Business Growth Strategy
A business growth strategy made by interim executives helps businesses get sustainable growth and attract customers to keep it profitable.
Startups have a notoriously low success rate. It’s said that only one in ten survive to breakeven and become a small business. Interim executives help entrepreneurs stay sustainable by drawing out a growth strategy that will bring customers and set the business up for long-term success.
Interim executives growth strategy: Find your competitive advantage
What differentiates you from the competition? Every business has a value proposition that is unique and draws customers. You need to identify what your selling point is. For Walmart it’s cheap prices, for Apple it’s premium quality, for Subway it’s freshness, and so on. If you don’t have one, then make one. Figure out what strategy will help you capture the most market share and follow it.
Interim executives growth strategy: Build a relationship
Build a solid customer base by forging relationships with your initial customers. Listen to their concerns and follow up with them to find ways to improve the experience. Satisfied customers will recommend the product or service if they’re happy in turn driving word-of-mouth marketing.
Megan Wenzl, associate editor for Reviewtrackers, says, “More engaged customers mean higher customer retention, lower churn, increased loyalty and customer lifetime value, and greater sales and revenue.”
Interim executives growth strategy: Go to new locations
One way to grow is by entering new markets. You can do that two ways, by creating new products or by wading into new locations. Begin with cities nearby and then expand to other areas or even countries. Start small by testing the local response before committing to the area and investing in a physical space. You might find your product performing better in some regions compared to others – research why and then move into markets with similar factors of growth.