What Is Organic Growth In Business
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Scaling Your Company: Choosing a Growth Strategy
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However, it is often hard for a company to achieve rapid overall growth through internal operations alone. Consider the example of the soft drink company. As long as people continue to buy and enjoy soft drinks, organic sales may continue to grow. But what if customers start to prefer flavored iced tea instead of soda? Then the company is faced with a choice. The company could develop and launch a line of iced tea products, but this could take time and involve a great deal of expense. This happens all of the time in corporate America, as companies look to acquire other companies in order to move into different product lines and respond to market conditions. But acquisitions are not without risk. It takes a lot of work and expense to integrate one firm into another, and the companies are often not a perfect fit.
Stories abound of high-profile acquisitions that result in the purchased company being spun off or shuttered entirely. In the case of the soft drink company, what happens if consumer tastes shift again, from iced tea to energy drinks? Suddenly, the soft drink company may find that its iced tea revenues are lower than expected, and they may end up reporting a massive loss from the acquisition. An investor could argue that growth is growth. Why should you care if growth comes organically or inorganically, as long as the company is growing shareholder value?
It certainly could be. But what if all of that revenue growth came from because the company acquired the iced tea company? Investors should also take note of the type of acquisitions that a company may be making. It certainly makes sense for a soft drink company to buy a maker of iced tea. But what if the company buys a large brewery? Can investors be confident that the company is prepared to enter the alcoholic beverage space? And what if the company acquires another firm that is not in the beverage space at all?
Ideally, an investor should seek companies that are succeeding in all areas, generating strong growth from their core businesses and boosting revenue and expanding through smart acquisitions that complement organic growth. By Tim Lemke. Gourmet cookie company Crumbl Cookies offers an excellent example of how an ever-evolving product lineup can contribute to rapid brand growth. In just three years, the brand has opened over stores and introduced over cookie flavors, with social media fueling much of the hype surrounding the brand. The sense of exclusivity encourages customers to go back to the store each week, while also driving massive social media engagement as influencers review each new flavor using the hashtag CrumblReview.
On TikTok alone, the brand has gained over 2. Similar approaches can be seen in countless other industries, from sneakers to video gaming. An ever-evolving product lineup including limited-time items can greatly increase the lifetime value of each customer. Loyalty programs can also have a big impact on customer retention and acquisition. In fact, 69 percent of customers state that the availability of customer loyalty or rewards programs influences their choice of retailer.
Fifty-eight percent of those who belong to a loyalty program will buy from the associated business at least once a month. Which incentives are right for your brand can vary from business to business. Dental offices will often give existing patients discounted service or other perks when they refer a new patient to the practice. When deciding on loyalty program perks, consider the behaviors and motives of your target audience. The right incentives will help you keep existing customers and encourage them to spend more with you in the future. SEO is no secret, but its value is still remarkably underutilized.
As a HubSpot case study highlights, IT distribution company ROGETECH used keyword-focused content creation to grow its web traffic by 4, percent in a single year — with 84 percent of all traffic coming from organic search results tied to the content. Of course, an on-site blog is hardly the only type of content that can fuel rapid growth. As previously noted, Crumbl has achieved much of its growth thanks in part to an active social media presence that takes advantage of the highly visual nature of its products.
Investing in quality content helps establish your brand as a niche authority, while also providing materials that your most loyal customers can share as part of their word of mouth efforts. Achieving rapid growth can be an exciting and challenging prospect for any startup. As you implement strategic measures to better appeal to your target audience — and keep them coming back to your brand — you will be better positioned to scale successfully. Eric Christopher, also known as ERock, is an innovative marketing strategist and respected business consultant who's a featured contributor on Entrepreneur. ERock has been a successful entrepreneur for nearly 2 decades. He graduated from Arizona State University with a 4.
He started his first brick-and-mortar business as a strength and conditioning coach, working with amateur athletes to Olympic gold medalists. He then started a part-time marketing business, which generated multiple 6-figures over the next half-decade. ERock is an accomplished writer, award-winning speaker, business strategist, and media consultant. He's described by his peers and clients as innovative, vivid, and quick-witted. His philosophy is that ALL branding and marketing must be educational, engaging, and entertaining in order to succeed in today's competitive business world. His passion is to invent unique and creative branding and media strategies that generate exceptional ROI and PR for clients.
He's consulted with a wide range of enterprises, including local business owners, national franchise chains, respected cryptocurrency companies, and world-renowned brands, including Shark Tank companies and an original Shark Tank investor. ERock is also an accomplished business coach, having mentored thousands of entrepreneurs around the world, teaching them how to run successful businesses themselves. Mat Sorensen.
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