Telemarketing companies love a good growth strategy model. The right growth strategy is valuable because it gives a company some sound guidance for their decision making. They’re also super helpful for making sure precious resources and energy in an organisation are pointed in the same direction. For telemarketing companies, by asking the right questions at the briefing stage, we can build a workable and relevant growth strategy that aligns and complements what our client organisation are doing themselves. So what options are there and what do different strategies tell us about businesses and their goals?
Professor Malcolm McDonald, international marketing guru, and consultant to the operating boards of several of the world’s leading multinationals says good strategic planning is about first defining markets value proposition, through various stages to finally making careful monitoring of value delivered. His books are well worth a read.
Growth strategies come in many different forms. Given the kind of work telemarketing companies do, the favoured ones involve competition and targeting decisions. The Ansoff Matrix, named after mathematician Igor Ansoff looks at four different forms of targeting. Market Penetration, which focuses on increasing sales of existing products to an existing market. Product development, which is about selling new products to the same broad customer base. Market Development strategy focuses on entering a new market using the existing product portfolio. Diversification focuses on entering a new market with completely new products.
The idea behind this framework is that companies can grow by selling more to existing customers, or by growing their customer base. And they do this with the same products or new ones. Or they can do both at the same time. The point is, there is a specific and clear pathway that is created and followed broadly in everything the business does.
What strategies tell us
The path a company chooses and which telemarketing companies will seek to emulate with its service will depend on the type of growth being sought. It also depends on the short and long term goals of the business and where they are in their life cycle. For example, an established fast food brand that wants to appeal to a new broader range of customers may opt to diversify its product line, increasing the variety of products it offers, to ensure it has something for everyone.
On the other hand, a company that aims to be a specialist within its industry may focus on product development and create high value products that offer something special.
The growth strategy a company chooses tells both its customers and its competitors the direction in which it intends to go. Analysing these different directions tell us about a company’s goals and growth strategy.
How to develop a growth strategy
Almost all growth strategies rely on customer interaction and market research in one form or another. In order to develop new products, move into new areas, and boost brand awareness, businesses need to understand their market base, communicate with their customers, and listen to feedback. Telemarketing companies are often tasked to play a key role by providing market research surveys, or by asking certain specific questions, trialling promotions, or developing packaged offers. Clients who invest in a telemarketing campaign usually find this a fast and reliable way of gathering important information and boosting brand awareness.
To learn more about how telemarketing companies like Blue Donkey can help your business to achieve its goals, contact a member of our team today.
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