Uncertainty and disruption is leading to a leaner and tougher business environment. Some organisations are emerging from the current state of economic uncertainty, poised to make spending reductions a permanent fixture. As we look to grow top line revenues, what strategies should we be adopting in this changing world?
It is more than likely that growth will remain at low rates, with the appetite for investment being vastly reduced. It is also likely that clients who previously engaged with your organisation will now:
- Be facing increased competition.
- Will be attempting to cope with shifting technologies, and emerging disruptive business models driven by the growing need to harness the internet to drive down costs.
- Be much more demanding whilst remaining highly price sensitive.
- Will want improved services and be intolerant of poor quality in delivery.
How many of these disruptive issues apply to the changes in your customer base?
It is more than likely that growth will remain at low rates, with the appetite for investment being vastly reduced. It is also likely that clients who previously engaged with your organisation will now be facing increased competition.
Insights on Strategic Business Growth by Prof. Rita McGrath (Columbia Business School)
As you look to grow revenues in tough times, here are six potential strategies to consider for your organisation:
- Weather the storm
- Do less, get more
- Lower risk, not price
- Gain a premium price
- More promotions and campaigns
- Cross-selling
