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Identifying Your Business Growth Direction
While you may think December marks the end of the year, we like to think of this month as the perfect time to begin your successful business growth planning. (Full disclosure, we believe EVERY month is a good one to get started on growing your business!)
Before you dig into strategy and tactics, consider which direction you’d like to grow: deep or wide.
Do you want more of the same type of customers (go deep), or are you looking to target new audiences (go wide)?
Your answer to this initial question streamlines your marketing options into a succinct solution, and directly impacts your growth plan budget.
When you look to acquire more customers within the same target audience, you’ll want to focus your goal setting and strategy development with the intention of going deep. By leaning into your existing success within this audience, you’ll expand your customer base with more of the same specific group of consumers who have already proven to find value in your company’s key capabilities.
With new products or services, or even existing ones you’d like to market to new target audiences, you’ll want to take a wide approach to your business growth direction. Once you’ve decided to focus on capturing new audiences, do some research to determine the best approach to target these markets and expand your company's reach.