10 Business growth strategies for today’s competitive market

Growth and strategy go hand-in-hand in business. Today’s market is global. From sales and consumers to supply chains, the shifting environments and laws in one location have broad impacts on operations in others.

Long-term sustainable development depends on strategic business growth and a keen eye for opportunity and untapped markets. The University of Kansas School of Business online MBA program equips you with the insight and decision-making skills needed to anticipate market trends and lead with confidence in a rapidly evolving business landscape.

In this article, you’ll discover 10 key business growth strategies for a complex and dynamic market.

1. Digital transformation

Digital transformation is the process of adopting new technologies for better business operations.¹ Unlike simple tweaks, digital transformation is a long-term process helping businesses improve and survive.¹ At its core, transformation is not about upgrading a single process but about using cutting-edge technology throughout your operations.¹

Integrating technology into your business gives you big-picture views of your organization, helping you make better decisions. New tech and digital tools also help improve the customer experience, making it easier to interact with your business. A seamless buying process with mobile payments, for instance, boosts customer engagement and loyalty.¹

2. Customer-centric innovation

Exceptional customer service is another key business growth strategy. It involves actively soliciting and acting on customer feedback and input to inform product or service development.² Your customers will tell you what they want or need and how you can make your existing offerings better. The best, and perhaps easiest, company growth strategy is to listen to them. The faster you can respond and integrate that input into your business, the quicker you can edge out your competitors and drive sustainable growth and customer satisfaction.

3. Strategic partnerships and alliances

A strategic partnership is a collaboration with another business for mutual growth. These strategies for growth help both companies increase capabilities and expand the market reach and customer potential.³

Tech companies often engage in strategic partnerships with businesses that offer complimentary products. For instance, a payroll software company might partner with an earned wage access provider to create a seamless integration. This alliance adds value and extra functions, increases new customers, and boosts market share.

4. Data-driven decision making

Companies automatically create and collect mountains of data in today’s connected world. Leveraging that information with data analytics gives you an edge, allowing you to spot market trends and opportunities. You can use these valuable insights for short and long-term planning and to form business development growth strategies. Rather than relying solely on intuition, use data to increase sales, reduce costs, or find new markets.⁴

5. Agile business models

An agile business adapts quickly to market shifts, evolving technologies, new laws, and many other factors. The modern business market is complex and constantly changing, so the faster and easier you can adapt, the better you’ll survive and grow.⁵ This takes experimentation and continuous improvement, learning from each strategy about what works and what doesn’t. With an agile business model, you focus on flexible resources that can respond quickly to change, shared responsibility, and action-oriented goals.⁵

6. Expanding into new markets

Entering new markets is another valuable growth strategy. With a global economy, markets can be international. However, high-potential markets might be product or service-based rather than location-based.

The key to market penetration is to perform thorough market research, where you analyze the demand, size, saturation, economic indicators, and other factors to identify a profitable option. Market research also helps you form localization strategies that respond to cultural nuances and customer preferences.⁶

7. Sustainable and ethical practices

Corporate responsibility can be a powerful growth strategy for a company. Customers want to interact with socially responsible businesses, and they’re willing to spend more to engage with companies that give back to the community.⁷ Aligning with consumer values helps build brand loyalty and creates a positive reputation, employee experience, and overall brand standing.

However, consumers are quick to spot companies who pay lip service to social causes, climate change, or other initiatives, but don’t follow through. For this strategy to be effective, ethical and sustainable practices must be the bedrock of your decisions and workplace culture.

8. Talent development and leadership

People are your greatest asset, so investing in your teams can have far-reaching and positive effects on business growth. A culture of innovation and accountability, for instance, encourages employee engagement, which in turn fuels business growth.

Engaged employees are more productive, leading to higher product quality, profitability, and customer loyalty and engagement.⁸ Your talent runs the organization, executing the day-to-day operations and connecting with customers. Those who feel engaged in their job experience higher job satisfaction, which generates higher profits.⁸

9. Product or service diversification

Offering complementary products or services mitigates risk through broader revenue streams. With a diverse offering, you no longer rely solely on one product to meet all of your financial obligations. Additionally, identifying complementary products allows you to enter new segments or entirely new markets that meet customer needs and increase revenue growth.

Stanley, the thermos company, is an excellent example of this strategy.⁹ The company sold thermoses and lunchboxes to working people and did well, but they decided to add a water bottle in a variety of colors to target a female customer base with more discretionary income. This extra product for new customers supercharged sales, moving the company from a typical $70 million a year in sales to $750 million.⁹

10. Strong brand positioning

Differentiation is a key to standing out in a crowded market. Identifying and communicating your unique benefits and features helps new customers understand why they should choose your product or service. Consistent marketing efforts and messaging also promotes business growth and strategy that you can easily manage. Customers recognize your business, products, and unique values in the market, which builds trust, loyalty, and ultimately, growth.

Grow with purpose

Succeeding in today’s competitive market takes more than one growth strategy—it requires continuous innovation, assessment, and adaptation.

The University of Kansas School of Business online MBA program prepares leaders to drive sustainable growth by equipping them with essential skills in market research, operations, finance, and marketing. Gain a top-tier education with real-world applications at one of the best business programs in the US.¹⁰ Contact an admissions outreach advisor to learn more.