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This choice especially depends on the approach of a company's product/market and the latter's taste for risk.
However, before you would even get the chance to use a solid strategy, your product and site has to be ready for conversions. But you’d be surprised at how many businesses fail only because their product wasn’t in demand, or lose revenue because their site just wasn’t ready for conversions.
This is when the site is having issues on things like signup processes, pricing, web copy, CTAs, etc.
Further, rapid growth can place pressure on existing processes.
If processes aren’t scalable, management should address these issues before growing as the costs of fixing the problems afterwards is greater.
It allows businesses to allocate their limited resources toward a centered effort to adapt to changes in the industry driven by digital disruption and differentiate from competitors.
The strategies and tactics included in a Growth Plan focus on the key driver of revenue generation - the customer.
What do the key stakeholders envision the future state to be? When implementing a growth plan, management will investigate whether it is aligned with the current organizational structure.
In cases where it is not aligned, management must question whether to adapt the organizational structure or not.
Growth Planning aims to be agile and adapt to changing market conditions that businesses are facing, particularly through technology and digital media.
Ask any successful entrepreneur why their startup succeeded and they’ll almost always point you to a growth strategy they followed. Just recently, CB Insights reached out to investors and founders to collect post-mortems on 204 failed startups. Serial entrepreneur and VC David Skok says “A major reason why companies fail, is that they run into the problem of there being too little or no market for the product that they have built.”When a product is not in demand, it’s because it didn’t solve a problem enough people had.