Every company, whether public or private, must deal with the ongoing demand for growth. In this video tutorial, professor and marketing consultant, Drew Boyd, outlines the specific goals in the course, Identifying Sales Growth Opportunities. The course is designed to equip commercial leaders in sales and marketing to identify and seize the growth opportunities before them.
- Whether your company is publicly held or privately owned, your stockholders are always demanding growth. They want to see both the top line revenue and the bottom line profits increase year after year. That's what makes their stock in the company grow in value. Now, there are many ways of improving financial performance, such as cutting costs, launching new products, or acquiring other companies. But in this course, we're going to focus on what you, the commercial leaders, and either sales or marketing, can do to, first, identify sales growth opportunities, and, second, go out there and get them.
Going after new growth opportunities is critical, and it's not just to keep the stockholders happy. Being aggressive and going after sales is what keeps you competitively strong so that you capture new growth before someone else does. Identifying new sales growth also generates cash, and that's what any business, big or small, runs on, cash. Additional cash lets you invest in new innovative products and services. It helps you fund more marketing and promotional programs.
Or it can be used to retain the most talented people in your group. There's always a use for additional cash, even if it's just paying it out as dividends to your stockholders. So where do you find new growth opportunities? In this course, we'll explore a variety. First, we'll start right at home, in terms of what you can do to make sure your current sales programs are optimized. Sometimes the easiest source of new growth is doing better at what you already do. Next, we'll put our marketing hats on and look at four distinct types of customers to go after: customers who are new to the category, current customers who are 100% loyal to you, multibrand customers who buy products from a variety of companies, and, finally, competitive customers, who buy all their products from companies other than yours.
Then, we'll turn our attention to opportunities outside your normal boundaries. We'll look at how to create new categories. Just by changing the definition of your business, you can unlock new sources of growth. We'll also look at adjacent markets, the ones that are right nearby and not too distracting to go after. Then, we'll see what it takes to grow sales by partnering with others. How can you find growth in your company by helping a partner company do the same thing? We call them joint ventures.
I'll wrap up the course with some detailed advice on how you create a cross-functional team to spot these opportunities and go after them. You need help to do this. And the essential ingredient in all of this is leadership. And I'll offer advice on how you, as the commercial leader, need to take your spot in the limelight to do just that.