Adopting the right strategy for growth.
Posted on September 17, 2023 / By Sanjay Kabra
The growth strategy of a company has a significant impact on its culture and overall performance. It is important to consider its effects on the workplace culture before implementing them.
Each strategy has its own strengths and challenges, and the most effective approach depends on the nature of the business, industry dynamics, and the organization’s long-term goals.
The common mistake
The most common mistake is adopt a strategy basis the decision-maker’s background. A sales background may lead to a sales-centric strategy, while an analytical mindset may favor a market-centric approach. However, the key is to adopt a blend of these strategies to arrive at the strategy.
Pros and Cons of approaches
Sales Centric
- Primarily centered on sales targets and revenue goals
- Sales play a key role in decision-making and strategy formulation
- Driving immediate sales and closing deals quickly
- Often, the sales team is incentivized with bonuses for closing deals.
- Innovation takes a back seat with a focus on immediate sales.
- Customer long-term needs become secondary to achieving targets.
- Aggressive tactics may risk customer perception by neglecting customer relationships.
- Likely to see internal friction as sales dominate the decision-making.
Customer Centric
- Centrally focused on understanding and satisfying customer preferences
- Focus on building relationships, trust, and brand loyalty.
- Customer satisfaction is the primary goal.
- Sales and Operations both are aligned to providing value and solving customer problems.
- Innovations are driven by considering customer insight and addressing specific customer pain points.
- Very likely to result in repeat business leading to low sales effort in the long term.
- May be challenged with resource constraints in the short term.
- May require a long-term commitment to see the gains.
Market Centric
- Staying attuned to the broader market landscape and industry trends.
- Proactively responds to market shifts.
- Strategies are influenced by competition and industry trends.
- Innovation and strategies are arrived by analyzing market trends and identifying gaps.
- The challenge of constant strategy change may lead to burnout in the team.
- The potential of derailing the long-term vision with short-term market shifts.
- May be effective for organizations with generic services.
To Summarize
In summary, a sales centric strategy emphasizes meeting sales targets and revenue goals, a customer centric strategy revolves around satisfying customer needs and building relationships, and a market centric strategy focuses on aligning with broader market trends and industry shifts.
In practice, many successful organizations adopt a blend of these strategies. They focus on building strong customer relationships while staying attuned to market trends and leveraging sales efforts to meet revenue targets. The key is to strike the right balance based on your organization’s unique needs and objectives.
Such balancing of views will also ensure that all opinions are valued and weighed in to arrive at the best possible strategy that works for long terms. Market trends provides course corrections while Innovations consider the change in customer demands and Sales effort gains from best fit services or solution for the customer.
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