In a time when companies face significant challenges in achieving growth, which is further exacerbated by cautious decision-making regarding long-term returns, it is relevant to revisit some growth strategies proposed by Philip Kotler:
1) Increase market share: many companies are applying defensive strategies, keeping most of their indicators positive, generating an environment of tranquility (competitive passivity), those companies that have the capacity to invest can establish initiatives to attract customers from competitors or attract new consumers with line extensions or new products. It is important to remember that the consumer rewards the pioneer with loyalty.
2) Enhance customer and stakeholder loyalty: Understanding and improving relationships with existing customers can lead to increased levels of purchasing by offering alternative products, services, or experiences.
3) Strengthen Brands: in environments where consumer confidence tends to decrease, brands become clear references that transmit positive emotions in each act of consumption, and those that based their relationship only on competitive prices are now vulnerable. Additionally, a strong brand can create new products or enter new businesses by taking advantage of trust.
4) Innovate: even electronic products seem to be stagnating, they only offer incremental improvements over the current ones, so those who rethink the business model of the category (the way they deliver the product, the way they charge for the service, or the delivery of different experiences) will be able to obtain higher growth rates.
Changing the way in which marketing actions are designed and implemented is also a source of innovation: Search for new distribution channels, generate new activities that connect with customers and intermediaries.
Also to review internal processes in order to make the companies more agile to adapt to customer preferences or to reach new customers.
All of these paths share a common denominator: daring. Companies that move away from strategic passivity, thoroughly analyze their competitive advantages, and take the initiative can leverage the relatively low competitive environment in the market to achieve growth.
RAFAEL LÓPEZ LLAMAS