Posted on: January 24th, 2018
All companies chase fast growth as a hallmark of corporate greatness. While a great goal to have, many see fast growth as a singularly sales driven phenomenon over which they have total control. Companies believe they alone can proactively push fast growth through increasing their sales focus. Yet fast growth is a function of many things, not just sales alone.
All of these factors must align in order to create a fast growth wave. Companies that hew to a myopic view of fast growth run the risk of losing control, like a race car without a guardrail. The formula for accelerated growth involves anticipating market demand with relevant new products undergirded by strong delivery capability.
When these three things are present, the company can catch a growth wave that emerges in the market and pulls through high levels of demand. Innovation and marketing play a pivotal role and go hand in hand in positioning a business for fast growth. New products must offer consumers a strong enough value proposition to become adopted.
Newness or innovation alone is a tough sell, and must be projected upon an existing or latent need in the market to ensure successful commercialization. Products that are technical achievements unto themselves, do not always become accepted in the market.
Companies must focus their new product strategy on a market-based need. Fast growth ensues when the innovation profile of a new product aligns with the market need profile of its consumers. This creates pull through demand for the product and fast growth coalesces.