How CEOs are Accelerating Growth in 2024

Three growth levers CEOs are investing heavily in: customer retention, market penetration and new product launches

I feel like I'm sitting on a gold mine of great stories and articles without enough time to share them, so over the next few weeks I'll be sending out these stories with my takeaways so you can benefit from these insights too.

We seem to be living in a two-speed economy at the moment, some businesses are flourishing while others are doing it really tough.

But one thing is consistent, every business leader I've come across is looking for ways to achieve growth, despite the uncertainty - and sometimes in spite of it too.

Nothing better than a 'can-do' attitude in the face of a challenge!

So this report by SBI, The Growth Advisory landed on my desk and it's interesting because our friends in the US have been in a pretty rough place politically, socially and economically for some time, but they are also exceptionally good at finding ways to dig them themselves out.

So here's what they're doing.

Investing in new markets despite gaps in confidence

2024 is the year for CEOs to drive growth and lead their teams into more confident mindsets.

The three key growth levers CEOs are investing most heavily in are:

1. Increase customer retention and decrease churn (79%)
2. Boost market penetration and/or expansion (78%)
3. Develop and launch new products (53%)
4. Optimise go-to-market model to improve sales and marketing productivity (75%)

M&A activity is also expected to ramp up with CEOs seeking to expand their markets, acquiring access to new segments, and potentially gaining new customers through both new and existing product offerings.

This is all well and good, but how do you do any of this without the right network, relationships, team or audience?

These components are integral to the success of any growth initiative.

If you build it, they will not come unless you tell them about it and have the right people to deliver.

It would seem CEOs are clear on the plan, but less so on their ability to execute successfully.

So here's my take.

I've seen businesses do all of these things in the most challenging economic climates and generate extraordinary outcomes, but the consistent thing they've had is a focused effort on building the right relationships and engaging with their market to execute their strategies.

• Product launches - even if you're repackaging something - are an excellent and often overlooked way to drive growth.
• Increasing customer retention is about solving problems your customers face while delivering excellent service and outcomes to your existing customer base, consistently.
• Boosting market penetration or expanding into new markets requires a market engagement strategy and the right relationships. It doesn't need the CEO to make it happen, just to give permission. This is about empowering people to connect and build relationships so they can achieve the growth targets.

Finally, lack of confidence can sap all your energy. It's time to stop second guessing your abilities and take the first next step, then the one after that.

Doing this again and again will rebuild confidence in ways you can't imagine.

Here's the link to the report for a more in-depth view:

Investing in New Markets Despite Gaps in Confidence

Would love to hear what you're doing to grow your business in FY25

Nina

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We help businesses grow and achieve exceptional outcomes by creating strategies that put them in the right place, with the right people, at the right time, with the right message.

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