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Businesses stop growing at the same rate as during initial years. There comes stagnation due to many factors like changes in tastes & preferences, technological changes & advancements, etc. How come then companies like Coke, McDonald’s maintain healthy rate of growth? How do these companies survive despite many odds? There are many strategies to overcome such problems.
1. Expand the usage – one product is always suitable for a given application within a crisply defined segment. One may try to increase the usage of the product per use or application. For example, tooth paste company may start recommending brushing teeth twice a day. This may lead to doubling of segment size.
2. Expand the segment – a segment consists of a group of people or families with some common factors like demography, income, geography, etc. Businesses can try to expand the segment size by adding people from other similar segments to its own. This may practically mean launching your product into some other geographical area or convert non-users into users of the product.
3. Convert the users – one may try to convert users of one technology to others. For example, is one is using petrol / gas car, another company selling solar energy car can attract customers from other technology.
4. Find other applications – one product may have been marketed from the point of view of some application in mind. Users may have been using it for some other application as well. For example, washing machines are used as mixers in some parts of the world. Even the washing machine manufacturers may not have visualized such application for their products.
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