Drive growth and profitability with web application development with Wezom

by Bob F. CCO

The world is changing. Mobile devices and the web are transforming how we work, play and communicate.

As a business, you are either transforming to thrive in this new world or you are falling behind. In 2022, more and more people are turning to their mobile phones and the web to find products and services they need. If you want to grow your business, you must be able to provide these services to them.

With the right mobile application (or web application) development strategy, you can transform your business and become the go-to resource for your industry. In this article, we will discuss how to drive growth and profitability with web application development.

Identify Growth Markets And Products

One of the first steps in developing a strategy for growing your business is to identify the industries and markets you want to operate in. You should consider all aspects of your business, not just your direct sales or marketing efforts, in order to determine the right market for your product or service.

As a business owner, you want to ensure you choose a market that is both profitable and has the potential to grow. When developing your strategy, you should consider the size of the market, the type of people in the market, the growth rate of the market, the barriers to entry for new competitors, the profitability of the market and the demand for your product or service in the market.

Choose A Market Research Agency

If you want to drive growth and profitability, you must perform market research to have solid numbers to work with. The ideal market research agency will be able to provide you with information about existing and potential customers, competitors, pricing, promotions, etc. in your chosen market. They will also be able to provide you with information about the skills and capabilities of the employees you will need to acquire to operate in the market.

When performing market research, be sure to consider the following:

• The size of the market
• The industry structure of your market (Is it mainly brick and mortar or online marketing?)
• The growth potential of the market
• The type of customers you will need to attract
• The competitors in your market
• The pricing strategy you will need to use to gain a profit
• The promotional strategy you will need to use to gain customers
• The type of talent you need to attract (people with specific skills)

Develop A Marketing Plan

Marketing plan should include all the above information as well as the following:

• Your target audience
• The type of content you will use to reach your audience (blog post, e-book, white paper, case study, etc.)
• The frequency of your content (once a month, twice a month, etc.)
• The distribution platform you will use to reach your audience (email list, blog, social media, etc.)

Develop A Sales Plan

Sales plan should include all the above information as well as the following:

• Your sales team
• The type of people you will use to sell your product or service (the ideal team for this is a mix of experienced salespeople and individuals who are not yet familiar with the industry)
• The best time of day to call them (what works best for your team?)
• The marketing plan you will need to follow to achieve sales (e.g., how will you promote your product or service?)
• The pricing strategy you will need to use to gain sales
• How will you track your progress (e.g., sales reports, web analytics, etc.)
• The role of your sales team (e.g., will they be supporting sales or acting as the face of your company?)

Developing a strategy for growth and profitability almost always means taking a backseat to someone else. No matter how good an idea you have for expanding your business- and we all have good ideas- you will need to make sure your team understands what is driving the expansion and how they will participate in the growth. In the next section, we will discuss how to put into place a framework for reviewing and measuring the effectiveness of your strategy.

Review And Measure Your Results

You need to review your strategy periodically to track its effectiveness. For instance, you may want to perform a complete audit every year and track the results of your strategy. This audit should consider the following:

• The market size and growth rate
• The pricing strategy
• The marketing plan
• The sales plan
• The number of personnel you need to reach your goal
• The productivity of your personnel (e.g., how many calls per day does your sales team need to achieve their goal?)
• The amount of capital you need to invest
• The return on investment (ROI)
• Your financial plan (e.g., are you ready to raise capital?)

The data from this audit should then be analyzed and used to determine whether or not to continue with the current strategy, or to change gears and develop a new strategy.

The Role Of The CFO

As the Chief Financial Officer (CFO) of your company, you must ensure you have the right systems and infrastructure in place to track and analyze the results of your strategy. Your company's Chief Operating Officer (COO) should be able to provide assistance with this. One of the first things you should do is set up weekly or monthly goals for your marketing, sales and strategy teams. These goals should then be converted into specific tasks and action plans to help you reach your goal.

What Next?

Once you have developed a strategy and set measurable goals for its implementation, it is time to move forward. You need to put into place a clear plan for the implementation of your strategy and then track its effectiveness on a weekly or monthly basis. This will require a significant amount of work on your part so that you can ensure the plan is being followed and the results are being achieved. If you want to drive growth and profitability, you must be willing to put in the work to see it happen.

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Created on Dec 21st 2022 10:59. Viewed 244 times.

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