11 Growth Opportunities for Mid-Size Companies

In a crowded world, it can be tough to make your mark and stand out from the competition. But don't get discouraged just yet – we've got some helpful suggestions for you! As you prepare to take your company to the next level of growth, consider these tips to set yourself apart and attract attention.

1. Diversify your product or service offerings

Expand your product or service offerings to target new customer segments and revenue streams.

This example is one of our favorite opportunities to partner with brands as they prepare to expand. Food companies, tech companies and car companies are just a few that come to mind when it comes to targeting new customers and building new revenue streams. Kellog company owns 30 brands in the food industry. All targeting a different segment of the market. Pop Tarts, cereal, crackers and many more products they distribute to the marketplace. This could be your brand as you navigate which customer segments and revenue streams to expand.

2. Develop a Strong Online Presence

Create a user-friendly website and leverage online marketing channels to increase brand awareness and drive traffic to your site.

Social platforms, online television platforms, and online publications are just a few outlets to name that help increase brand awareness and drive traffic. Creating content specifically for each platform ( each platform has its own tech specs and works in its own unique element) and developing a strong content strategy to build awareness will help to strengthen your brand presence in the marketplace.

3. Build a Loyal Customer Base

Focus on building long-term relationships with your customers through exceptional customer service and personalized experiences.

There are many ways this can be done but first and foremost know your customers. Any successful relationship starts with knowing the other person. Loyalty programs, referral programs and encourage customer feedback. This is huge and shows that you care and are listening to your customers. Play to your strengths and values as a brand.

4. Leverage Data to Drive Decision-Making

Use data analytics to gain insights into customer behavior, identify growth opportunities, and make data-driven decisions.

What gets measured gets managed. Data is a great way to determine where you want to drive attention and sales. Mixing your data with creative solutions to produce new customers is a sweet mix to land on.

5. Develop a Competitive Pricing Strategy

Analyze your competitors' pricing strategies and develop a pricing model that maximizes profitability while remaining competitive in the market.

6. Build Strategic Partnerships

Form strategic partnerships with other companies to access new markets, leverage shared resources, and expand your reach.

Partnerships are what became a game changer for our business. Our bids increased by multiple zeros. Depending on your position in the market this is a great way for both brands to win and increase the bottom line.

7. Invest in Employee Training and Development

Develop a strong training and development program to equip employees with the skills and knowledge they need to support your growth goals.

We’ve worked with various companies, some great and some not-so-great. The ones that invested in their employees that equipped them with skills and knowledge to support their growth, kept their employees longer in the long run. The ones that did not give them the skills and knowledge only kept their employees for a short period of time.

A great way to look at this is not only are you getting someone to work in your company, the potential prospect is vetting you to see if you are a quality company to work for and deciding are you worth investing their time with your company as well. It is a two-way street.

8. Focus on Operational Efficiency

Optimize your business processes to increase efficiency, reduce costs, and improve profitability.

From a video perspective improving profitability in the marketing and advertising department is something that many brands miss out on. Video can be one of the most leveraged assets a company can utilize. From your successful video ad campaigns to marketing content to publications to having a company manage your media, there are a plethora of options for re-purposing the content you have created. There are many angles you can look at to maximize your profitability and reduce cost.

9. Explore International Markets

Consider expanding into international markets to reach new customers and generate additional revenue streams.

This is something a lot of brands have an opportunity for expansion in. Other countries export certain aspects of their culture to different countries. That looks like luxury goods, beverages, finance, and much more. This is an option worth exploring.

10. Build a Strong Brand Identity

Develop a distinctive brand identity that resonates with your target audience and sets you apart from competitors.

The beer company, Bud Light, is currently in the mainstream media for its marketing decision to hire Dylan Mulvaney a trans influencer to represent their brand. This decision cost billions of dollars. Why? It all came down to their brand identity and target audience.

They completely went against who their identity was along with their audience and it cost them millions if not billions. Let’s say if this was a decision made by Nike, it probably would not have had that big, if any, of a lash back.

Due to their brand identity and audience. Understand what to avoid, and integrate language you can use to connect, advertise and use across social platforms.

11. Continuously Innovate for Brand Growth Opportunities

Embrace innovation and continuously develop new products, services, and processes to stay ahead of the competition and meet the evolving needs of your customers.

The exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency and, most importantly, improve its profitability.

These strategies can help mid-size companies achieve growth, increase profitability, and remain competitive in their industry. By focusing on diversification, online presence, customer loyalty, data analytics, partnerships, employee development, operational efficiency, international markets, branding, and innovation, mid-size companies can achieve sustainable growth and reach their full potential.

---

Schedule a Complimentary Strategy Call

To schedule your complimentary strategy call click below:

>>Schedule My Video Marketing Strategy Call!<<

Visual Media Edge is an Emmy-winning production company with 20 + years of experience in Television, film, commercial and corporate work. We hold an extensive background in helping companies from content creation to distribution. Our latest work includes ads that have generated $3 million in revenue and The Last Champion starring Cole Hauser.

To further discuss how Visual Media Edge can help you create branded films contact info@visualmediaedge.com