What is a growth strategy?

In today’s competitive landscape, having a clear and energetic growth strategy is essential to stay ahead and thrive. During our own projects and conversations, we sense a growing importance for a Growth Strategy mindset, especially when looking for pockets of growth and the monetization of them. But what exactly is growth strategy and how can you get started with spotting the right growth opportunities for your business? Let’s dive in and explore this concept together.

Growth means expansion.

Simply put, a growth strategy is a plan to achieve sustainable growth. Think of it as your business' GPS, guiding you towards more revenue, a bigger slice of the market pie, and increased long-term value for your customers, our society, and the world around you. It is a detailed roadmap with steps to take and new opportunities to find. By spotting these opportunities and using your resources wisely, you can take your business to new heights.

Growth without a strategy is pure luck.

Strategy vs growth strategy.

Remember our discussion about "What is strategy?" in our other blog? Well, growth strategy is like a specialized version of that. It embraces the same key questions but with a focus on growth opportunities. While all growth strategies are strategies, not every strategy is a growth strategy. Let’s break that down:

Two peas in a pod.

'Strategy' and 'growth strategy' are plans and make for two sides of the same coin. They both act as guidelines on your path to success. These plans help you to make smart decisions and instruct you how to go about them. Much like an architect has designed a blueprint before they start building a skyscraper, they promptly consider the capacity, structural integrity, and safety aspects of the building. Without considering the fundamentals, the building will not be a success, and neither will your business.

Holistic vision vs targeted expansion.

Imagine strategy as a grand plan that covers all the company's basics. From marketing objectives to ensuring daily operations are taken care of and the finances are in order, it's the chart that guides the ship. Even when the winds shift, the plan serves to guide the ship in the right direction.

Now, think of growth strategy as the 'X' on the ship's chart. Not only does it provide direction, but now it shows where there is treasure to be found and new growth opportunities. Adjusting course correctly, and navigating the winds and waters, the ship -the company- can discover new customers, create innovative products, or even team up with others to drive growth together.


Current trends and practical examples.

Occasionally, charts can be a challenge to read, let alone write, especially when you are in the middle of steering your ship. So here, we explore how some companies have successfully implemented growth strategies by leveraging current market trends. By understanding their approaches, we can gather information and take a better look at our growth strategies to further our business. These examples will display the importance of innovation, data-driven decisions, and diversification in driving sustainable growth. Now, lets dive into the journeys of two giant ships and learn how they charted for success.

How Amazon's innovation drives market leadership.

Amazon demonstrates how continuous innovation can lead to significant growth. With its 'Prime' services, it provides fast deliveries and has set new standards in the retail industry. Its investment in logistics and technology, such as its extensive warehouse network and use of automation, increases delivery efficiency and customer satisfaction. Additionally, Amazon Web Services (AWS) allows them to diversify their revenue streams, making a substantial impact in the cloud computing market. As Amazon charted their course, and identified different 'X's on the map, it was able to sustain growth and long-term success.

How Netflix uses data to drive growth.

Netflix on the other hand, has taken a different approach. Focusing on user-data, to offer personalized content recommendations, has led the company on its course to intense growth in a short time span. By doing so, Netflix was able to retain current users and attract new ones by using user data and neatly catering to the user's needs. Its investment in third-party content, with shows like 'Friends' and movies like 'The Avengers', helped attract new users globally. Once there, original content like 'Stranger Things' and 'Black Mirror' made sure these new subscribers would stay subscribed, as this content became Netflix’s unique selling point. The company's strategy of leveraging big data and original content creation has proven to be a successful model in the digital streaming industry. Read more about the success of Netflix in our blog.

Back to the charts.

Amazon and Netflix looked at the environment around them, and charted their courses accordingly they saw great financial growth. You can learn valuable lessons about using innovation, data, and diversification, and charter your company's course toward success.

To make the theoretical more practical and provide you with the right elements to make your own chart and create a growth strategy that sets your business up for success, lets dive into four practical steps to help you identify your growth opportunities.

4 ways that can help you spot your next growth opportunities:


1.      Start to further understand your business. What are your strengths, weaknesses, and capabilities? By assessing where you came from, you most likely can see clearer where you can go.

2.      Beyond the horizon. Take a step back and look at what is happening in the world around you. It will help you spot growth opportunities within evolving trends. Use these insights to create innovation and informed decision-making.

3.      From rivals to role models. Take a look at what your competitors are doing. It will give you insights into which opportunities have already been explored and you can learn from their mistakes and successes. Who knows, you might just find your next ‘partner in growth’.

4.      Talk to your customers. Engage with your customers to understand their needs, pain points, and evolving expectations. Conduct surveys, and interviews, and observe your customers in their natural habitat. Leave your desk and go on a safari. It’s not until you leave your office that you get to know your customers.

Create your path to success.

By strategically navigating new territories, exploring opportunities in your business' context, and truly understanding your customers, you can identify the 'X' on your chart and set the right course.


Before you get started with designing your growth strategy. You must have a good understanding of your general business strategy.

Is your innovation strategy solid and ready to get you real business results? Take our 5-minute test and get pro tips on how to create more value for your customers, our society, and the world around us.

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Looking for a growth partner in crime? Meet Patrick.

He is our strategy guru.

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Patrick van der Pijl
Patrick van der Pijl