What is sustainable growth? And more importantly, what are the best ways of achieving it?
How many times a day do you hear the word growth? Probably a few. But, how often do you hear about sustainable growth? My guess it not very often. Choosing the right strategy to achieve organic growth can be difficult. Fortunately, there are many paths to sustainable growth and according to this recent study, choosing more than one is the best route.
Growth can be a strange beast. It’s something we’re constantly in search of, but, are we prepared to meet it? Organic growth can be achieved in a number of ways. It begins with positive digital interactions, an impeccable user experience, and supreme customer service. McKinsey Quarterly recently published an article explaining the three different types of growth profiles. After surveying 600 executives from North America and Europe, they found that companies exhibit three basic growth tendencies, and that an approach combining two or more of those tendencies is more powerful than only utilizing one profile. They also found that advanced analytics is one of the key ingredients of exceptional growth.
The three growth profiles outlined in the article are:
- Creators: Focus on building new products, services, or business models.
- Investors: Focus on allocating funds to proven areas.
- Performers: Focus on improving core capabilities.
The study found that companies who combined two or more of these profiles with advanced analytics systems, were ultimately more successful.
Read the full article below
There are many paths to growth, and high performers take more than one–supported by reinforcing capabilities such as advanced analytics and digital customer-experience management.