6 Reasons Why Your Business Needs a Growth Strategist to Excel
A growth strategist prepares and executes the strategy to bring more revenue, expand business, and improve overall business performance. In short, a strategist thoroughly understands business goals and performance criteria to provide them with tailor-made growth strategies.
The key role of a business growth expert can vary depending on the individual requirements of any business module. Depending on a company’s growth plan, the person devises a strategic plan by considering all the aspects of a business’s performance.
The major goal behind the growth policy is to expand business revenues and the overall scale of business in terms of lead generation, client retention, etc. A growth strategy ensures you are ahead of your competitors and maintain a sustainable growth plan.
6 Reasons Why a Growth Strategist Is a Must for Your Business
Not all businesses need a strategist! Here is why
A small business already has a plan to secure a market share. Also, some people prefer hiring consultants for a limited time to achieve their goals. In other cases, some businesses’ products are an instant hit, so they don’t need a professional to do the job.
However, hiring qualified and experienced personnel to perform the job effectively becomes crucial at some point in a business journey.
Regardless of this, the following are the benefits of hiring a strategist to manage your company’s growth.
1- Detailed Market Research
A strategist must conduct detailed market research before developing a workable plan to boost business sales. They then analyze the data using tools, software, and competitor analysis.
They also have a keen understanding of important performance markers. These data-driven insights are crucial for further planning and paving the path for any business’s success.
2- Focus on Long Term Goals
A business’s growth strategist uses a keen eye rather than working on short-term success. He always focuses on long-term goals/ gains and designs a strategy prioritizing them.
3- Business Roadmap
Every business needs a roadmap to thrive in the long run. This roadmap is also known as the growth strategy that a growth strategist gives.
It includes all areas of a business’s success, including market penetration, product improvement, customer retention, market diversification, finding mergers, etc.
4- Aligns/ Redefines Business Goals
Having a growth strategist with you helps you to recognize ongoing market challenges and predict the market situation in upcoming years. It identifies potential profit and risky areas and helps the business redefine its goals.
They refine ongoing business practices and work closely with marketing and sales teams to optimize strategies that boost customer acquisition, retention, and revenue growth.
5- Sustainability
The ultimate goal of having a business growth expert is to prepare your business to face the upcoming challenges in the market. A part of it also includes a plan for staying ahead of time and coping with the changing industry trends.
6- Optimizing Organizational Structure
A business expert is also responsible for the optimization of organizational structure. They may provide guidelines on improving team structure for performance optimization and financial gains.
Common Questions About Growth Strategists
Qualification
Most people are curious about what degrees and qualifications a growth strategy has.
Most people have Bachelor’s degrees in business, finance, and economics. But to your surprise, a growth strategist may or may not have a degree in these disciplines.
The role is more about the comprehensive skill set needed to perform the job than having a rigid educational background. People with expertise in data analysis, strategic planning, market research, etc., are a good fit for the job.
Key Role of a Growth Strategist
A growth consultant is a versatile role that requires experience and expertise in the following:
If you want a killer growth strategy for your business, consult the industry experts via Growth Professionals and pave your path to a sustainable future.
Book your free consultation now!
Key Skills
Below are some essential skills a growth consultant should possess:
- Analytical skills
- Strategic thinking
- Communication skills
- Hands-on experience with analytical, tracking, and marketing tools
- Expertise in growth hacking.
Tools a Growth Strategist Uses
For analysis, forecasting, and data insights, they depend on a variety of tools, including:
- Analytics: Google Analytics, Sas, Tableau
- A/B Testing: AB Tasty VWO, Apptimize
- CRM: HubSpot, Salesforce, Zoho
- Email Marketing: Mailchimp, Email Octopus
- SEO Tools: Semrush, Ahrefs
- Project Management: Asana, Jira, Asana
Earning
On average, a growth strategist earns $130000+ per year. However, earnings depend on various factors. These include:
- Experience in the field
- Skill set (beginner, mediocre, expert)
- Industry
- Geographical location
- Company size.
Bottom Line
A growth strategist develops the growth plan for a business to thrive in upcoming areas. They outline the strategy, implement it, and evaluate its outcomes.
Every business needs one for its growth and revenue. Strong analytical skills, competitive analysis, and hands-on experience with tools are the strongest pursuit of a strategist.
