Strategic report: Nine ways to propel growth in 2021

It has been said that the best companies find opportunities in the worst of conditions. 

Indeed, far from battening down the hatches, now is arguably the time to invest and take a lead on the competition.

RWRC’s wide-ranging report, The New World of Growth, guides you through how to do just that.

Packed full of real examples of how to develop sustainable growth strategies, from the likes of Coca-Cola to Hotel Chocolat, this report is unmissable reading for any business that wants to thrive, not just survive.

Taken from the report, here are nine ideas to get you started:

1. Focus on sustainable growth to build a solid foundation – don’t be tempted to buy sales as it will derail you in the long run.
2. Invest in your online capabilities – if there was ever an investment priority for growth, this is it. Focus on CX, data, search and fulfilment.
3. Plan new product lines and invest in own-brand to differentiate your product offer. Retailers looking for where to place their bets should assess short-term pandemic trends in the context of those that have been gaining momentum for a longer period of time.
4. Rethink your property strategy: What is the role of the store? How many do you need and where should they be?
5. Consider how to target people in their homes through technology.
6. Move sourcing closer to home to better ride out periods of market volatility.
7. Consider new models, such as product rentals, subscriptions or services.
8. Reappraise your supplier base and work with partners that will challenge your way of working but also understand the changing needs of your customers.
9. Ensure changing consumer mindsets around issues such as diversity, sustainability and value are reflected in your business.