Nowadays it is almost impossible for a business to grow without a presence on the Internet. By applying a digital growth strategy, it can achieve even more. 

What is a growth strategy?

The conception of growth can be pretty elusive for businesses, but its strategy is straightforward. When it comes to growth strategy, there are 2 variables: a product and its target market. Another important thing to consider is whether the product and the market are new or already existing. A combination of these factors gives businesses a total of 4 growth strategies to choose from:

How similar is a digital growth strategy to a standard growth strategy?

Standard growth strategies were defined in the 1950s and have been taught since then. However, digital technologies and the Internet have drastically changed marketing, and digital growth strategies emerged. Thankfully, a digital growth strategy is not so different from a standard one. The main difference is that the implementation of digitally-enabled growth strategies requires less time, less money, and less risk and can be done via digital means. Thus, a digital growth strategy can take the form of digitally-enabled market penetration, digitally-enabled product development, digitally-enabled market development, or digitally-enabled diversification.