When aiming for sustainable growth, which is better, market facts or leadership instincts? It can be difficult to say. A lot of Six Sigma practitioners frequently demonstrate that Six Sigma can successfully improve company processes. These can relate to company operations, sales, engineering, manufacturing or anything else. The successes you see with each of these processes all add up to an amplified business performance where quality, process simplification, and decreased costs. But does cost-reduction alone improve market growth? In this article, we look at how Six Sigma relates to market growth. We’ll also explore how you can use Six Sigma ideas to improve market growth rate. Ready? Set? Go!
Four Key Activity Areas for Six Sigma
Below are four of the key areas of activity for Six Sigma work aimed at driving the market growth rate for your company. It’s important to get to know each one and understand how it impacts your business. If you need guidance, we can provide advice and a range of certification courses for how to Six Sigma at varying levels. Understanding how and where Six Sigma is most effective will allow you to apply it to the market process to drive growth. Six Sigma is also incredibly useful for market research and analysis purposes.
Validating the Market (to Improve Market Growth Rate).
Studies have shown that the highest-ranking issues for growth project failures are those related to market validation. We find that many when you reach a breakthrough in your growth projects, you start to learn how breakthroughs occur. Once you’re aware of the strings, you can manipulate them to your advantage.
Generating Ideas for Market Growth.
Creative thinking is always a useful asset for Six Sigma, and tools like brainstorming are a great way to get ideas flowing. Ensure everyone on your team is familiar with the problem, i.e. your poor rate of market growth. If you consider this to be too complex and wide-reaching, then start smaller, with a related subproblem. Your team should be large enough to allow interaction, but not too large that it becomes over-encumbered with ideas. This is an organic process wherein ideas bounce off one another naturally, but it also requires some degree of control. Too large a group and some people will start to be left out, which could affect the rest of the group.
Targeted Commercialization and Market Growth.
Applying Six Sigma to your marketing operations will allow you to enhance your deliverability. With Six Sigma and a streamlined set of processes, you will find you can more easily meet market demands. Your efficiency will improve, as will your effectiveness at planning and managing your marketing process. These improvements will also enable you to make educated decisions about commercialization. Using Six Sigma and targeting specific business areas for commercialization means you can increase revenue as you continue to expand.
A Business Case for Increased Market Growth Rate.
To drive your market growth rate, you must accurately capture the reasoning behind your desire to do so. A business case does this for you, taking the form of a structured document with which to lay out the logic of your market expansion. Be sure to include your resources, such as revenue or labor, as well as how you expect to benefit from all of this.
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