There's no universal right or wrong in growth strategies, there's only strategies that fit the journey of a certain organization and others that don’t. The right choice depends on time and resources available as well as the stage of development and maturity of the organization.

I often see companies crafting their annual plans with a focus on expanding into new markets. While this can be a valid approach, it’s not always the most effective. Annual planning is inherently tactical, whereas market development is a long-term strategic effort. The two don’t always align seamlessly.

Breaking into new markets typically requires levers that aren’t readily available; such as brand visibility, brand reputation, a tailored go-to-market approach, specific references, advocacy, partnerships, alliances, customer support & service infrastructures; and more.

In reality, the faster and simpler way to drive short-term growth is to focus on market penetration strategies. This means selling more within the markets you’re already in. This is perhaps not as exciting as venturing into new markets, but it’s the most reliable way to make an immediate impact.

As you plan for 2025, start with your current customers and think through how you can increase sales to them. Next, revisit previous customers who have stopped buying and implement customer recovery strategies; regaining past clients is often easier and faster than acquiring new ones. Last, map potential customers you haven't approached yet and go engage them.

Only after that, should you consider venturing in the unfamiliar territory of new market development. Make sure you do a reality check on whether your system is willing and have the ability to support you.

Don’t stake your career on breaking into new markets without enterprise-wide commitment, extensive support secured and enough time to make it work. Without any of all those critical pieces, failure is likely to come.