Pan for Gold right where you are before stretching out those paws…
When we are Kids we can’t wait to grow up.
We wear our relatively uncool Diapers and look at the Big Boys and Girls going to work in their fine work suits and roller-skates.
But once we reach the milestone of Adulthood, we realize that if we had switched Gears too early and transformed ourselves into an elite group of 2-foot-tall CEOs, things would’ve gotten very icky, very fast.
Likewise, in Business, growth should start right where you are. And from the inside out.
Doesn’t it make more sense to patch up your Raft before taking on more Customers? And then for you to master the art of not bumping into every rock in your path before going for a second raft?
Well, that’s precisely what our 12 Market Growth Strategies is about:
1. Focus on the Winners– Revenue doesn’t necessarily mean profit. Many Businesses have a whole bunch products and services that sell really well. But then they’re surprised to find themselves calling their Grandmas to help pay the Rent for the Office Space.
This happens primarily as a result of flawed accounting. It could be as simple as that one single morning bagel causing the miscalculation or that long-distance phone call to your Cat that you’re trying to keep off the book.
So take the time to redo those numbers. Weed out the losers and start promoting your Winners like your Cat’s life depended on it.
2. Hire the Best people in Town– Customers like to deal with competent people and people who care; not people who munch on their Cookies and sip Coffee while being dealt with.
In fact, many Customers stick around when the people they entrust their Business to care just as much.
So, don’t forget to pay those “Superstars” their Money’s worth. And have those sweet Bonuses and Raises lined up for them in a timely manner.
If they bail, some of your customers may end up slipping into Comas, whilst the rest may end up confined to straightjackets for the rest of their days.
And if you don’t have those “Superstars” onboard yet, get some Greyhounds and a White Van and go “recruiting”.
3. Automate and Systemize– Automation saves money, frees up resources and you get to enjoy more of those Dark Invader Mocktails when you’re Vacation. Oh, and you might also have a few bucks left over to help with that expansion project.
4. Outsource like crazy– The roles that our “Superstar Employees” play mainly in the Sales and Aftersales divisions are far too valuable to outsource.
But there’s a whole slew of “technically bewildering” and “low value” tasks that most folks overseas would be able to do just as well for less. And given that the cost of living there is much less, it works out to be a really good deal for them too.
5. Switch providers– Whether it’s your Stationary provider, Coffee provider, Catnip provider or your Energy provider, you may be overpaying by the bucket load. That’s not to say that you should ration everything you provide to your Employees and give them Coffee that tastes like sugary soot. But you should take the time to compare prices once a year or so, to ensure that you’re getting a “fair” deal and an equally good service.
6. Add a “touch of elegance”– What makes the difference between a five-star dining experience and a fast food restaurant? It’s mainly the quality of the food, the service, the touch of elegance and the lack of roaches and bugs.
But what we’re really drawn to is the elegance that’s embossed into every detail of the experience. Strangely enough, that’s also what makes us go back for the same cheesecake that we could probably buy for a $100 less elsewhere.
That and the fact that we don’t particularly enjoy getting murdered by our Spouses for taking them somewhere “cheap”.
Now imagine what it would be like to inject your whole Business Infrastructure with that same level of Elegance and Class, starting with the quality of employee’s teeth, hairpins, accessories, furniture, and carpeting. Would that make a difference to your Business and your bottom-line?
7. Free your mind– Don’t enjoy losing a pint of Blood every week over those time and life sucking Vampires (the unromantic variety)?
They drain your Business by causing a scene in front of your “genuinely” valued Customers. And then they leave you with a twitchy eyebrow for the remainder of the day. Some say that these “bad customer experiences” and their aftereffects can even get passed onto their unborn Children.
So, what’s the solution? Easy. Give them your competitor’s address and tell them that their blood tastes so much better and has far more nutrients.
8. Pump up the value– Boost the value of your products and services significantly and then increase your prices by a modest 3-5%. If the increase in value justifies the increase in price, then your Clients will be happy to stick by you regardless.
9. Add more wheels– Offer them additional services that make life easier (and more enjoyable) for them. For instance, if you’re operating a Cinema, wouldn’t some Popcorn sound awesome (for the Customers, not you)?
10. Recommend Products and Services offered by a competitor through a “profit-sharing” arrangement. But we’re talking about a Competitor whose offering products and services that “compliment” what you’re already selling, not anything identical as that would be not much different to giving them your Bank account details with the passwords.
11. Follow the leader– Already have a competitor that’s leaps and bounds ahead of you and have branches elsewhere? Instead of seeing this as a downer moment to reach for the Ice Cream Tub, see it as a Golden opportunity.
Why? Well, your competitor’s already uncovered some of the most profitable markets for you to go after. So, all you have to do is find the very best of the bunch and set up camp “nearby” (ideally not next door). And then let your “Unique Selling Points” reel in some of those Customers your way.
You can use a similar model in the online World too, by “stalking” your competitor’s every marketing and market expansion move and then modeling after their “winning strategies”.
12. Start Assimilating– One of the more successful and cost-effective Market Expansion Strategies of this era is “Business acquisitions”. It’s so much more cost effective and it allows you to tap into a stream of hungry buyers (hungry for what you’re selling, not Tacos). And they might be cool with your Borg outfit too.
