Most business owners are driven by the challenge of growing their business. However, in order to get there, we all need to think about a growth strategy and what approach will best suit our business.
Since many companies struggle to grow organically faster than the economy or faster than their industry does, they think that marketing is either magic or luck and they are all looking for that high-powered salesperson that closes every lead that they get.
Fast growth can be easier to accomplish in categories led by originality and introduction of new products and services, which can increase sales quickly. However, most businesses opt for a more gradual growth that is more manageable and involves less risk.
The truth is that growing a business is about strategic thinking and execution planning plus understanding one simple fact…very few products create new customers. At best my new product allow my company to steal your customers.
Business category growth is usually a zero-sum game. There are plenty of customers out there and it really doesn’t matter how many suppliers there are, having more suppliers will usually not create more customers. In order to grow you must steal someone else’s customers.
To grow your business, you need to decide whose customers you are going to steal, this is the essence of strategy and then you must do whatever you it takes to steal them, this is execution. Why would the customer buy from you if they are already happy buying from a competitor?
If price is your only answer you are in trouble.
Once you know the answer as to why customers buy from you and buy from your competitors, then you must do those things that give you a competitive advantage every single day without fail.
But if you are trying to steal my customers, then it stands to reason that the I should be trying to steal yours. You have to make sure that you keep your customers more than satisfied or they might buy from your competition.
To do this, decide what it is that your competitors might try to do to steal your customers and what it is that you can do to prevent this. This is strategy.
Once you know that answer then you must do that every single day without fail. This is execution.
Growth involves risk and commitment; but, well-managed, it should be achievable for most businesses. It will not necessarily happen fast or enable you to retire next year; but every business started somewhere.
Remember…You must play offense (steal customers) and defense (keep customers) daily to win the game!
How do you grow your business?
Dave Baney is the founder and CEO of 55 Questions, LLC and author of “The 3×5 Coach: A Practical Guide to Coaching Your Team for Greater Results and Happier People”, which is now available in Paperback or a Kindle version at https://tinyurl.com/y8ecykfy
At 55 Questions, we work with successful top executives with a driving ambition to crush their competition. We help CEOs and Entrepreneurs improve alignment, communication and accountability throughout their organization. www.55Questions.com
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