Growth hit a ceiling?
The secret to breaking through and taking you or your business to the next level.
Most clients think that just putting more wood on the fire is the fastest way to grow, or if they can just shout louder than their competitors they can win the business, but that rarely works.
There are only three ways to grow a business, and by growth, I mean generating additional revenue or profit.
Growth through increasing marketshare of existing products
Growth through expanding markets for existing products
Growth through introducing new products
1. Growth through increasing marketshare of existing products.
This is probably where you are right now. The best way to increase market share on existing products is to create deeper contrast between you and your competitors, so that choices become easier for your target customers. (Remember, this same strategy applies if you are looking for a job.) In short, rather than trying to be better, you must be different.
2. Growth through expanding markets for existing products.
Rarely do clients do a deep dive into who else could benefit from their products or services. Ruts are self created. The more we do the same thing, the deeper the rut. The more we invest in a strategy, the more we get committed to the strategy and fail to see new opportunities. One of the fastest ways to jump-start growth is to step outside the box and look at what other industries or markets are being underserved, or are experiencing pain that you could solve. A simple tweak to, or even just a marketing message for an existing product could open up a huge new market.
3. Growth through introducing new products.
Developing new products can be hard. Often the best way to grow is to consider incremental changes to your existing products that will either expand wallet share with your existing customer base, or take advantage of new markets. Or, maybe, due to your deep experience with your existing customer base, have you been able to identify other pain points that are not currently being solved. This allows you to be a first mover with a new product or service and gain a quick competitive advantage by already having a trusted brand and an existing relationship with the market.
Don’t get frustrated—get smart. Growth opportunities are all around you. Step outside of the box and think from your customer’s point of view. Ask; “Are there additional markets my existing products could solve a problem for?” And, “Can I tweak or create a new product or service to expand wallet share with my existing clients or break into new markets?”
Personal brands are the same as business brands. What other markets could benefit from your expertise? How else could you apply your expertise to solve new problems?
Steve Brazell, Founder of Hitman Inc., Competition Removal®
