Have you thought of doing some growth hacking for your enterprise, or hiring a company to do it? Perhaps someone convinced you that it was a wonderful idea, and that it wasn’t too hard.
Whatever it is, it’s not everyone’s cup of tea to exponentially grow their business.
So, what can be done ?
And what is the trick ?
Well, there is no trick.
There is a strategy. There is work. There are things to be done.
On that note, Hirav Shah, Renowned Business Transformation Leader, outlines how to exponentially grow your business !!
Exponentially grow your business
1. Add new products and services to your mix
This strategy sounds relatively easy, but executing it well can be difficult. For starters, you need to figure out which products and services your consumers want, and how much they’ll be willing to pay for them. Next, figure out whether or not you can sell these products and services at a profit.
2. Sell more products and services to your existing consumers
This is the flip side of the above-mentioned strategy:Penetrating further into your present consumer base. Start to perform a market segmentation analysis to identify the customer segments that are more likely to buy so you can focus your sales and marketing efforts on these segments.
This analysis will divide your consumers into segments based on the criteria you choose (age, gender, location, buying history, etc.) so you can have an analysis of their potential profitability when it comes to selling them new services and products. Armed with this information, you can much better allocate your sales and marketing funds.
3. Expand into new territories
The idea here is to market and sell your existing products and services to newer territories. These new customers can be in different segments or niches or different locations from where you currently function.
If yours is a storefront or retail business, this type of expansion will likely involve opening new locations in different geographic areas — whether across town or across the Nation.
Doing so will need a significant investment of both time and money, time management is something, in life and in businesses, we put a lot of focus on learn techniques to become the master of your own time. Perform thorough market research first to make sure there is enough consumer demand in the new territory to justify the expansion.
4. Target new customer markets
Most enterprises target their sales and marketing endeavors to specific customer markets based on demographics like age, gender, and location or psychographics like interests, activities, and values.
5. Tap into new sales and delivery channels
The Internet is the finest example of how a new sales and delivery channel can transform a small setup. Countless companies have reinvented themselves to take advantage of opportunities online. Yes, countless, indeed…
Merging with or acquiring another business can be the fastest route to growth and expansion and can literally double the size of your business overnight, growing your sales and revenue exponentially. But you must perform thorough due diligence on any potential acquisition candidates before proceeding with a business merger.
India’s Most Influential Business Enhancement Expert and Astro-Strategist Hirav Shah, Concludes By Quoting-“Exponential growth can be achieved when you know where you are, what is your GOAL, why you want it, what’s the GAP between your goal and your current position and finally what are the possibilities to achieve your goal”.
Frequently Asked Questions
Do companies grow exponentially?
No company can experience exponential growth without the ability to attract new customers.
How can I get 10x growth?
By accepting imperfection and moving towards a product of value without being too nitty-gritty, you may achieve 10x growth.
Give an example of exponential growth.
One of the finest examples of exponential growth is observed in bacteria. It takes bacteria around an hour to reproduce through prokaryotic fission.