Making your Small Business a Big Business
Implementing specific types of strategies can create immense growth potential for your business. Below are some proven strategies to help your business scale:
- Current Customer Cross-Sell/Up-Sell– Leverage current customers to repurchase or buy another product. It is significantly more cost- effective to market towards repeat customers than new customers
- Referrals– Referrals are a tried and true way to use your current customer base. If they like you, they will most likely be very willing to refer others within their network to your organization
- Innovate or Augment your Product or Service– Discover new use cases for existing offerings to build a deeper bond with current customers, thus, increasing their switching costs.
- Extend your Market Reach– Re-package your current products/capabilities to a new industry with similar use cases.
- Contain your Costs– Determine what products are not contributing to the bottom line, and choose to eliminate them from the offering, or alter the design, streamline the production for specific use cases, etc.
To successfully apply strategy into your business, it is essential to set aside time to plan how, when, and why the strategy will be implemented. Planning will ensure that the strategy is suited for your business and will become an asset.
Read the full article: Making your Small Business a Big Business
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Business Growth – Scaling revenues via New Product Development
How often do you launch a new product only to see it not meet company expectations? There is an underlying strategy that can be utilized to ensure every initiative succeeds.
Listed below are seven key steps to follow throughout new product development:
- Idea Generation & Screening – Leverage the in-house team to continually share new ideas and filter them periodically to analyze the potential opportunity
- Business Evaluation– Ask the question: “Will this product coincide with the business mission and objectives?”
- Concept Development– Decide whether the short-listed products are feasible to produce given the current in-house resources – budget, time, equipment, etc.
- Product Development– Create a prototype of the product to confirm the hypothesis w.r.t the market need
- Market Testing– Determine how the product will be marketed to suit correct audiences
- Commercialization– Price the product according to the competition, estimated product lifecycle, etc.
- Product Launch– After implementation of all previous steps, introduce the product to the market
These specific steps are not set in stone and can certainly be tweaked if need be. Depending on the industry, in-house know-how and available resources, some steps may be voided or modified as necessary. Extensive research has been done to prove this methodology and its’ success throughout the new product development process.
Read the full article: http://blimey-blog.blimeycreative.co.uk/new-product-development-process-defined
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StratMG is back online! As a refresher, we have a proven record to be your trusted advisor as it relates to business growth via off-the-shelf technology platforms and processes. Scaling a company relies heavily on the ‘right’ business strategy, i.e. ‘which rabbits to chase,’ and superior execution.
Moving forward, we will share our experiences, learnings, tips, trends, etc. on the different aspects of business growth, for instance –
- Budget and resource allocation
- New Customer Acquisition Vs Retention Vs Customer service
- Sales – Sales process, as it stands in the digital world
- Marketing – Converting it to a pre-sales organization, Mapping every dollar spent to sales
- Operations – Key trends
Posts can be expected multiple times every week, and each week we will focus primarily on one topic related to those listed above.
So buckle-up and stay tuned for our two-cents…
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The benefit of the doubt
Doubt is corrosive.
Someone faced with doubt rarely brings her best self to the table. Doubt undermines confidence, it casts aspersions, it assumes untruths.
Yes, of course you need to qualify your leads. And yes, we know that you need to protect against risk and to not waste your time.
But… if you’re going to spend five minutes or five hours with someone, what happens if you begin with, "the benefit of confidence" instead? What if you begin by believing, by seeking to understand, by rooting for the other person to share their best stories, their vision and their hopes?
Perhaps you can manipulate someone by scowling, by negging, by putting on airs. But if you do that, you end up with people who have been manipulated, who are wounded and not ready to soar.
The problem with qualifying leads is that all the obvious ones are already taken.
The challenge with assuming that someone is completely imperfect is that you’ll almost certainly be right.
There’s plenty of room for doubt later, isn’t there?
via Seth Godin http://ift.tt/eQc8PW
June 27, 2016 at 08:49PM