Scaling up is as important for a business as oxygen is for fish. Without growth, more than half of UK businesses hardly cross the 5-year mark. In fact, 57.6% of businesses founded in 2013 were gone by 2018. While your service industry and target audience dictate where the business is headed, the types of business growth strategy plan that you use to promote your business are also critical.
Let’s learn the primary growth strategies from the most successful companies in the world:
The spoken word is perhaps the first promotional tool used by marketers. It is relevant even today. Neilson reports that as many as 92% of people trust the products and services recommended by friends and family.
Glowing example: Slack – the company grew from just 8,000 users in 2013 to over 10 million daily, active users today, purely through word of mouth.
- Clean, minimalistic, and clutter-free offerings
How many licenses do you pay annually for with features that your business hasn’t ever used once?
Your app might be doing well, as would your product. But there’s no need to ruin it with annoying ads, cumbersome add-ons, or pointless features that your customers will never use.
Glowing example: Whatsapp – the founders created a product that had no ad, no monetization avenues, and a free first year to entice users with a clean, minimalistic, and value-adding product.
- Value addition referrals – Viral loops
The basic premise of viral loops goes like this – you try a product, you get a valuable incentive when you refer it to others, and they receive an incentive upon signup. A viral loop is a self-propagating lead acquisition machine that operates round the clock, 7 days a week, 12 months a year.
Glowing example: Dropbox – the service launched in 2008, and by 2009 it hit its million-users milestone.
So, there you go. Which of these are you thinking of using for your own business? Let us know in the comments below!