While most companies would love to grow like Apple and Amazon, not all of them have the necessary components. When I consider the calculus for high-growth companies, part of the equation is spelled out in these four questions:
It is stunning how few organizations consider client experience when that will be the foundation of both their stickiness and shareability. Will the clients return? How often? And most importantly: Why?
Asking your clients WHY they selected you is critically important! It confirms your value proposition and allows you to better understand the current market. It sounds simple yet few businesses do it.
Who else is doing what you do? Who is doing it similarly? Who just might be doing it better? Who has done it before you?
I often see business leaders take on an air of superiority and allow their egos to drive them away from the fundamentals. Studying your competition is an absolute must if you want to grow quickly and be sustainable. Sam Walton, the founder of Walmart, famously was known to visit competitors in every city he traveled to. He would always try and find at least one takeaway that he could implement in his own stores … even if it was a tiny detail.
Diligently seek ways to improve. After all, if you want your business to be the best it can be, you need best practices to continually feed it. There’s no need to reinvent the proverbial wheel. Your competition is likely doing at least one thing better than you. Find it and improve upon it even more!
What do you stand for?
What emotion do your logo and branding stir? Understanding what you stand for is the first step in occupying the mental real estate inside your client’s head.
Once you have successfully implemented your branding strategy, you will begin to attract that clientele who enjoy the status and allure of buying from you.
A great example is Deere & Company. Nearly everyone is familiar with John Deere farm, lawn, and construction equipment. Throughout the years, the company built up a bulletproof reputation synonymous with quality. While often more expensive than competitors, people paid the higher cost because green and gold signify reliability, and those who buy it are perceived as willing to spend more for quality. They were able to attain this iconic status as a result of defining their values and ensuring those are encapsulated in everything they do.
Are you shareable?
Does your product/service create clients so elated with their experience that they can’t help but tell everyone they know? Do you deliver “amazing?” The saying goes “if you’re the only one spreading the word about your product/service, then you have a hobby, not a business.” Intentionally crafting the client experience and delivery is key. Then, clients will do your marketing for you!
Discussing and solving these questions with your leadership team is critical. Once you have them, you will be well on your way to the type of growth you desire.