WHAT IS GROWTH METHODOLOGY
Simply put, Growth methodology is the process of analyzing, discovering and fixing problems which restrain a business from continuously making more sales, driving in more customers, strengthening its position on the market and therefore preventing it from growing. The most common growth obstacles are usually found in 3 key segments: business development, brand development and marketing.
Even though busy business owners often think that short term advertising will resolve their growth problems, to accomplish sustainable long term growth, fundamental elements like achieving product-market fit, effective communication of company’s values, retention of existing customers, etc. need to be established. Thus, Growth Methodology is developed to provide guidance and assistance.
Solutions for growth problems
After growth obstacles are detected and agreed upon, a customized “package” of services and products is proposed as a solution. Created with intention to deliver ROI as soon as possible, it might include a simpler growth components like more efficient advertising targeting or new sales optimized website. It might also include more complex components like in-depth market research or development of a brand strategy.
As examples, let’s take a look at some of the most common problems that prevent businesses from growing and some of the growth components 5th idea uses as a solutions.
Sometimes, the problem is marketing
A few examples of common pitfalls in marketing preventing companies from growing.
The company is not doing marketing and hoping customers will somehow find them.
The company is spending money on marketing but without well thought out strategy, goals, measurement methods and most likely without results too.
The company has poorly built website which turns potential customers away instead of converting them into buyers.
The company is not aware of the sales funnel nor they have defined customer journey map which would help them close more sales.
The company is not using their existing customers as the advocates.
Marketing audit
Could you get better results for the money you’re investing in marketing?
Marketing strategy
How to find leads who are ready to buy now and what to do with the ones who aren’t?
Web development
Your website is your sales agent. Is your website designed and built to being in new customers?
And much more...
Sometimes, the problem is brand or the lack thereof
A few examples of common pitfalls in brand development preventing companies from growing.
The company doesn’t recognize the importance of brand development and has no brand strategy whatsoever.
The company is not communicating effectively their vision, mission, uniqueness, how are they positioning on the market, etc.
The company has no relationship with the customers and fails to build loyalty.
The company lacks brand crisis protocol and provides poor experience to the customers, ruining its reputation.
The company believes their logo is their brand.
Brand messaging
Brand messaging helps to communicate your vision, values and uniqueness to the market effectively.
Customer touch points
Defining and optimizing all customer touch points enhances customer experience.
Brand visuals
Logo, brand colors, branded graphics, etc. will ensure your company and its story is remembered.
And much more...
Sometimes, the problem is the product/service itself
A few examples of common pitfalls in business development preventing companies from growing.
The company has not reached Product-Market-Fit (yet).
The company is not doing market research to find out what customers actually want/need.
The company is not measuring if their product/service is effectively solving problems.
The company overestimated the market.
The company is not aware of the competition, their solutions or their positioning on the market.
Market research
Market research answers all important questions like; what exactly customers need, how they make decisions, etc.
Finding new opportunities
Find out if there is any market segment you could expand to or seize easily.
Reaching PMF
Get assistance in the process of reaching Product-Market-Fit, the most important growth component of all.
And much more...
Considering the fact that this is barely an introduction to entrepreneurial challenges and 5th idea’s Growth Methodology, I would love to hear more about your experience in growing a business!