How to Make The Right Growth Choices
Originally published: 05/09/2018 17:52
Publication number: ELQ-19051-1
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How to Make The Right Growth Choices

7 Growth Choices That Can Make or Break Your Business

Introduction

Most of you new venture founders I meet as an angel investor seem convinced that starting the business is the hardest part. You look forward to the day when your business becomes self-sustaining, and settles into a long-term growth curve, ensuring financial success. Unfortunately, sustainability is proving to be a more and more complex challenge in this era of rapid change.
I’m sure you can all think of several examples of businesses that popped up quickly, with great business models, but then faded just as quickly. Examples would include Pets.com, Webvan, and Blockbuster. Most executives will tell you that sustaining top-line growth with bottom-line profitability is perhaps the most persistent and vexing challenge they face on a daily basis.
The problem, according to Tiffani Bova in her new book, “Growth IQ,” is that it’s never just one thing. It’s all about picking the right strategy, right deployment context, with the right combination of initiatives. As the Global Customer Growth Evangelist at Salesforce, with implementation roles at many other companies, she makes a host of relevant observations for every business owner.
Based on my own experience of many years in businesses of different sizes, I’ve prioritized a few of her top recommendations here:

  • Step n°1 |

    Make every total customer experience memorable.

    These days, customers remember the total experience with a company longer than they remember the price they paid. This experience includes browsing your website, social media interactions, the sales process, as well as your support and follow-up. Problems in any of these areas will stall growth.

    How to Make The Right Growth Choices image
  • Step n°2 |

    Focus on selling more to your existing customer base.

    According to the Harvard Business Review, acquiring a new customer is anywhere from five to twenty-five times more expensive than retaining an existing one. You need to talk regularly to existing customers, find what they like about you, and welcome them every time they show up.

    How to Make The Right Growth Choices image
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