A slow and steady growth strategy wins the race—or does it?
Some new businesses take time to gain momentum and ultimately become profitable, while others go from zero to successful much more quickly.
As someone whose business was in the former category, I set out to learn the secrets of owners who experienced rapid business growth. What did they do, and could their growth strategy be replicated?
Address Customer Complaints
We've all heard that a major factor in a new business' success is whether that business fills a niche or meets an untapped customer need. But if you want to employ an effective growth strategy, you might want to take that idea a step further and provide relief to customers who are vocally expressing anger with a current state of affairs.
Erica Douglass, CEO of the Austin, Texas-based electronics repair shop 1Up Repairs, did just that.
“We noticed that mobile phone manufacturers were making it difficult to get products fixed or working optimally," Douglass says. “Our customers were waiting in lines longer than the DMV to get a cracked screen repaired. If a phone port broke, they'd have to mail the product in and pay upwards of $100. Their batteries would wear out and they'd be forced to buy new phones.
"We addressed an ongoing customer frustration by providing fast and easy repairs to items that most consider essential to their daily lives," she continues, "and in doing so went from a single shop to six in a few years."
Build a Memorable Brand
Will Robins, CEO of men's grooming venture Manscaped, didn't want his new company to be just another provider of razors or body lotion. As he conducted market research, he learned there was a serious deficit in safe, easy-to-use products to groom below the belt.
“That was our plug," says Robins. “Our new brand, Manscaped, offers men not just fancy electric trimmers and razors, but also ones that feature nick prevention—safety guards that prevent customers from getting into a hairy situation. Manscaped became associated with comfort, assurance and the removal of dread for guys ranging from tweens to 50 year olds."
Robins' growth strategy included fully expressing the brand, but in doing so, he and his team did more than develop a cool logo and tagline.
“Through our digital presence and content, especially our humorous videos, we created a unique voice that makes our audience laugh and in the process wins them over to trying the products."
The Manscaped brand caught so much attention that it was featured—and funded—on the ABC television series Shark Tank.
For more where this came from, head on over to the AMEX Business site.
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