How can we attract more customers?
Short Answer:
Fix your strategy. The key measure you have the right strategy – customers are calling you. You have so much business your only challenge is keeping up with quality execution. Generally, focus on a narrower niche; understand the “job to be done”; and make a clear brand promise you can uniquely deliver on and communicate it clearly. When Oracle started, their focus was Fortune 50 firms with a promise that their software would run 2x faster on the Oracle database than competitors. Scaling Up’s promise is to 10x the valuation of your business in 36 to 60 months.
Longer Answer:
Fix your strategy so customers are calling you instead of you chasing the market. The first step is choosing the right profit pools – a niche within a larger market space that is the most profitable i.e. IKEA’s focus on flat packed furniture, the most profitable niche within the retail furniture industry.
Second, understand the “job to be done.” Scaling Up has a client in India with MBA universities. Their job to be done is to “help every MBA student get the right first job that propels their career.” This is more specific than “we grant MBAs.” Only with a clear understanding of the specific job to be done can you know how to innovate and deliver on what enough customers really want to drive sales. Please watch Clay Christensen’s 4 minute “Job of a Milkshake to understand how to motivate customers to buy your products/services.
Third, read David Meerman Scott’s book Fanocracy: Turning Fans into Customers and Customers into Fans. Small to mid-market firms generally can’t afford big marketing budgets. Instead, they must generate enough raving fans that they spread the word, causing new customers to reach out to you and existing customers to buy more of what you offer.
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