Mastering growth – nothing works without basics
Growth is not only important for a company - it is essential. No growth means stagnation and this will become apparent sooner or later. Low quality standards for products or services, a decline in customer service or falling morale are just a few effects of this.
Growth is crucial for the long-term survival of a company:
Easier replenishment of resources
Finding and identifying new sales opportunities
Expanding the range of products or services offered
Attracting new customers
In addition, growth can "increase your company's credibility, which allows you to expand your customer base and increase stability and profits."
These are all compelling advantages in favor of business growth! Perhaps most importantly, continued growth allows your business to innovate and discover new opportunities in the marketplace. Innovation is critical to beating the competition and meeting the ever-changing needs of your target audience.
Master the basics
Fundamentals are the foundation on which everything else is built. An analogy can be found in sports. What separates someone like Lebron James from your average professional basketball player (aside from his physical assets) is not his ability to dunk or make alley oops. Lebron simply knows better how to dribble, pass, and take a jump shot.
Often, though, the deepening of fundamentals is let slide a bit, as they are quickly labeled as unimportant and incidental. But, you wouldn't build a house on loose soil, so why would you run a business without solid fundamentals?
Fundamentals will help you solve any growth problems you face. The better you master them, the better equipped you will be to handle more challenging problems. But fundamentals are not about Facebook ads, email marketing, or Google Analytics - to be precise, not a single tool you know.
These are the basics for growth
Data Analysis: Understanding the importance of data to identify, understand and demonstrate new ideas and solutions.
Quantitative modeling: Translate your historical data into a forward-looking model to simulate the future and better understand what you should be doing today.
User psychology: The data only matters if you know how to influence the numbers in an authentic way. To do this, you need to understand the psychology of your audience, your problem, and your solution to figure out what your users are responding to.
Storytelling: You can be the best at quantitative modeling, data analysis, and psychological understanding, but to be the best growth expert, you need to know how to bring these things to life in a way that is compelling and interesting to your target audience. That's storytelling.
Once the foundation is solidified based on the points above, other factors have a big impact on the natural growth of your project.
Stay adaptable.
One trait that many successful startups have in common is the ability to make quick changes in direction in response to changes in the marketplace. An agile development approach, both to your product and your business, will help you grow faster. By being adaptable, you're able to test different business approaches and figure out what works best.
Don't be afraid to experiment
Taking one path and sticking rigidly to it will have a negative impact on your business in the longer term. Don't be afraid to change or try new ways of presenting your business in a new way.
Whether it's in research or marketing. Whether they are an upgrade or a downgrade, experimentation will help you find new opportunities and give you a new perspective on the big picture. These insights have a longer-term impact on the growth of your business.
The customer experience plays a major role
Your customers' perceptions can make the difference between the success or failure of your business. If you offer quality experiences and products, your customers or users will post about their experiences on social media on their own. If the experience is abysmal, they will do it even faster! Fast growth depends on your existing as well as potential customers being satisfied with your experience or product.
