What are the key ingredients to GROW a business? 🌱
After two decades of running my own + others', I think it boils down to 2 THINGS:
1) WHO do you want to sell to?
2) WHEN do you want to sell to them?
And this combination of AUDIENCE + TIME leads to the 4 key strategies that every successful business contemplates:
1) SHARE OF WALLET 💳
Example: Apple offering services (Apple Music, Apple TV+) to their existing iPhone customers.
2) LIFECYCLE 🔄
Example: Slack offering Enterprise Management Services as their initial startup customers grew and became mature.
3) SEGMENTATION 🍕
Example: Toyota Motor Corporation took the Camry, added on some fancier features, and reached a different demographic with Lexus.
4) NEW CATEGORIES 🆕
Example: Google started offering more services to the education market and they realized they needed a way to make them accessible for students - and came up with the Chromebook as a result!
So check out this handy 2X2 matrix below as a reminder of these key strategies. And let me know:
1) If you've seen interesting examples of these strategies in the wild!
2) Or if there are others I'm missing!!!
