10 Paths to Growing Your Business

growth iq

Grow Your Company with Confidence

 

How organizations keep growing in the face of stiff competition, a fast-changing business environment, constant innovation, and technology changes is a constant issue for executives. In Growth IQ: Get Smarter About the Choices that Will Make or Break Your Business, Tiffani Bova shares ten simple paths to growth in this environment.

Tiffani Bova is the global customer growth and innovation evangelist at Salesforce. Her work over the last twenty years spans startups to the Fortune 500. I recently spoke with her about her work.

 

“The one thing about growth is, it is never one thing.” – Tiffani Bova

 

Common Growth Mistakes

What are some of the common mistakes leaders make when trying to reenergize growth?

One of the most vexing challenges faced by executives is determining how best to grow their business. Unfortunately, these challenges to grow have multiplied in recent years. The problem is that too many companies respond to a competitive threat, or a market disruption, with a strategic business model that worked in the past and may not work in the future. Growth strategy is a thinking game that works when you have the right mindset to inform the when, where and why of every strategic move you make. I have yet to find a company that can attribute their growth to one silver bullet. The impact of combining multiple efforts will be greater than the sum of its parts. Reenergizing growth starts with being open to getting uncomfortable with the status quo and comfortable with change.

 

Why do companies so often fail to duplicate a growth strategy from an industry rival?

Too many companies ‘benchmark’ their company against their rival or a set of competitors in the same industry. While benchmarking can be a worthwhile exercise, it can also lend itself to a limited view of what is happening in the overall market. Widening the lens to look at overall context, on the other hand, allows companies to look for best practices from other sectors and learn from innovation happening across industries. What is happening in consumer spending patterns? What technology advancements have happened which you can capitalize on? How are people engaging with brands? What is the sentiment towards big social issues? The insights we can glean from these questions are invaluable when setting a growth strategy.

Furthermore, benchmarking is an outside-in view focused mostly on products and business models. Meaning, you are only able to understand their business from an outsider’s perspective. It is the inner workings, or the mental model, of a company’s growth strategy that is their ‘secret sauce’ – it is what differentiates them from each other especially in highly competitive markets.  The fact is, companies rarely have the same products, customers, value propositions or go-to-market strategies or more importantly, culture. So, attempting to replicate another company’s strategy, may sound like a good plan, yet rarely delivers expected results, or worse it could backfire and have long-term negative impact on the company overall. There are exceptions to this statement of course, especially in highly commoditized industries where ‘price’ is what companies compete on, but any value-based product will require more than that as a solid growth strategy.

 

“Customer Experience is the new Black.” – Tiffani Bova

 

The Challenge of Customer Experience

Customer Experience Starts by Ignoring Your Customer

This is a guest post by Dr. Tracy Maylett, Ed.D.. Dr. Maylett is the Chief Executive Officer of DecisionWise, an HR management and consulting firm specializing in employee engagement. He offers an intriguing viewpoint on providing great customer experience.

Want a Great Customer Experience?

Is your organization’s success dependent upon creating an extraordinary Customer Experience? Then start by ignoring your customer. No, really.

 

“If you want a successful customer experience, start by ignoring your customer.” -Tracy Maylett

 

Throwing resources at your customer experience does not guarantee a transformative one. You can redesign stores, roll out cool new products, and engage customers on social media. You can implement every form of customer satisfaction measurement known to man. There’s nothing wrong with those steps. But without employees who care, a beautiful store is just a pretty shell. A sparkly new product is just another new release with a limited lifespan—if it even makes it out of the production room.

Without people engaged in their work, where are those cool innovations coming from? Where are the people who care about the superlative customer experience? Don’t get me started on the dangers of having jaded staffers interacting with customers on social media.

 

“Throwing resources at your customer experience does not guarantee a transformative one.” -Tracy Maylett

 

It All Begins with Your Employees

Creating a strong customer experience is like gardening: hoping and measuring won’t give you the results you want. Gardening requires tending to the components that create the desired outcome: using soil amendments, watering, and weeding. The gardener can’t do much more than that. But, assuming it’s done well, the odds of a solid harvest are high.

Growing a successful organization works in the same way. Success comes through quality products, stellar customer support, prudent financial decisions, great leadership, and employees who personally care about delivering an extraordinary customer experience. When an organization can create a top-notch Employee Experience, the likelihood of delivering a superior customer experience increases exponentially.

The opposite is also true: When employee experience is poor, the customer experience will reflect it. We call this the “Law of Congruent Experience.”

 

“When employee experience is poor, the customer experience will reflect it.” -Tracy Maylett

 

THE LAW OF CONGRUENT EXPERIENCE:

Employees will deliver a Customer Experience that matches their own experience in the organization.