Less CEO Day-to-Day InvolvementThough not inherent, it is common that company founders and executivemanagers relinquish some authority in daily operations during expansion. ACEO of a single business unit must naturally do so if he wants to open 15 or 20new units. He can't be in each unit at once, or even every day from a practicalstandpoint. Thus, other leaders are often brought into the fray. Additionally,expanding companies often look to bring in new top-level experts to help guidean effective period of growth.Financial ObjectivesA common, tangible financial goal during expansion is to bring in newfinancing through equity or debt. As part of the process of stepping back incontrol, company founders often accept new board members and companyleaders in conjunction with requests for private equity investment. The newmoney helps escalate the efficiency of expansion. Alternatively, some leadersprefer to seek out loan financing so they can retail more ownership and control.The tradeoff is often more restricted cash flow in the future
Customer expansion ultimately leads to business expansion:An effective customer expansion strategy starts by taking the time to understandwhat your customers wish to achieve by using your product. Every customerwho purchased your product did so with a specific goal in mind. Whencustomers started working towards those goals duringthe onboarding stage, itwas their first time achieving value. Being mindful of your customers’ goalswill help you identifyupsell opportunitiesthat offer them additional value.In our customer-centered economy, renewals are more important than ever.They’re a robust source of growth for any recurring revenue business model,but don’t wait until the last minute. Ensure a renewal by making sure youdeliver on your promises and bring value throughout the entire customerjourney. Let’s take a look at key considerations for offering additional valuethat aligns with your customers’ goals.INTRODUCING NEW PRODUCTS ANDSERVICES:Determine Your USPSuccessful products almost always have one thing in common: they have anattractiveunique selling proposition. There’s something about it that makes itstand out from the competition and compels consumers to choose it oversomething similar.Figuring out what makes a product specialaheadof its launch is essential. Youneed to know why someone would want to buy your product instead of acompetitor’s.Define Your Target AudienceBefore launching a product, you not only need to knowwhysomeone wouldbuy it, butwhowould buy it, as well.Make a point of describing your target customer (or customers) in as muchdetail as possible.This might include (but is not limited to):AgeGenderLocationJob roleDisposable incomeLikely pain pointsLikely hobbies
Family lifeWebsites they visitSocial media sites they useGet Your Whole Team’s Buy-InThe people behind a product play a crucial part in its launch. It’s essential thateveryone involved in the product believes in it, and that you create aproduct-driven culture.
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