The 4 Essential Ways to Grow Your Business

The 4 Essential Ways to Grow Your Business was originally published on The Job Insiders.

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!!!


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