For the past five years or so, many businesses have had one agenda item at their meetings – ‘Survival’.
Now however, with improved conditions and renewed confidence, ‘Growth’ is the key focus.
Whilst this is most welcome, and exciting, and above all a relief from the short term thinking of the past half decade, I’ve noticed that many people appear to have forgotten how to grow their business, or are only using one source when there’s a dozen or more – such as these three:
LuluLemon started out with one audience: women who did yoga.
Their proposition was laser focussed for this group and they built an international brand in record time.
Now they sell to men too – and not just yoga or active wear, but casual work clothes too.
Nivea built a reputation for skincare over many decades, but again it was solely focussed on the female market.
Now they have a huge range of products for men too.
AirBnB started with an airbed and breakfast in a San Francisco home.
You know how it’s grown to be the leader in short term rentals.
But now, it’s also in the longer term letting space with monthly rentals – how long before they offer annual too?
What additional audiences can you serve with just small adjustments to your proposition?*
British Airways is known for being an airline.
But it’s also a hotel provider, car rental company, insurer – thanks to strategic partnerships.
Moneypenny is the best known telephone answering company in the UK and increasingly in the USA too.
They used to say: “We answer your calls better than you can yourself. It’s all we do, and we win awards for it.”
But now, having partnered and acquired ‘Made Simple’ Moneypenny are one of the largest company formation businesses in the UK as well, plus they act as a registered office for thousands of companies, handling their post as well as their calls.
Swatch recently partnered with Omega to create the MoonSwatch series. Using Swatch technology combined with the face of the Omega Seamaster, this allows someone to sport what at first glance might appear to be a £5,000 watch for 5% of the price.
Who can you partner with for a win-win growth outcome?*
Many dentists have moved from charging for work carried out to a monthly membership plan.
It allows patients to spread the cost of expensive dentistry, and gives a continuous income and cashflow for the practice.
SAAS companies were among the vanguard of switching from upfront charging to a subscription based model. Many different companies now adopt this approach, indeed we’re piloting this charging approach for Best Estate Agent Guide licences.
Freemium is a very common approach to attract new business and accelerate growth. Slack, Dropbox, Spotify, Zoom, Canva and many more now use this method as their principle growth source.
What can you offer on a subscription basis or even for free?*
*There are an additional nine sources of growth and all of them can potentially be applied to your business. We will be discussing them with our members at the next LeadersInProperty Group meetings in March – most Groups are full, but we do have a few places left for the following meetings:
Suppliers: March 5th London
Estate Agency owners: March 20th Swindon
Lettings owners/directors: March 21st Swansea
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