I owe an extra thank you to Zac for not only writing a guest post, but for being an invaluable advisor to me as I launched and experimented with the ROND Report over the last year. Thanks for the always candid and spot-on marketing advice, Zac. – Danielle
Now, to today’s Guest ROND Report:
Topic of the Week: Becoming a Fast-Growth Company
Unlike Danielle, I don’t offer innovative insights and witty opinions on bitcoin, healthcare mergers, or public offerings.
Instead, I bring you the 5 main ingredients for any fast-growth company.
After analyzing around 100 company analytics, CRM instances, and overall systems, I can cite one missing ingredient as the core reason a company stops or slows growth.
Do you want to become a fast-growth company? Here are the 5 main ingredients. Everything else is just icing on the cake.
1. Focus Your Product Positioning and Promotion
Pick a niche audience when marketing your product. The more you focus, the faster you learn. The rate of learning is correlated with revenue, and the smaller the audience, the more your message will resonate.
Example: Instead of “attorneys,” market to “entertainment attorneys between the ages of 30-40 that work with electronic artists.” What niche audience makes the most sense for your product?
2. Know Your Customers
I ask executives: “Who buys your product?” And they’ll respond with something like: “45-65 yr old males in healthcare IT leadership”
I then respond with: “Can you provide detailed and succinct answers to: What keeps them up at night? What are they afraid of? What do they desire most? What are their top three daily frustrations?”
The response is usually a mix of “ummms and uhhhs.” AKA They have no idea.
If you can’t answer these questions right here on the spot, then get to making friends.
3. It’s Not About You
Put your egos aside! It’s ALL about your customers. You are the guide in this story, not the hero.
If I go to your homepage and see a section about “our job openings,” or “our team,” or “our past successes” you are LOSING sales.
If you are a 5m plus business, then I can confidently say you are losing millions in sales.
News Flash: I don’t care about your team, job openings, awards or resumes. I care that you 1. understand my frustrations 2. can help me solve a frustration or set of frustrations and 3. have helped others just like me solve these frustrations before.
Everything else doesn’t matter. Well at least to me, the buyer, it doesn’t.
4. Move Fast and Make Mistakes
I used to be a proponent of “if you aren’t going to do it right, don’t do it at all”.
Now I preach more of an “it’s okay to not do it totally right if it means you can learn faster and thus move faster”.
Setup systems and culture where moving fast and making mistakes is not only okay but encouraged.
If you make a mistake, you can exude candor and admit these mistakes. As a result, your brand becomes human and prospects and customers will connect. You also develop a culture that values communication and learning through mistakes.
5. Goal Setting (Healing the Full Plate Syndrome)
Is your “plate full”? Are you leashed by never-ending task lists? It’s time to practice intense prioritization to ensure intense focus.
In your next goal-setting meeting, ask one question: “If we could accomplish ONLY one goal this quarter, what would have the MOST impact for our company?”
Then go after it relentlessly. And ask this same question monthly, weekly, and daily with yourself and your teams.
Like magic, there are no more full plates. Your company is working synchronously (rowing the same direction), and analytics can happen because you have one measurable goal to track.
I’m happy to share books that expound on each of these ingredients. I’m also happy to share the goal development and tracking process we have going at GoCheck Kids which was inspired by the “12 Week Year.” Connect with me on Linkedin and let’s start a convo.
Thank you to Danielle for letting me share these ingredients. I hope you were able to identify a missing component of your success pie, will take this knowledge to your next internal meeting, and grow your company faster so you can impact more people.
Until next time,