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3 Step Growth Model

3 Step Growth Model. Presented by: RuthAnn Carlton Small Business Development Center University of West Georgia. Your business is either growing or it is shrinking. How should we define GROWTH?. When is growth NOT desirable?. www.hypergrow.com. How do we measure GROWTH?.

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3 Step Growth Model

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  1. 3 Step Growth Model Presented by: RuthAnn Carlton Small Business Development Center University of West Georgia

  2. Your business is either growing or it is shrinking.

  3. How should we define GROWTH? When is growth NOT desirable? www.hypergrow.com

  4. How do we measure GROWTH?

  5. 3 Types of Customers Every Business Sells To • Existing Customers • Previous Customers • New Customers

  6. What can we do to keep customers?

  7. Competitive Edge Customer Communications The 3-Step Growth Model Expectations Management

  8. Sharpen Your Competitive Edge

  9. Why will customers choose us over other options?

  10. Compared to 5 years ago, is your market more competitive or less?

  11. 1. Direct Competition 2. Indirect Competition 3. Do Nothing Competition 3 TYPES OF COMPETITORS

  12. SWOT ANALYSIS Strengths Weaknesses Opportunities Threats

  13. How to find your edge

  14. For improved strength, your competitive edge must be... • * meaningful * motivates to action • * sustainable * consistent • * communicate * barrier to entry • * unique * unmet needs • * focused * marketable

  15. RECAP: Competitive Edge Based Growth Strategies Understand the competition Refine your competitive edge Do a SWOT analysis Increase its strength

  16. Connect Powerfully with Customers

  17. How will we customers learn about us and be convinced to purchase?

  18. Building a Bridge... www.guru-in-you.com

  19. It is estimated that the average consumer is exposed to over 3000 advertising messages per day ……. oooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo What can you do to ensure that your message gets through the clutter?

  20. Create Awareness Goals of Customer Communications... • Communicate Benefits • Prompt Action • Manage Expectations • Generate Familiarity & Trust • Achieve Specific Objectives

  21. 3 * Message * Medium * Measurement Method for Customer Communications

  22. Message Tips • Benefits vs. Features • Establish relevance quickly • Branding • Narrow the focus • Repeat key points • Create urgency • Provide a call to action • Have a personality, Herb!

  23. COMMON MESSAGES · We solve a problem – this problem bothers you · We are better than the competition – you will be better off with us · We are a better value – don’t waste your money elsewhere · We have made an improvement – your life will be better · We are trustworthy – you can be confident in us · We have a time-based special – you don’t want to miss out · We appreciate you / thank you – you can / will feel appreciated · We want your referrals – you want to tell people about good things · We make your life easier – you want an easier life · We make you more money – you want more money · We make you more popular – you want to be more popular · We help you avoid pain – you have pain you wish to get rid of · We are making it easy to trial – you have nothing to lose · We offer great guarantees / warranties – you wont be disappointed · We are your friends – you want to associate with us · We want to build a relationship with you – you want to know us · We are fun, unique and interesting – you will enjoy our interactions · We give you peace of mind – you crave this

  24. There are lots of ways to deliver a message…..

  25. Maximizing daily communications

  26. COMMUNICATION MEDIUMS · Personal Communications · Personal Communications – Letter – Pounding the Pavement · Word of Mouth - Buzz · Referrals / Centers of Influence · Direct Selling · Direct Mail · Direct Faxing · Telemarketing · Advertising - Newspaper · Advertising - Magazines · Advertising - Radio · Advertising - Television · Promotions / Specials · Web Site · Banner Ads · Search Engines · Direct Email – Opt In · Direct Email – Spamming · Conventions / Tradeshows · Billboards / Sporting Events · Transportation Signs · Network Marketing · Point of Sale / Packaging · Giveaways · Card Decks · Infomercials · Audios, Videos, CDs · Catalogs / Brochures · Fax on Demand

  27. Reach Frequency Weight Communications Considerations...

  28. Selecting the “Right” Medium

  29. Cumulative effect of messages – develop a frequency- based series

  30. How do you create VALUE with your communications?

  31. Measurement

  32. RECAP: Communications Based Growth Strategies Develop strong messages Select appropriate mediums Develop a frequency-based sequence Create value with communications

  33. Manage Expectations Brilliantly

  34. What can we do to ensure our customers’ expectations are fully met?

  35. Keeping the promise!

  36. Exceeding Expectations Impacts ... Customer Retention Reputation / Image Word of Mouth Advertising

  37. Five components of expectations management • Understand base expectations • Influence expectations • Product / service performance • The company experience • Post purchase reinforcement

  38. If we perform here, the customer will be very unhappy Which is influenced by our communications (promises) The customer starts with a base expectation If we perform here, the customer will be very happy

  39. RECAP: Expectations Based Growth Strategies • Get it - this is the biz! • Exceed expectations • Create an experience • Continuous improvement

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