Looking to grow you startup? Need some pointers? Then just watch Dan Martell in his new video 5 Components of Extreme Revenue Growth where he recaps Victor Cheng’s book Extreme Revenue Growth: Startup Secrets to Growing Your Sales from $1 Million to $25 Million in Any Industry
Here’s my interpretation of the five things:
- Target A Customer
- Target a customer that is in pain and knows that they have a pain; don’t chase someone that is not in pain or oblivious that they have a problem.
- Make a Promise to the Customer
- Ensure you create a promise to the Customer (the ones in pain) and deliver a clear message as to why you can solve their pain.
- Leverage Distribution Channels
- Building your own path to each and every customer takes time and money; A great win-win solution is to find great partners that already have customer intimacy with your target customers; Your great product (that solves your customers pain) gets into their hands faster and quicker.
- Fulfill your Promise
- Make sure that your product fulfills the promise you made to your customer.
- Remember that both Make a promise and Fulfilling a promise is needed. If you don’t know what pain you are solving how can you build it.
- Build a Sustainable Competitive Advantage.
- Consider both the Physical and Intangible advantages.
- Physical might be large sales team, many offices, engineering expertise, customer service….its anything that would take time and money to copy or duplicate.
- Intangible advantages include brand, partnerships and relationships, intellectual property including patents, trade secrets, copyrights & trademarks