“Growth” is a word often synonymous with the idea of success in the business world.
“Growth” is a word often synonymous with the idea of success in the business world. Attach the word “rapid” and it probably means you’ve done a few more things right. The trick is knowing the right recipe for rapid growth specific to your company and your industry.
Wait, why does this have to be industry specific?
General research and general tactics will get you general results.
If you’re looking for rapid growth in the natural products industry, you need strategies that are grounded in industry specific research. We’ve done the grunt work for you (aka research and analysis), so all you need to do is work your way through the checklist.
Our research revealed 5 common characteristics of rapid growth companies in the natural products industry.
These days product shelves are like one big bountiful beauty pageant. They all look good. The truth is no matter how good your product looks, sales can still plummet. Sure, looks are important for consumers, but what is your product saying to them? How does it make them feel? All of these together work to differentiate your product from the rest, and help you get your hands on that sparkly customer crown.
1. What value do you bring to your customer?
2. What makes your product unique? (Really. The answer is not the packaging colors nor the name. Think deeper.)
3. What is the core benefit of your product? (Benefits, not features. “Non GMO” is a feature, “Making your days healthier so you can have energy to keep up with your kids” is a benefit.)
It’s time for a slice of humble pie. When was the last time you hired someone smarter than you? Yeah, ouch. Guess what, you don’t know everything about everything. If you want your business to grow, you need to look for people who are walking knowledge banks in their field. Cash in on them, and they will cash in for your business.
If hiring new staff isn’t in the cards for you, take a deeeeeeep look at who you’ve got. With a little bit of training, you can elevate current staff to a higher level of knowledge and experience. It’s a win-win situation.
In case we lost you at “research analytics”…don’t skip this! Every day loads of data whizzes by your website and social media profiles that could contain business altering information and insights. How do you really really really know your market if you don’t study your market? How do you know your audience if you don’t listen to what they are saying about their needs, desires, and motivations?
What is one thing to start tracking right now? ROI.
• What is your level of engagement with your online audience?• What is your website traffic like?• Who is actually consuming your product?• Send out a survey with questions about your brand and product.• Do you have any people who champion your product? What is it about them that makes it a good fit? Reward them by sending them something special in the mail. This is great because you appreciate their business, and it encourages them to get the word out.
Start tracking, analyzing, and researching. You miss out on opportunities if you don’t.
Is your marketing budget torn between traditional marketing avenues and online marketing? It doesn’t have to be. Split it down the middle or go for the online marketing gold. The one thing that won’t get you results is doing the same thing you are doing right now.
Can any of your current employees state your tagline? That’s an easy one. Wait, do you have a tagline? Can any of your current employees say in one sentence the mission of your brand? Can anyone list the core values of your business?
Look, it’s not about immediately having a team meeting and insisting on your staff memorizing a long-winded mission statement. It’s about connecting them to the vision and purpose of your company. Once they feel connected to the brand and business, they will have an easier job getting through the days that aren’t bright and shiny. Believe it or not, selling your product starts with selling your brand to your employees. If they don’t believe in you, how will they ever put in the good work needed to grow your business?
The first step? Get very clear on who you are as a business.
Next step? Simplify your messaging. We are talking: a tagline, an (one sentence long) elevator pitch of who you are and the problem you solve, and 3–5 core beliefs with a one sentence explanation each.
Third step? Share this with your team, encourage them and nurture them. Help them to fall in love with what you do and why. They are your most valuable asset.
Don’t get overwhelmed, just take it step by step. Also, check out this cool download that will help guide your way towards rapid growth.