How To Build Million Dollar Business in 2 Years or Less

In the February 2006 Issue of Business Review Weekly, an article describes how smart businesses are growing at such a rate that they become multi-million dollar enterprises over night.

This is a trend facilitated by the use of new technology that has only been available recently and clever business models and strategy.

A few smart businesses are achieving rates of growth not possible previously, making their owners millionaires almost overnight compared to conventional businesses.

Many of these businesses are "born global", meaning that they are immediately strategically placed to export immediately without investing in traditional distribution channels and marketing.

YourThinkTank.com, a management consulting firm based in Adelaide, South Australia has identified the strategies and tactics used by these high growth businesses. Strategies include:

1. Genuine Focus on their Customers. Marketing products and services that have overt, obvious benefits that customers are looking for. Market products/services that provide solutions to customers most important problems and needs.

2. Products and Services have a strong point of difference that make them stand out in the market place. (Their products/services are perceived to be better, cheaper or faster relative to other alternatives)

3. Spending time developing a Standout Unique Selling Proposition and Value Proposition. Educate customers on value not price. A Unique Selling Proposition informs customers why they should buy form your business and not your competitors. A value proposition educates customers why they need your product and service as opposed to spending their money on something else.

4. Developing barriers to entry and exit. Develop strategies to discourage competitors from taking potential customers and strategies to lock in existing customers. Develop strategies to retain existing customers and get referrals to new customers. Simultaneously work on getting new customers, retaining customers, increasing the average value per sale by adding value, & increasing the number transactions per customer. Increasing each of these variables by just 10% will grow sales by by more than 33% without significantly increasing costs.

5. Rather than spending money on traditional advertising, they invest in customer focused product development. Products which are customer focused and have a "wow" factor get talked about and referred to others. (Born Globals spend very little on traditional advertising campains, instead they rely on influencers and centres of influence to spread the word about their products.)

6. Invest in new high return marketing technologies such as websites, email marketing, and search engine marketing which allows immediate access to export markets and gives direct access to customers. Engage internet marketing specialists that know how to succeed on the internet. (Influx Website Promotions is an internet marketing company which specialises in developing high growth strategies for clients) High growth businesses invest in developing viral marketing strategies that provide incentives to pass their marketing message to others. Make it easy to pass on your marketing message to others via websites, email, blogs etc. Collect customers contact details and build a customer database.

When done right, internet based viral marketing strategies can achieve spectacular sales growth in a few weeks or months. To achieve the same result using traditional advertising could take a decade or more.

Viral Marketing can achieve spectacular rates of growth because:

1. They are systems based using the latest communication technologies. (The marketing message is transmitted from person to person without distortion)
2. They work on a one to many basis. (Each person knows more than one other person)
3. They tap into other peoples social networks who trust them.
4. They use incentives and self interest as the motivation to refer others.
5. The products being promoted are unqiue, highly valued & great quality.
6. The technology makes it easy for people to refer others.
7. Every person who receives the marketing message is either a potential customer, distributor/referrer, or knows someone else who is.

Most people today are relatively time poor and choice rich. Asking trusted friends, family and associates becomes the best way to find out about new products and services. That's why traditional media advertising is declining in effectiveness in promoting unknown brands and products.

7. Invest in Customer Relationship Management Systems. Know who your customers are, know what they want, know what they don't like and don't want, know how to contact them and do so with great offers on a regular basis( at least once every 90 days). Customer databases are recognised as being the greatest asset any business has. Feed your customers with new innovative products regulary. Joint venture with product suppliers when you find an outstanding product you know your customers need.

8. Develop a risk reversal strategy that makes it safe for customers to do business with you. (Customers need to know that they can trust the people they transact with and need to be given a reason to believe the product will meet their needs, examples include unsolicited product testimonials, money back guarantees, try before you buy etc..)

9. Make it easy and pleasant for customers to make purchases. (Simple navigation and easy to understand instructions on websites, clearly stated value proposition and point of difference, easy payment terms and conditions, believable marketing message, strong risk reversal strategy, easy payment terms.) Provide a customer experience that adds value and exceeds their customer service expectations.

10. Employ or engage people who are skilled at negotiating win/win deals. Businesses that have large customer databases filled with the contact details of people who trust them, can grow their business revenue and profits rapidly by find new outstanding products to sell by joint venturing with other suppliers. In addition, they can joint venture with businesses that have similar customers that need their product and services. The opportunities for growth are limitless.

To find out more about the high growth strategies available to your business, send an email to Aaron O'Moore at ceo@yourthinktank.com.