A major reason why some entrepreneurs fail isn’t their inability to employ the right strategies – it’s their distraction from having so many elements of their business to focus on.
If a company can focus on just the most important things, their chances of survival and success skyrocket. As an entrepreneur, it’s easy to get overwhelmed or sidetracked with different tasks. Between fundraising, marketing, sales, development, and the endless trial of shipping code, keeping your mind on track can seem difficult.
Startup success often comes down to focusing on less, not more.
Here are the three most effective ways to grow your company exponentially:
1. Customer Service
If you think that the CEO holds the most power in a company you are wrong. The customers are the ones who dictate the revenue and success or failure of a company.
Without customers, a company has nothing other than a theory of product market fit and a transient hope of achievement. Customers are what bring in revenue and growth, and thus customers need to be the most valued asset of a company.
Treating your customers with respect and appreciation parlays into new business, referral business, and overall growth as a company. More than product or service combined, a company’s treatment towards their customers plays a key role in the customer’s buying decision, and the consequential trajectory of the company’s overall health.
Lyft is a great example of this. Their rise in the ride-sharing market arose almost exclusively because of their hyper focus on customer satisfaction.
Another shining example of customer service creating success is Clowder. Founded by Christine Miao and Matt Casey, two McKinsey alumni and graduates of 500 Startups, Clowder offers on-demand coffee deliver in Manhattan.
The app utilizes proprietary technology to keep the coffee hot and delivery fast – usually within 15 minutes. What makes the company so remarkable, however, is its prioritization on ethics. The company insists on paying its baristas and delivery teams flat, fair rates and declaring everyone a W2 worker.
3. True Value
Nothing replaces genuine value. Companies who focus all of their efforts on building their brand and reputation often neglect the element of their business that matters most: providing a product or service that delivers measurable, desirable value to their customers.
Sales and marketing can only take you so far. The factor that ensures the long term growth and success of your business is the intrinsic, real value that your company provides to its customers.
With some industries, such as advertising, true value has become more difficult to prove. With more forms of media available and more social media platforms, advertisers are becoming more particular of who they pay for advertising.
Advertisers have become more stringent and demanding when it comes to analytics and reporting when it comes to the ads they are paying for. The issue is that up until recently, they had virtually no way to get this type of analytics using TV ads.
Results on Air, based in Estonia, helps advertisers and agencies measure and boost ROI from TV ad campaigns. Their goal is to help their clients to save money and time on planning and buying TV ads, and in doing so help advertisers increase their effectiveness.
Ultimately, by prioritizing customer service, innovation, and true value, companies can maximize their chances of success.