In order to meet the business goals, most businessmen tend to focus on their immediate objectives – meeting yearly targets, incremental achievements, market increases, etc.
While these are acceptable goals to have, they often end up putting a company in the mire of mediocrity.
There is very little risk involved in such goals, so there is far less risk of failure.
This, however, also means that it does not leave much room for winning big either.
For a company to grow exponentially, there needs to be a more ambitious as well as a creative approach.
Managers need to let go off their ideas of conforming to market expectations and aspire to achieve much more.
For example, a company that looks for 10x growth over 10% growth stands a chance of growing exponentially.
A company looking to increase their user base by 200% stands a better chance than the one that is looking to do the same by 20%.
While the numbers might seem hyperbolic on paper, they have been achieved before, and the attitude to go after these incredible targets is what makes a company grow exponentially rather than linearly.
Exponential growth does not just require more effort in implementing strategies.
Rather, it requires rethinking the entire strategy on the whole.
That sometimes needs completely overhauling the strategy to adopt a more effective approach.
A radical approach does not guarantee success, but it is the first step to achieving it.
For small and medium sized businesses, meeting lofty targets often hinges on the strength of their marketing, outreach and customer service.
Customer service is one of the cornerstones of growth, since happy customers equate to more business.
This is exactly where the importance of call center software comes to the fore.
Simple analysis might be fine if your objective is linear growth, but if you harbor ambitions of growing exponentially, you need to get more out of your customer service systems.
Your software needs to be up to date and efficient, your agents need to know their subject and your approach needs to be customer-oriented.
Moreover, you have to rely on minute analysis of collected data and be dynamic enough to implement changes in real time.
In this article, we list out some of the tips to follow to ensure exponential growth for your company.
1. Maintaining consistency of engagement.
Consistency makes customers believe in your efficacy.
Staying in touch with leads and initiating conversation builds trust in the brand, which contributes to sales.
For any company to grow exponentially, it needs to create an asset out of its customer base.
Engagement also extends to marketing avenues like digital marketing, social media and print media advertising.
Build a plan according to the wants of your customer base, and stick to it with regular content to see the best results.
2. Build a relationship with your customers.
Very often, businesses reduce their customers to mere statistics.
Every sale is a record on a database, every complaint is a token generated automatically, every feedback is fed to processors for further analysis, without much human interaction.
However, building a personal relationship with the customer brings far more long term gains.
It establishes trust and gives you loyal customers, which are essential for you to grow.
Building a relationship means replying promptly to emails, ensuring there is no unreasonable wait times on calls, being interactive over social media providing efficient solutions when on call.
This generates more belief in the brand and contributes to exponential growth.
3. Make use of technology.
Customer service techniques have been transformed by the overwhelming rise of technology in the past decade.
With the right tools, a company with exponential growth ambitions can effectively bridge the gap between an increasingly more demanding market and the resources they need.
Learn about your audience using analytical tools, ensure you get a picture of their requirements between data and figures and then push in initiatives that solve both the larger goals as well as individual problems that might have come up.
4. Know your target audience.
You need to ask yourself what the origin of your business is, while considering any decision.
Your target audience is your primary stakeholder in every scenario.
Having only one tried and tested way to bring in business can be a shaky foundation, because then your target audience becomes very limited and is potentially destroyable.
For example, if a large chunk of your business comes from organic connections, you might want to use the business flow you have to set up more digital engagement and targeted networking, just in case your primary source becomes saturated or dries up.
When rolling out any new product, service or policy, bear in mind the effect it would have on the customer bases you are targeting and decide accordingly.
5. Follow up on your leads.
A lot of companies experience limited growth because they are satisfied with the rate of follow ups on generated leads as long as a high percentage of them translate to actual business.
This trade-off of quality vs. quantity does not work if you want your company to grow exponentially.
You have to provide quality in follow-ups as well as ensure you do that for every single lead that is generated.
A lead left alone is potential business lost.
Taking an aggressive stance on following up with leads regularly is absolutely essential for a company looking to grow to inflated levels.
6. Reduce the risk on part of the customer.
A large section of sales that fall through are because the customer feels like he is taking too much risk if he were to put his money on the line for the company.
This is where brand image plays a huge role.
Present your strategy in such a way that the client appreciates your tactics from the implementation standpoint.
One good way to get customers on to a platform is to provide free services for a limited trial period.
This allows customers to access the features available on that portal and decide for themselves if it brings a good return on investment.
7. Expand your services as you scale up.
Companies need to constantly be looking to explore newer avenues to spread their brand.
Once you obtain domain expertise on a sector, you need to move on to something related, in order to keep growing.
Start networking in newer circles, advertising a new product or service, or using the acquired database of customers to directly bring their attention to your new service.
Venturing into different streams is necessary to grow in a manner that disrupts the ecosystem and allows your company to increase in multiples rather than percentage points.
The Case Study
So far, we have seen the strategies that are to be implemented in order to give your company the best chance to grow exponentially.
Certain unorthodox decisions needs to be taken, which might look risky but have measured outcomes to them as well. In addition, a manager needs to have a vision for the company, for it to actually face the market and grow in that sort of speed.
Customer service has to be a top notch, because your clients make your company.
The use of call center software solutions to fine-tune the procedure of customer service helps to efficiently use data to draw out better outcomes.
To understand this point let us take the example of Heremus Solutions, a telemarketing agency providing call center solutions for a large company.
In this case study, we will look through the situation they were in, what sort of challenges they faced and how they drew up solutions to overcome those challenges.
We will also see what sort of effect those changes had on the overall performance of the call center, and the results which transpired in the short and long term.
The Problem Scenario
Heremus Solutions was managing customer service for a company that was looking for a breakthrough in its growth.
However, the company’s growth was largely incremental and linear, with the past three years seeing about 5% growth year on year.
The company was looking for a strategy that would allow them to push for much higher targets and build up a bigger customer base.
The company faced the following main challenges.
1. There was a lack of one-on-one interaction with the customers, due to which very few of them felt personally connected to the brand.
As a result, the outreach that was expected to happen organically, fell short.
The company found themselves lagging behind other competitors in their quality of customer engagement.
Customer satisfaction rates were also low for this very same reason.
2. The company did not tap into the latest technological resources available to them.
They were falling behind their competitors because they could not run the sort of in-depth analysis that actually needed them to stay on the top.
The systems that they were using were also incapable of taking in that sort of volume and variety of data.
This hindered their progress even further, because they had to separately test out chunks of data and there remained some discordance in the results.
3. The company had not looked at scopes for scaling up their business.
They had so far operated in only one sphere and were finding it difficult to expand on their growth while staying rooted to that limitation.
The solutions that were proposed by the board to counter the problems faced are listed below.
1. The company decided to invest in the best call center software which would allow them to collect and interpret data from calls, emails and social media activity, and collate them into one central database for easy retrieval and analysis.
2. They dedicated resources towards the training of agents who would spend time in direct contact with each and every customer, so that they could hold on to every lead generated as well as keep their customers loyal to their brand.
3. To facilitate exponential growth, the company decided to set up units for the research and marketing of services in different fields.
They would set up ancillary brands under one main umbrella and market themselves as a solution provider for all bases.
Since this was a project with more focus on the long-term, there were certain immediate costs that the company had to bear, such as the cost of setting up new technology, training agents to work on that technology and maintaining consistency in engagement, placing personnel in charge of departments to oversee the branching out of the company to different streams and increased budgets for digital advertisements and marketing.
After a year of full execution, the results began to show.
The losses were covered up by an increasingly loyal customer base, which was now far more satisfied with the service provided to them.
Targeted ads in specific areas allowed them to tap into new markets and provide further growth of the brand.
In another year, returns had tripled and brand valuation had doubled for the company, owing to these factors and much more.
Thus we can see how one can ensure exponential growth for a company.
Exponential growth requires you to be able to disrupt the landscape, and to do that you have to bank on your customers and your marketing strategies, other than the quality of your product.
The pointers provided here will surely help in achieving this sort of lofty goal.