As you will probably know, we do not recommend starting from scratch. Whenever possible, you should find what´s already working, and model it (see our blog post: “The ONE Thing You Absolutely Must Avoid In Your Business Is …“).
This is also true for growing your business.
One of the best ways to come up with great ideas on how to grow your business is to watch and model the market leaders.
Let us give you an example: Let´s say you have a company that is offering some CRM software and you want to grow your business.
What you should do is:
- Watch what the market leader, in our example Salesforce, is doing to grow their business, such as strategic partnerships, acquisitions, joint ventures, marketing campaigns etc.
- Try to understand WHY they are doing this and what the benefits are for them and – if others are involved – for the other side.
- Find out if such move would benefit your business and your client base as well and if so
- Find ways to model it.
Let´s say that the market leader, in our example Salesforce, has recently acquired a company that has some software which now Salesforce integrates into their software.
If your client base would benefit from such software as well, you could research all the other companies that have similar software products like the one acquired by Salesforce.
Now, you don´t have to offer to buy such software company (if you don´t have the cash for buying it). What you could do instead is approach them and offer them a joint venture, pointing to Salesforce and to the win-win results that such joint venture would have for both of you.
Think about it: Salesforce has put tremendous amounts of resources, time and money to research and make sure that such joint venture would benefit their customers and help them grow their business.
Just capitalize on that and model their moves by creating similar joint ventures or strategic alliances whenever it makes sense for you and your customers!
And, if you like this article feel free to share it; email it (to the folks that could benefit from it) and share it on Facebook, Twitter and LinkedIn.
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