Slow growth to high growth

To transform from slow growth to fast growth requires a radical change to a business’s core or the setting up of a side business that has the potential to outgrow its parent.

To transform, one or more of three things need to change. The business needs to move into a growth market (or invent one), develop a radically superior value proposition for its existing market, or develop an alliance with a larger firm that has the scope to pull it along.

Motorola and MTN whom I both worked with went the first route, Ikea the second. All the routes are hard, which is why only few companies do it. And the bigger the business the harder it gets.

Here are three ways to create a new and potentially superior value proposition.

1.   Ask your customers what their greatest pain or frustrations are when dealing with your products or services and those of your competitors and build a VP around the answers.

2.  Draw the comb charts (now rebranded as value maps) for your products, your industry and your competitors and try taking out benefits and/or doubling up on others such that you have radically different value propositions.

3.     Tack on to the latest trend. Could environmental, health, natural, crypto, etc. benefits add value to the customer (or some subset of your customer base).

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