Do you remind this phrase you might have studied or heard during your school days “Rome wasn’t built in a day.” Well, people typically say this to emphasize that it takes time to create something great and impressive.
Just like the above phrase, your company or brand also neither will. Reaching the $100 Million mark takes time and requires much patience and effort. You need something more than just hype, publicity, or splendid fundraising skills. Because, in the end, everything comes to one point, your product or service must stand with your customer’s expectations and fulfill their requirement.
Building a business and earning a million dollars don’t know how many people dream. In the last year, approximately 19 thousand startup companies have been registered in India. India’s economy is comprised of a large number of businesses, especially micro and small enterprises. Undoubtedly launching a startup company is a tough thing, but the most challenging thing is to run it successfully for a longer time.
Here is a set of proven strategies you must follow to build your business a $100 Million Brand.
Let’s start phase by phase!
Start with a great idea.
First, identify the market’s need or demand and then develop a product that can uniquely solve their problem at a competitive price point. An idea that gives a unique solution tempts your customer to be inclined toward you.
From the idea to a company, these three distinct phases will help you, i.e., create a 10x product, system setup and testing, and scaling.
- Create a 10x product
This is the first phase, and in this phase, a company’s complete focus should be on creating a ten times superior product than other companies at a competitive price. For this, you need to have selected skilled and professional employees who can make such a product.
This phase runs on three principles:
- Metrics – It is the first principle. Through the metrics, you can under well whether your product has reached 10x product level in the competition or any alternative category. It helps to calculate and analyze. Follow the 50-50-50 rule, which means a 50% net promoter score, 50% renewal score, and 50% referral revenue score. When these three rules are met, you can assume that your 10x product is ready. Remember, your metrics will depend upon your business model at that stage, but you must be clear enough about what metrics you want to hit when you conclude that your product is 10x.
- Speed –Speed is the second principle. To hit the metrics, speed needs to be too high. In a team, the collaborative work of these three roles is absolutely essential. They are designers, hackers, and marketers. A designer designs the whole concept of the product, a hacker creates the code to reach the customers very easily, and lastly, a marketer fine-tunes the messaging. If you have these three types of roles in your team, you can quickly introduce your product concept in the market.
- Costs –In this third principle, you just need to keep your investment costs too low. Usually, in this period, companies are either unfunded or have low funding. At this time, you do not have such a product that can bring revenue from the market. Now you are only consuming cash in this period, so use it minimally as much as possible. You can raise capital from banks, investors, or venture capital firms to financially manage the smooth operations of the business. Moreover, the less you spend, you can keep your final price low and earn more profit.
- System setup and testing
Now after making your 10x product ready, adopt this second phase. This step contains three characteristics, i.e., management, systems, and distribution mechanism.
- Management –In this period, you must hire a capable talent who will further help you to scale up your company in the future. Tell them to follow the 20/4 rule, which means converting the 20 years of low-intensity work into four years of high-intensity work.
- Systems –In this second characteristic, your system must be strong enough for scaling. There are multiple systems to run the company, but the first and most important system to run the company is data. Every day keep the measurement of data inflow and outflow because this habit will help a lot in the scaling of the company.
Second is the tech systems, which include your CRM (Customer relationship management); also, you should properly select your sales force, support systems, etc.
The third is to strengthen your HR, legal, and financial support systems before scaling.
- Distribution load testing –This is the third and last part of system setup and testing. In this step, you need to identify and understand well what those mediums are through which you can acquire customers, and when you spend money on that medium to acquire, will your economies is still similar to that when you are testing on that smaller scale? You can consider this as a scaling test.
After the completion of this step, you may feel out of the patchy and complex system, and you can find stability thereafter. Now proceed to the third phase, i.e., scaling.
If you successfully complete the above two phases, you can easily capable to scale your business. Scaling a business simply means setting the stage to increase the growth of your company. You constantly need to look for various ways to scale up your business, especially your partners and staff. But there are three important roles that are useful and necessary in this phase. They are-
- Recruiting leader-During the scaling phase, you may need to hire people, and for that, you must have a good recruiting leader because finding a good recruiting leader in the eleventh hour is quite difficult.
- Culture and values leader-Keep a leader for the role of culture and value who is quite different from a human resource recruiting leader. When you scale your company very fast, you need to keep your company’s culture definite and intentional. Such a leader can manage and take care of the company’s values.
- Innovative leader-You must hire a future innovation leader. Innovative leader applies innovation and creativity to take your company from single-threaded to multi-threaded company in the future.
By following these three phases, you can convert your idea into a brand within a few months, along with a comprehensive marketing plan, hassle-free customer service, and an offering that can be offered to your customers by attaching to your product. This will make a strong relationship with your customers.