Feasibility

Growing Pains

By October 16, 2016 No Comments

There are a lot of ways to get more customers.  When it comes to evaluating the feasibility of the business, you have to know exactly where this growth is going to come from.  Broadly, these strategies can be split into two buckets, paid and organic.  Relying on organic strategies to grow your customer base is like counting on the lottery for your retirement.  Yes, a few companies take off virally, but most who try crash and burn.  Paid acquisition strategies are a necessary part of business, so understand exactly where your growth will come and why.

Paid

  • Sales team: In-house or outsourced sales people who collect leads, generate interest, and close sales
  • Advertising: coupon books, newspapers, billboards, search engine marketing, and other forms of paid advertising
  • Affiliate networks: Commission Junction, ShareASale, or other affiliate networks that sell your offering on a commission basis
  • Partnerships: strategic partnerships with other organizations that will bring customers (typically for a fee or a share of revenue)

Organic

  • Social media: basic social tactics such as Facebook Like or share via Twitter, or more creative viral campaigns
  • Word of mouth: customers talking to friends and family about your product, advocating your company and its products
  • Public relations: this is coverage by newspapers, television programs, and celebrity involvement
  • Social proof: normal product usage that advertises your product and brings in new users
Matt Sand

Author Matt Sand

Passionate about making a difference through innovation and entrepreneurship.

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