Every business aims to grow and acquire more customers over time to meet its organisational goals and fulfil its objectives of becoming better than its competitors. But can every business handle 10X growth? What do you mean by 10X growth? It’s when your business grows in capital, technology, people and resources that leads to increased revenue. Scaling a business is different from business growth. It’s when your revenue increases without a substantial increase in resources.
One of the biggest hurdles with 10X growth is that a company will have to adjust its resources and relocate them to handle the increasing workload. 10X growth changes the functioning of a company, along with which it takes a mental toll on entrepreneurs, who are witnessing 10X growth for the first time. In this blog, we will look at the factors that tell your brand is ready for 10X growth.
How to Determine That Your Brand is Ready for 10X Growth? Let’s Find Out
#1: Your Workforce Can Handle Increasing Workload
One of the signs that your brand is ready for 10X growth is that your current workforce can effectively handle an increasing workload. If your operations can handle a 10X output without leading to employee burnout, your brand is ready to experience more growth in terms of more customers, more operations, increased resources and technology.
#2: You have a Clear Marketing and Growth Strategy
If your brand has a solid foundation where your marketing, vision, mission and long-term growth strategy are aligned together, you are ready for 10X growth. Many brands fail in their foundational stages. Aiming to grow your business without establishing a solid foundation first affects your brand growth to a great extent. If your marketing campaigns work and can convert substantial numbers of customers, you can scale the brand to experience 10X growth. You need a robust and planned-out quarterly marketing roadmap to leverage new levels of growth for your brand.
#3: Tapped Into New Markets
Another sign to know that your brand is ready for 10X growth is that if you have tapped into markets which are not the core audience of your direct competitors. By generating high sales volume data, you are attracting more investment opportunities into untapped markets. Hence, if the market opportunity is open where you can expand and reach a new audience, you are ready for 10X growth.
#4: Your Brand Has a Scalable Infrastructure to Support Growth
If the current systems and technology of your brand are more than enough to support rising future needs, then your brand is ready to experience more growth in the future. To enable further growth of your brand, you need automation so that your workforce has more time to focus on strategic growth instead of tiring day-to-day activities, which can be handled through automation. The systematic processes in your business allow you to identify any discrepancies in the current technological ecosystem and fix them for future growth.
#5: Everready Team and a Talented Workforce
If you have a talented workforce that can adapt to new technologies and take on more responsibilities as the brand grows, you can achieve 10X growth. With a growing brand’s potential, you will need a newer workforce to adapt to ongoing changes and work alongside dynamic teams to meet new customer demands.
To Sum Up
To truly experience 10X growth, your brand needs an effective growth strategy where you should first conduct an in-depth competitor research. Identify what they are creating and offering to the market that is different from what you are. By identifying key revenue opportunities, you can lead your brand to 10X growth. You need to create a sustainable business model to grow financially as well. Your growth strategy needs smart audience targeting and bigger marketing campaigns, which not only identify new gaps in the market but also help you prepare to work with a new range of customers.
A revised brand’s mission and growth-oriented planning will help your brand achieve 10x growth in the future. You need to identify the core growth objectives and compare them against the key performance indicators. You can evaluate if your plans are being executed as per your expectations or not. To create a custom marketing and advertising plan for your brand, you can contact our experts at VerveOnlineMarketing, a leading performance marketing company in India.
