Success or failure of any business depends on the area of focus of the core teams.
In a startup stage, the core teams focus only on growing the business, however when the growth stagnates the core teams are expected to deliver beyond growth, moving into the phase of sustaining the business that has been built. This is because majority of businesses devise a growth strategy that’s focused on short-term goals (user acquisition, expansion, increasing market share, increasing toplines) and plan to design the long-term goals (customer experience, retention), once the short-term goals are achieved, thus leading to only short-term benefits. In the hastiness to achieve quick results, the focus of the business, that is crucial to attain the desired result, becomes hazy.
Although every business can capture maximum eyeballs by spending on a launch strategy across paid media channels, what really matters is repeat customers. While there may be a million people who are attracted by the offers a business promotes at the initial stage, if no efforts are put to build the customer experience and make improvements in the product or services, the business will struggle to sustain.
When a business focuses on building a strategy that engages it’s customers strategically, right from the awareness to acquisition to retention to turning them into evangelists, the business will create value… delivering more than what the customer perceives of what he is paying for. Hence businesses which identify that growing is only focused on acquiring, while building is focused on delivering wow experience and getting repeat customers, recognize that winning only a few battles isn’t the goal, winning the war is.
So the crux actually lies in how many people keep coming back to you even when you do not reach out to them, and that’s when you can be sure that you’ve built a business, not just grown a business.
(Author – Mr. Vikram Raichura)