A Powerful Formula to Skyrocket Your Business Growth

Just one trick to take your business to new heights

Like everybody else, I too have a few hobbies to spend my free time with. One of them is consuming a lot of business-related content. Since I write in the same niche, I think it’s quite justifying in my case.

So in the hunt for content, I keep rolling between YouTube, blogs, and Instagram.

While there are plenty of influencers I am impressed with, Dr. Vivek Bindra tops the list. For those who don’t know, he is a famous Indian business coach, inspiring millennials to take action every single day through his videos and courses.

I recently came across one of his videos on YouTube. And there I got the most powerful business advice ever.

That video explained an entry barrier that big brands have been using to beat their competitors. Since the video is in Hindi and not compatible with most of the Medium audience, I won’t post a link here. However, you can read on to know what the entry barrier is and how can you apply it to your business.

Famous brands have been using this formula for decades

When people recognize your brand for the product you sell, It’s a sign of growth. But what if the product itself is recognized by the name of your brand? Now, that’s some next-level shit, right?

Many brands in India have been enjoying such insane popularity. Ie: Pepsico, M-seal, Colgate, Maggie, All Out, etc are a few names on this list.

In small towns of India, kids, as well as elders, call soft drinks as Pepsi, toothpaste as Colgate, washing powder as Surf Excel, potato chips as Lays, and quick noodles as Maggie.

What this means is when they are at a general store to buy quick noodles, they will simply ask for Maggie. Most consumers don’t know or care about any other brand. And if the shopkeeper hands them noodles of another brand, they are likely to refuse to buy it thinking of it as some duplicate brand.

On the digital level, we can take the example of Google. Google is the only name we validate and trust when it comes to using a search engine. There is hardly any other name on our mind than Google when we need to search for something online.

The same goes for other products/services as well. That’s called the entry barrier. Where a single brand rules the market, while others struggle to enter or survive.

But the important question here is how did these brands apply the entry barrier?

Well, most of these were first movers. Whether it’s Pepsico (In India), Google, or M-seal — these were all the introducing brands for their products or services. This means, before M-seal, people did not know anything like epoxy compound. They still don’t know what on earth is an epoxy compound (product name), they just call it M-seal (brand name).

These brands simply introduced new products to people or just maximize the popularity of those particular products.

Now, what if you are not a first mover? Plus, you don’t have something unique about your product either. Can you still create the entry barrier for your competitors? Well, we do have examples of the brands who created the entry barrier despite not being the first movers.

Domino’s, KFC, Reliance Jio (Indian Telecom company), Oppo, Vivo, Etc.

Whether you are a new or old player, It’s totally possible to prove your dominance in your market and swap away your competitors. Here’s how -

Have a unique identity

It’s hard to spot you in a crowd. You got to have something unique about yourself. If you can’t improve your product, improve the service.

Let’s talk about Domino’s. They don’t make the best pizzas in the world. Neither they were the ones to introduce pizzas to people around the globe. Then what made them so famous?

Their unique commitment to the service.

Domino’s proposed delivery of their pizzas within 30 mins or the customers will have a pizza party for absolutely free. This was something new and it grabbed customers’ attention. People talked about it and Domino’s gained overnight popularity.

If you don’t have something different to serve, then serve it differently. Win your customers with your unique service. Give them an experience they had never imagined. This is the key to exponential growth.

Market your brand with creativity

Marketing is not an option but a crucial part of business strategy. Go hard on this part.

Well, anybody can do that and you can do that too. But that’s a lot of investment, right? Not really. It’s possible to leave a lasting impression on consumers’ minds without spending much. Just try being creative.

You can target your potential clients through paid ads on various social media platforms. Many brands use their social media handles to create viral posts to grab as many eyeballs as possible. And this works wonders.

For example, we see Zomato India along with many other brands posting funny or emotional tweets on current trends. Sometimes they use memes as a part of their promotion strategy to get maximum retweets. Seems like they have cracked how to attract young customers.

This is a quite good example of the modern way of marketing. You don’t need to spend tens of thousands to create and run commercials or go for any other traditional way. All it takes a little creativity to get your brand viral and famous.

Turn your buyers into loyal customers

Businesses are so involved in getting new customers on board that they often forget to take care of the existing ones. Getting new buyers is not a permanent solution, but making them stay. Similarly, making a sale is not a victory but giving value to the customer for the money spent.

If you want some serious growth, make your customers loyal. An emotional bond with your customer provides pillars for your business to stand firm and strong forever.

But how can you build an emotional bond with your customers?

Target one particular community of people within your potential customer base. Represent that community through your product type, brand name, or marketing strategy. Don’t link your brand to a community directly though. Just let that community attach itself to your brand.

This way, you are not actually limiting your customer base, but stepping out of the crowd to be spotted clearly.

Another way is to treat your customer like family. Surprise them with your service and give them reasons to come back to you over and over again.

Take away

It’s all about having a unique identity. Ask yourself why your customers should keep you in mind? Once a brand makes a place in people’s minds and conversations, a barrier is created for rest.

It doesn’t happen overnight though. One or two moments of virality will not make your brand super famous either.

It’s a long journey of customer satisfaction and virality with a lot of ups and downs. Keep standing out from the crowd.

Best of luck.

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