9 Use Cases
“Geometric growth.” This has been a mantra for me this year. Just hearing these words from marketing legend Jay Abraham started a fire of inspiration in my mind. Before I even fully understood the term, the thought of what geometric growth meant for me was the most valuable part of this exercise. I not only wanted to fan that flame and to understand the idea better but also to share it with you here.
On the first draft of this, I made the mistake of getting my writers involved too soon. This is too personal a topic for others to do it justice, so I rewrote it. If you know me, you know I don’t have the attention span for fluff. So, I’ll keep this concise. Here is Jay’s definition and nine use cases for geometric growth.
“If you can make the same action, the same activity, the same person, the same capital, the same client, everything produce more yield, greater results and performance, then sustain it, the combined effect is geometric growth…Maximum result, minimum effort, minimum expense, minimum time, and minimum risk.”
1. Create a Process, and Scale Your Sales
Pro tip: countless consultants can help with this, rather than answering a cold linkedin request – try asking a peer group for a referral. Speaking of referrals.
2. Expand and Incentivize Referrals and Repeat Business
“Referrals are the most profitable, undervalued source of business growth you could have…When you establish dozens of different referral access vehicles, it’s the equivalent of attaining an almost unfair positioning advantage—that’s done with little to no costs incurred,” from Jay who literally has an audiobook called 93 Extraordinary Referral Systems. How many do you have?
3. Increase Your Rates
Simple to say but difficult to get around the fear and doubt. Have you ever regretted raising your rates, though? I doubt it.
4. Muscle up Your Team
Wearing too many hats? Remember what Tim Ferriss taught the world in The 4-Hour Workweek. You can do more with less than you think, especially if you hire virtual team members.
5. Work with Partners, Especially Distribution Partners
Even though amplifying reach is one of the most common problems, the least often leveraged solution is partnering with people and brands that have more reach. It can be as simple as sending an email or making a phone call. If you’re looking for more ideas on this one, read or reread the classic Never Eat Alone, by Keith Ferrazzi. (Incidentally, he’s been killing it on LinkedIn lately!)
6. New Markets
I would argue deeper segmentation relates to this category. As you consider going wider, explore whether going deeper is more efficient.
7. Diversified Revenue Streams
By the end of Q3 2020, e-commerce was up by 140 percent year-over-year. Obviously, that’s in a time when many businesses (especially brick and mortars) are getting crushed.
8. Mergers and Acquisitions
Serial Entrepreneur and acclaimed Business Mentor, Roland Frasier, preaches and teaches the benefits of leveraging mergers and acquisitions for growth, “Just in the U.S., an average of 595,000 businesses cease to exist EVERY year. (That’s an average of 1,630 a DAY.) And when they’re gone, so are their email lists, customer databases, inventory assets, social media channels, and every other truly valuable asset they’ve built over the years…what if there was a way to plug them (and ALL of their assets) into your business for exponential growth?”
9. Database Marketing
This is another underappreciated opportunity. One of my favorite blogs we published this year was about how to expand your email list, and we crowdsourced the material for that.
Have any of these techniques worked well for you lately? Would love to catch up.