Growth Strategy

Vijay Thadani, Managing Director and Founder of NIIT Ltd gave me one piece of advice that helped me scale my business by 1000% growth in two years.

In 2013, we were selling our products well but saw no growth in numbers.

We did numerous brainstorming sessions but failed to pinpoint the problem.

We were all working very hard as per our strategy, but what is the use of hard work if there is no growth?

I started seeking help from our community of entrepreneurs, where I was introduced to Vijay through a mutual connection.

That weekend, we sat down to discuss where he first understood all aspects of my company, from products to team, from process to customer persona, everything.

That night, Vijay gave me two suggestions.

1. To stop all other products and focus on only one.

2. Focus marketing only on India.

The suggestions were simple, but it was the most challenging ecological change for me.

For the next two days, I was stressed and confused if I should go ahead with Vijay's suggestions.

After much contemplation, I decided to go ahead with it with minor tweaks.

1. I decided to stop all other versions of our products and keep only two that were selling well.

2. Divided our focus in marketing by 90% in India and 10% in the US.

When I implemented these changes, we saw a dip in sales and leads. I was worried, but Vijay assured me and told me to be patient.

In 4 weeks, our charts went up.

We saw an increase in sales, got more leads, and our revenue picked up.

This experience made me realize that sometimes removing items from your bucket can give you growth. I saw Rao and Sutton’s Subtraction theory in person.

With limited funds, focus on the product that is selling more, and marketing is the key to your business growth.

What's your take on this?

Source: Linkedin

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