Growth in business is not only a matter of the combination of creative ideas and hard work but more importantly, choosing the right business formula that will help your business grow exponentially.
The most powerful business formula is the exponential growth formula.
Almost all successful businesses in the digital era have a scalable growth formula that allows them to grow exponentially.
Check out: B2B sales assessment test template
Exponential growth formula is about rapid growth. For instance, a doubling in size every six months, unlike linear growth which increases steadily.
Graphically, linear growth would be a straight line compared to exponential growth that would curve upwards.
To make things more interesting and easy for you, we have gathered 5 successful entrepreneurs who shared the exponential growth formula that helped them grow rapidly over a short period of time.
1. Ershian Anwar – CEO, Anzen
Anzen is an Artificial Intelligent Home Solutions. The company provides these 3 main services:
Monitor – Tag and identify people on the front door
Control – turn off and on home appliances remotely
Alert – Suspicious activity or unknown person alert on your mobile.
About the strategy to growth, Ershian says:
“We have only worked on organic growth. No expensive marketing budgets, no grand events. Just simply asking the customer to pass the word on if they like the product. While this might be slow in the very beginning. This eventually has a snowball effect in which your customers are doing the marketing and doing the sales for you. Sometimes, they can even seal the deal faster than us”.
And this strategy has led him to achieve exponential growth, he added:
“Even with the pure organic growth target and just doing ‘sweat marketing’. We have been able to rake up to 60+ customers using 100+ of our device with active leads of 700+. All of this happened in a 4-month time span. While this might appear less. but our total marketing budget has not exceeded 100 PKR per customer during this time”.
2. Usama Noman – Founder, CEO Botsify
Botsify is a chatbot platform that offers Live chat customer support for website and facebook to all types of businesses in various industries. The platform is designed to create easy to use chatbots for yourself, so you can be non-technical and still create and customize an excellent chatbot.
The strategies to success that Usama used;
“We used two strategies as follows:
1. We have been launched on ProductHunt 4 times and that’s one of the best growth marketing strategy for us so far. Getting published on ProductHunt not only gives you tons of free traffic and helps you with the validation of the idea but it also helps you with the other publications and media eyeballs.
2. The other growth strategy that has worked for us is getting SaaS companies crawled and extracted from the internet and find their email addresses from the available tools like “FindThatLead” and then start cold emailing them.”
And the results were;
“With the first time launch of Producthunt, we were able to get 10,000 visits throughout the period and got our first 500 sign-ups through that. With that, we were mentioned automatically and our story was picked by 5 major media outlets and giving us other continuous streams of website visitors. Combined with all time launched of ProductHunt we have got 25,000+ pageviews so far.
With the second strategy of good cold-emailing, we are getting a 20% open rate which is pretty standard but good for the cold email marketing. There are two factors involve we are targeting the right marketing, which is small to medium businesses. We have converted a couple of leads through cold-email marketing but is something we have recently started doing so we still have to see the solid results.”
3. Muhammad Gohar Shafique – CEO, Funnel CRM
Funnel CRM is a simple CRM software that tracks leads, manages follow-ups, lessens data entry, increases sales quickly and efficiently.
The secret ingredient to their growth was using the following strategies Gohar explained;
“1. Using Support as a Marketing tool: We provide 24-hour support, trained our support team to respond to the first message within 2 minutes. With this one change, we experienced a +43% increase in leads.
2. Facebook Ads: Facebook videos sell well if done properly: grab attention, ‘educate’ about the situation and the problem, provide social proof, show your solution and use direct response best practices to start a sale conversation or just land that sale on site.
3. Quora and Facebook groups: Whenever I start mapping out a new content strategy I will go through to Quora and find out what my buyer persona is having problems with. From there I can go about thinking up a solution to the problem. The opportunity from an acquisition point of view is to get traffic through your content by commenting on questions that your content answers.”
These strategies resulted in:
“Using these strategies, we had 2000 plus paying customers in just one year”
4. Gaetano Caruana – Founder, Early Parrot
Early Parrot is an easy to integrate referral marketing solution for SaaS, E-Commerce & Email list building.
About their Exponential Growth Formula, Founder & CTO Gaetano says;
“We are using two main strategies:
a. Content Marketing: Quora is our best channel so far. Since referral marketing is very specific and some education is required in order to onboard new customers we answer as many questions as we can on Quora to help business founder understand how important referral marketing is
b. Referrals: We practice what we preach. We amplify our marketing efforts by applying referral marketing. We engage with each and every sign-up in order to get new leads by giving our rewards to those who refer new business to us”.
And this growth strategy has proven to be a successful one for Early Parrot as;
“Being self-funded was very hard. But just after 12 months, we broke even. Now we are at profit and we are re-investing all the money in order to build version 2 of EarlyParrot and we are doubling our sign-ups month on month”.
5. Sarah Ahmed – Founder, Desol Int.
Desol Int. is a web design and development agency, started back in 2017.
Sarah shares her exponential growth formula of expanding from a freelance agency to where the company stands today;
“My agency was based from freelancing and within a span of 1.5 years we have expanded our services in Digital marketing to Chatbot services genibots.com
While we came across some potential software in the market, we started doing their affiliates and made our blog hackleads.com I’ve bought themes and plugins that offers business automation and using that I’ve been doing affiliates in the website”
And the success Desol has achieved by applying this strategy is;
“I’ve done up to 35 affiliates for gravityforms.com, up to 4 siteground.com affiliates. I owe multiple themes including Avada, Divi, Betheme, Salient, Royal and have been doing affiliates for these themes as well. There are multiple other plugins that we offer our clients as complimentary add-on.”