Growing Your Business Without New Customers or New Products

This is a very basic, but effective, tool to brainstorm growth initiatives — just a simple reminder for us all. On one axis, put a list of all your products or services. On the other axis, put a list of all your customers. Then, fill-in the matrix for which customers buy which products. The white spaces represent the easier to execute opportunities of selling your existing products to your existing customers.  It is one of the most effective tools available — sell new products to your customers.  Obviously, not every customer can buy every product, but you will find some very high probability opportunities.

This will also prompt you to think about other things in your business. Is there a product that has very large potential for most of my customers and we should prioritize our investment in that product? Should we eliminate a product that is very expensive to execute that only a few customers care about? There are some businesses where the customers turn over every year or so where this exercise isn’t as helpful. But even in these circumstances, it may prompt you to think of other services that you may offer those existing customers to strengthen the overall foundation of your company.

Grow Business Without New Customers or Products.