Here’s what we will cover today:

• Learn the 9 ways to grow your business

• Learn a good way to recover from a potential PR nightmare

• See why you may no longer be driving in a few years

Quote of the Day

"Innovation distinguishes between a leader and a follower.”
~Steve Jobs

Today’s Tip

Here are the nine ways to grow your company:

1. Market expansion - Increasing your target market to include more people or a larger geographical area. This is doing more of the same but to reach more people in more places.

2. Market Saturation - This means getting a bigger piece of the current pie. Whatever target market you are currently in, you would attract more customers from within it and make them "yours."

3. Market Diversification - This entails going after additional market segments. If you're selling donuts to walk-in customers, then you might start selling them in the grocery stores or directly to businesses as well (new segments of your market of donut buyers).

4. Product Expansion - Adding more variety to your existing product. An example of this would be Coca-Cola adding Diet Coke, Caffeine-Free Diet Coke, Cherry Coke, etc.

5. Product Saturation - This means customizing products-tailoring custom-made goods for individual customers. If you go this route, make sure to raise your prices for the extra value (and work).

6. Product Diversification - This means introducing new product lines. The more you have that might appeal to the same group of people, the more likely it is that they'll buy one of them. You might sell items that complement your flagship product and enhance your customers' experience.

7. Expanded Lead Generation - This means advertising through the same channels you have been (magazines, signs, direct mail, etc.) but using more of them (ads in additional magazines, mail to new lists, etc.).

8. Concentrated Lead Generation - This means advertising more often through the channels you already are. You'll reach a higher percentage of the market more frequently to increase response and sales.

9. Diversified Lead Generation - Adding a greater variety of lead generation channels and messages that you're not currently using, to reach prospective customers in as many ways as you can.

If you are just starting your business or launching a new business model within it, do your best to plan and execute on a small scale.

Once you are farther along and/or are ready to really grow, choose one or more of these 9 growth strategies and focus on implementing them.

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company 👈 The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business...

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company 👈

Trivia

Today’s Question: Which now famous company's name was initially proposed as “Pequod”?

Previous Question: Pharmaceutical giant Johnson & Johnson issued a nationwide recall of what well-known pain reliever after 7 people died from taking pills which had been tampered with on store shelves?

Previous Answer: Tylenol

Although the tampering was believed to have only affected a small number of bottles in just a few stores and did not occur in the factory, Johnson & Johnson immediately halted all advertising and recalled 31 million bottles at a loss of $100 million.

After the product's market share dropped from 37% to only 7%, Johnson and Johnson reintroduced Tylenol with a patented triple-seal tamper resistant package and offered clients discounts on purchases.

The company recovered from the incident thanks to the immediate action and assumption of responsibility, and has since been featured on Fortune Magazine's “Most Admired Companies” list and has regained its market share and then some. Lesson: always do the right thing; while in the short-term, it may cost you money, in the long-term you will reap the rewards.

Tools of the Day

Roundtable - A comprehensive tool for survey data cleaning, featuring an easy-to-integrate API and behavioral tracking capabilities.

Beehiiv - the new newsletter platform we’re using.

News

Google announced new AI features for its Chromebook Plus. Help me write, and more

Zoox to test self-driving cars in Austin and Miami: this is coming to more and more places.

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