The Carnival Of Business Growth Strategies

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Top Takeaways:

• While growing up in Hawaii, Tiffani worked in a roaming carnival. She learned many valuable lessons about business such as hiring, firing, employee motivation, and customer experience.
• According to Tiffani, you can boil down business growth to ten paths. Successful companies are able to maximize at least one of these ten growth paths.
• Growth comes down to three things:

1. The context of the market in which someone chose a particular path.
2. The combination of what they did around multiple growth paths.
3. The sequence of how they actually did those things.

Context, combination, and sequence make or break the decisions companies make.

• By making decisions that lean towards customer experience and radical hospitality, companies like Shake Shack are able to differentiate themselves from the competition.
• Starbucks suffered a brand crisis when it overwhelmed its customers by expanding too fast and adding many items to its menu that weren’t congruent with its main offering. They brought back CEO Howard Schultz to course-correct by returning to the customer experience path.
• Businesses play a huge role in society. They should choose to do well by doing good, putting purpose over profit, and becoming better stewards of the people in the world.

Quotes:

• “Everything I learned about business, I learned from the carnival.” – Tiffani Bova
• “Word of mouth is a huge part of why people decide to buy – or not.” – Tiffani Bova
• “Customer experience is the new product.” – Tiffani Bova
• “People will remember the experience much longer than the price they paid.” – Tiffani Bova
• “If you want to reduce churn, you have to deliver a better experience.” – Tiffani Bova
• “If customer experience isn’t your true north, you’re setting yourself up for failure.” – Tiffani Bova

About:

Tiffani Bova is the global growth and innovation evangelist at Salesforce. She spent ten years at Gartner, where she helped companies like Cisco, IBM, and Oracle capture new growth opportunities, win the eyes of customers, and improve the way they take their products to market. Her new book Growth IQ helps companies get smarter about the choices that will make or break their businesses.

Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and host of Amazing Business Radio.

This episode of Amazing Business Radio with Shep Hyken answers the following questions … and more:

1. How can a business achieve sustainable growth?
2. What qualities should you look for when hiring employees?
3. What is radical hospitality? And how can it help your business?
4. How can you differentiate your business from competitors?
5. How can companies be more socially responsible?