In his blockbuster book “Double-Digit Growth How Great Companies Achieve It – No Matter What”, Michael Treacy claims companies can achieve double-digit growth by applying the following five disciplines.
• The first discipline – keep your existing customer base
• The second discipline is – take customers away from your competitors
• The third discipline is – establish a position in growth markets or segments
• The fourth discipline is – enter adjacent markets
• The fifth discipline is – invest in unrelated businesses
What have you done to keep your existing customers, especially the profitable ones? Do you even know who are your profitable customers?
What have you done to differentiate yourself from your competitors? Hopefully you haven’t commoditized your products by competing on price.