The Sticky Engine of Growth — The Indian Context
Let’s ponder for a moment about growth. Not the kind we learn in economics textbooks, but the kind that sticks — durable, consistent, and intimately tied to our customers. The ‘Sticky Engine of Growth’ is not just a buzzword; it’s a real mechanism that can drive incredible growth.
But what exactly is the Sticky Engine of Growth?
In essence, it’s about creating products or services so compelling that customers keep coming back. It’s about loyalty, engagement, and the kind of word-of-mouth that even the slickest marketing campaigns can only dream of.
Consider, for example, Chumbak. Originally a souvenir brand, it pivoted to become a lifestyle brand. Chumbak didn’t just sell products; it sold an experience, a slice of quirky, colorful India that resonated with both locals and tourists. Their growth wasn’t just due to their products; it was because they created a brand that people wanted to be a part of — sticky, in other words.
Now, think about your business. Are you just selling a product or service, or are you creating a community? Are your customers just buyers, or are they advocates?
The Key Ingredients of a Sticky Business:
1. Customer-Centricity: Everything revolves around understanding and meeting customer needs. Like how Zomato, despite its ups and downs, continues to adapt to changing customer preferences, be it with user reviews or hygiene ratings.
2. Brand Identity: Stand for something unique. Amul’s witty take on current events is not just marketing; it’s a conversation starter and makes the brand memorable and shareable.
3. Consistent Innovation: Being complacent is akin to being invisible. Just look at Paytm, continuously evolving beyond a payment gateway to a financial services behemoth.
But how can your organization apply this?
1. Start with ‘Why?’: Why should a customer choose you? Is it because of your product, your prices, or something more intangible? Remember, the ‘why’ is your magnetic north.
2. Engage, Don’t Just Sell: Use social media not just for promotions but for conversations. What can you learn from your customers’ feedback? How can you make them feel heard?
3. Create an Experience: Think about how you can make every interaction with your business memorable. Is it through exceptional customer service, a unique brand voice, or something as simple as personalized thank-you notes?
Now, a moment for reflection. How sticky is your business? Are your customers coming back because they want to, or because they have to?
The true test of a Sticky Engine of Growth lies in its ability to turn customers into a community. A community that’s engaged, loyal, and vocal about why they love your brand. That’s the kind of growth that doesn’t just look good on quarterly reports; it becomes a part of your brand’s DNA.
In a market as dynamic as India’s, the Sticky Engine of Growth is not just an advantage; it’s a necessity. So, let’s ask ourselves: How can we make our businesses not just successful, but unforgettably sticky?
