Thanks to the internet, building a business in 2022 is now possible remotely. Entrepreneurs can now create their e-commerce stores, sell their products, and do other business functions in front of their laptop even with limited resources.
Yet, with this, competitions became tighter within industries. When one establishes a digital company, they compete with businesses of all sizes that also work on their presence online.
Statistics show that fewer small businesses survive the longer they get, with only 25% lasting 15 years or longer. Luckily, from this small number, a few breakout companies will rise to create a new market.
Achieving breakout success does not have a simple solution. However, it’s possible to increase a company’s chance for it. Tyler Lay of Virtual Worker Now provides great advice in achieving breakout success in episode 373 of the Outsource Accelerator Podcast.
Breakout companies in 2023
Breakout companies are businesses that have seen high growth for the past years. These companies usually appear with the rise of new industries, platforms, and technologies around the globe.
Even before, companies experiencing high growth are usually the first ones to venture into their field. Instead of beating competitors, they chose to explore a new space with a niche market and almost no competition and try to grow from there.
One of the distinguishing characteristics of a breakout company is its value innovation. Here, they introduce new products or upgrades aiming to solve unique concerns from customers.
A lot of household names nowadays went through this process, including Amazon and PayPal. Now, some global businesses continue to innovate with the venture of the internet, such as Facebook’s Metaverse.
How companies can achieve breakout success
There’s no simple formula in being a breakout company. A lot of things are considered in terms of a company’s strategies, industry, and tactics in running a business.
However, they can increase their likelihood of rapid growth by doing the following.
Grow your branding
Tyler recognized a massive change in managing a business nowadays. Everything in digital business “is critical,” especially branding, compared to brick-and-mortar companies.
Indeed, high-growth and breakout companies became household names by growing their brands. A Salesforce study once revealed that websites (74%) and social media (38%) are the most common channels customers use when looking for a product.
According to Tyler, a company’s online presence is “like [its] office space.” With this, he implied that companies should establish their online presence to grow their branding and reach more customers.
Learn more about your market
Companies that grow quickly don’t just market their services to anyone. Some started offering niche services to specific markets and grew from there. Netflix is a perfect example of this.
Businesses should get to know their market to understand how they can offer their services better. By doing this, they can create cost-effective strategies in reaching out to their audiences and increase their ROI in return.
Improve your customer engagement
Nowadays, customers appreciate a company more when their relationship goes beyond selling. A simple bad experience, whether website navigation or customer support, can turn them off easily from a business.
Breakout companies have good customer engagement. They know how to take care of their customers even after a sales transaction. Companies wanting to achieve breakout success should improve their customer engagement and keep their clients satisfied at all times.
Invest in learning
Per Tyler, “first movers [usually] win” and emerge in certain fields. These first movers are usually the ones taking risks in a new platform, method, or industry they think will boom in the future.
These businesses don’t just explore new fields blindly. Instead, they take time and effort to learn more about their fields and bank on this knowledge to improve their businesses.
Tyler advises companies to invest in learning a new field “to understand how it works.” This helps them better adapt to the industry they want to enter and get an edge on future competitions.
Outsource some functions
Throughout the podcast, Tyler highlighted the importance of businesses focusing on their “zone of genius” to grow.
Indeed, businesses cannot always manage everything on their own. Especially for startups, hiring more in-house talents won’t be practical with the towering expenses on labor and costs. Multitasking, meanwhile, would make them lose their focus on their core duties.
Outsourcing some of their roles is the best way to handle their operations better. Companies like Virtual Worker Now know what companies need to focus on their strengths and maximize their profits in return.
How Virtual Worker Now helps your company breakout
Virtual Worker Now works with their clients in getting their desired goals in running a business.
Per Tyler, they are “confident in helping [companies] identify growth and scale patterns” to help them expand better. They are experts in building a team of creatives, social media specialists, and customer service consultants that can optimize business operations and take care of their customers better.
What’s more, VIrtual Worker Now prides itself in having the expertise in their field, making them ahead of their competition.