Founding and developing a business into a thriving enterprise can provide both satisfaction and stress, often in equal measures. Daniel Shin is a successful entrepreneur from South Korea best known for his work developing the mobile processing giant Ticketmaster.
The co-founder and CEO of PortOne Global, Daniel Shin, has remained immersed in the business field since he entered it over a decade ago. Equipped with a wealth of experience and insights, Daniel Shin outlined how he approaches scaling a business while remaining dedicated to core operational standards.
Set the Stage For Growth
As a prominent entrepreneur with his hand in multiple fields, Daniel Shin has seen what it takes to raise a company from the ground into the stratosphere. Through hard work, dedication, and a focus on long-term goals, Shin believes that any business can set itself up to succeed in its scaling phase.
Shin suggests following a few steps to ensure success while scaling a business that has already built something of a following.
Perform a New Analysis of Competition
When a company is founded, the founder often performs a competitive analysis to gauge the market and what to expect. Another competitive analysis should be performed when a company is preparing to scale.
With new competition and technology changing the marketplace, an updated analysis can answer a few of the following questions:
- How Does the Business Meet the Needs of Customers?
- What is the Business’ Clear Value Proposition?
- How Can Customers Engage With the Business?
- What Businesses Offer Loyalty Programs?
Learn to Love Delegation
While Daniel Shin is passionate and deeply immersed in the daily needs of his business, he understands how important it is to delegate tasks to the appropriate individuals. Scaling a business requires entrusting others with critical functions while remaining focused on bigger-picture subjects.
Shin suggests closely examining your team before deciding which member is best suited to handle their specific task.
Spin the Marketing Flywheel
The Marketing Flywheel is a three-part system that showcases how dynamically a business can grow. The success of the Marketing Flywheel relies on creating a satisfying customer experience that leads to repeat purchases and referrals.
The Marketing Flywheel consists of three primary steps
- Solve a Customer’s Problem
- Cultivate a Relationship With Said Customer
- Provide a Superb Experience For the Consumer
When the marketing flywheel is in motion, it leads to business success while encouraging positive consumer experiences. Along the way, businesses might need to change parts of the process to enable more prosperous results. Shin advocates for an omnichannel communications strategy to assist in scaling.