Born and raised in South Korea, Daniel Shin rose to prominence as an entrepreneur with a passion for mobile processing. Shin’s early successes include the founding of TicketMonster (TMoN), while his present focus is on the work conducted at PortOne Global.
A specialist in scaling businesses, Shin has spent much of his career guiding his company or helping others navigate their businesses. Growth at scale is complex and financially problematic without the right building blocks, so let’s dig in.
Preparing For Scale
Getting ready for growth isn’t just a given. It’s something that every business should prepare for. Development and scaling without the proper systems can lead to operational inefficiencies and financial losses. Daniel Shin believes there are a few tried-and-true methods for designing your company to scale.
- How Established Is Your Brand – Daniel Shin believes it to be of the utmost importance for brands to have a solid recondition of where their products exist within the marketplace. Growth might be in the cards if a brand is established and the products are well-received.
- Demand For Goods / Services – Before forecasts of growth can be made, businesses must assess the actual needs for their goods and services. Consumer surveys can alleviate concern while pointing business owners in the right direction.
- Infrastructure is Prepared / Ready – Virtual and physical infrastructural systems must be in place before businesses can scale. From human resources to the regular equipment and materials, companies should take stock of where they are before preparing to jump.
Scaling Your Business the Right Way
Daniel Shin has guided many businesses to the next level, and now he advises others to follow in his footsteps. To properly prepare for business scaling, Shin suggests looking internally at a few critical metrics and barometers.
First and foremost, Daniel Shin firmly believes in the importance of a new competitive analysis. While a business may have completed a study during the initial founding stages, the market has likely changed and thus requires further investigation. What does the business offer? How does it meet the needs of a growing consumer base? What strategies are being put in place going forward?
A competitive analysis can give insight into how other companies certify their placement. Business owners must be objective and without ego when dissecting where their business stands in the greater scheme of things.
Once this is done, Shin believes in activating the Marketing Flywheel by solving consumer problems, creating a positive relationship with customers, and creating a superb overall consumer experience. With the additional layer of an omnichannel communications strategy, these good experiences can quickly turn into positive word-of-mouth and other sales.