In order to stay ahead, continue to make profit and run a healthy business, growth is important. Here are some business growth strategies that make perfect sense and are important for a CMO to get on board with…
Try new marketing activities
A varied marketing mix can help your business to grow. Different activities can reach different types of customers and this is so important when you’re trying to find new markets. When looking at your options keep an eye on the activities that give the best return on investment. One overlooked activity is SMS marketing – take a look at GlobalMessaging for more information on how you can tap into an effective method of reaching customers on their favourite device.
VIP events for customers
It’s so important to keep your customers on side and one way to make them feel special is with VIP events. Knowing they are valued and looked after will just help to build the relationship between them and your company.
From here your account managers can work with these customers to continue to develop that relationship and bring in more revenue.
Identify where to make cuts and where to invest
Being ruthless is important in business so time needs to be taken once a month to have a look over expenditure to see what’s necessary and what, in terms of marketing, is working. Have a bigger review each quarter and don’t keep going with something if it’s not working as it should be. It might have sounded like a good idea – and may have even worked in the past – but if it’s once it’s apparent that something is not working then it’s time to ditch It and move on.
Keep a close eye on what’s working and what’s not
In order to see what’s working in terms of marketing, you need to take a look at the numbers. With some marketing activities this is easier than others. For example, return on investment is easier to track with PPC and SEO than it is with public relations.
Make sure you have software in place to look at the important numbers from simple stats like website traffic right through to repeat sales information.
Market segmentation
Carve out your corner of the market and own it. For example, if you are a drinks manufacturer, you’re never going to take over the whole of the market (because there are drinks giants already there) but you can take a segment of that market and focus your efforts on a smaller customer base. This might be with energy drinks, smoothies, healthy shakes, iced tea or something else entirely but make sure you have a strong focus and understanding of the area you wish to target.
Diversification
Once you’ve made waves in your segment of the market, it could be time to diversify. By building on your product offering, you can reach new markets and grow your business. Work out what product would complement your existing lines and remember to build on the things that worked well before.
Leveraging partnerships
Working in partnership with other businesses gives you a fantastic chance to share customer bases, combine your marketing power and grow both of your businesses. The trick is finding another business that is not a competitor but still works within your industry and shares a similar customer demographic.
Business growth can come from all kinds of sources but the strategies you use will vary depending on your business and the industry it’s in. The trick is to monitor everything closely in order to maximise return on investment so more money can be ploughed into the areas that truly help growth.