Analyzing the right strategies to market your business is often likened to rocket science. How do you get your point to the right audience and do it effectively? How do you increase visibility and boost sales while maintaining a profit with a converting offer?
Growth marketing doesn’t just occur. Multiple strategies can help gain this kind of growth. let’s take a look on it.
1. Market Penetration.
One growth strategy in business is market penetration. A small company uses a market penetration strategy when it decides to market products which are already available within the same market it has been using. The best and only way to grow using existing products and markets is to increase market share, according to small business experts. Market share is the percent of unit and dollar sales a company holds within a certain market vs. all other competitors. One way to increase market share is by decreasing prices.
For example, in markets where there is little differentiation among products, a lower price may help a company increase its share of the market.
2. Identify your ideal customer.
Creating personality about your audience can help tell you exactly what they are thinking and want at each stage of their purchase journey. For example, knowing about their problems and what started them on the journey for a particular product or service can shape the type of message you deliver as well as the future product development plans you enact.
Knowing what your audience likes and when they use certain social channels are other factors that can shape how you develop a persona that defines them. This can tell you exactly what to say and do throughout their journey.
Also note that what initially may have started them on the journey may not be what actually drives the final purchase. For that, you may need to understand what they discern as the true value related to solving that original issue.
Equipped with this information, you can personalize your messages to certain audience members to help drive growth.
3. Market Expansion.
A market expansion growth strategy, also called market development, involved in selling current products in a new market. There several reasons why a company may favor a market expansion strategy. First, the competition may be such that there is no chance for growth within the current market. If a business does not find new markets for its products, it cannot increase sales or profits. A small company may also use a market expansion strategy if it finds new uses for its product.
For example, a small soap distributor that sells to retail stores may discover that factory workers also use its product.
4. Use the channels your audience frequents.
It’s easy to think that you’ll grow if you put yourself on each channel possible. But what if anything, doing so could likely be detrimental across the board, rather than selectively productive.
When you rightly know your audience through the aforementioned research, you can narrow down those social channels and favored communication platforms. You can also determine the best day and time to interact with them.
It’s OK to select just a few places to use. You want to make sure you have the capability to properly manage those channels. If you don’t, your audience may think you aren’t paying attention.
5. Focus on your strengths
Sometimes, focusing on your strengths – rather than trying to enhance your weaknesses – can help you initiate growth strategies. Rebuilding the playing field to suit your strengths, and build upon them to grow your business.
6. Enhance your growth marketing tactics quarterly.
Doing the same thing over and over rarely leads to real change.
Instead, intent to try a few growth marketing initiatives each quarter. Consider giving one or two a few quarters to initiate themselves, and Switch others out so you can try new types of digital tools, such as:
⚬ live-streaming video
⚬ machine learning
⚬ artificial intelligence
⚬ mobile video
7. Look to your competition
No matter your company, your competition is likely excelling at something that your company is trying to deal with. Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. Don’t be scare when asking for advice.
Ask yourself why your competitors have made different choices. Are they wrong? Or are your businesses positioned differently? The expectation that you’re smarter is rarely correct.
To wrap up, I recommend all businesses review your submission to Marketing strategies.
Speak with your authorized or compliance teams, and make a strategy for its launch.
That’s all for now.
If you have any questions on how to improve your marketing results or feedback about this, please let me know in the comments, I’ll be happy to help and give you some tips.