When businesses, and specifically marketing teams think of growth strategy, many turn their minds to direct and outbound techniques. These approaches aim to educate, compel and persuade potential customers to engage with products or services.
The Marketing Technology (MarTech) landscape, however, has fundamentally changed the way businesses interact with potential customers. We have access to thousands of tools that help attract, convert and close our customers in an increasingly personalised and meaningful way.
This creates new challenges for enterprises, as well as new pathways and options for growth. To help you decide the direction of your growth strategy, let’s look at 6 fundamental challenges that we see as integral to success.
1. Do your research
The cornerstone of all marketing is knowledge. Studies have shown that companies who conduct high quality customer research are able to grow up to ten times faster, and be twice as profitable, than peers who do not conduct any research. Marketplace, brand, consumer, trend, and even scientific research will help a business make more informed, objective decisions regarding their growth strategy. It also provides a baseline for the measurement of results, as well as a means by which to better understand customers. With research, a company can evaluate their performance and direction, and understand exactly which processes need adjustment to move forward. See how Customer Insights fit into the Triggerfish Experience.
2. Find your Niche
One of the best things a business can do is find its niche; the thing that they are the best in the world at. The fastest growing firms are those who have carefully cornered and focused their market. Effectively reaching this market requires thorough understanding. A business with a niche market should be an expert in that area. These specialisations will make marketing easier, distinguishing your company from the competition and differentiating your skills and services from those around you.
3. SEO and Site Experience
The face of your company is important, and the face that most consumers will see first takes the form of your website. An effective website is the core of a successful business’s online presence. A remarkable site experience is a remarkable first impression. A website that is rich in information is a crucial tool for building visibility, demonstrating expertise, collecting data, and nurturing leads.
Customers organically discover websites largely through Search Engine Optimisation (SEO). Target audiences need to find your business, and it is up to you to place it in their path. SEO is a great tool for online marketing, and while complex and ever evolving, it boils down to on-site SEO, which involves targeted keywords that focus on your service, and off-site SEO that makes up the links on your website.
4. Social Media and Your Story
Social media keeps us closer than ever – both personally and professionally. Social media is a powerful tool for businesses, as buyers regularly discover new service providers while browsing on social media platforms – using it as a form of reference and recommendation. Providing networking opportunities, avenues for growth and a means for reviewing, social media is one of the most effective billboards your business can use to showcase your story and improve visibility. Other forms of advertising can be utilised just as effectively. Some advertising options include: Search Engine Marketing, Retargeting, Industry Publications, Blogging…and much more.
5. The MarTech Stack
Marketing has changed, just as the nature of referrals and business has changed. This has significant implications for growth strategy as it opens a new facet for companies to pursue. Referral marketing is still important. However, it is now built on brand recognition and loyalty and is supported by your reputation and specialty – even amongst audiences you have not worked with. To build more personal and meaningful relationships with prospects online, businesses should be leveraging Marketing Automation, Personalisation, Lead Nurture campaigns, and Customer Relationship Management Systems – all of which have the ability to build business success and deliver relevant, engaging and personalised content to the right prospect at the right time.
6. Growth Optimisation
Business Growth Strategy starts with research and ends with optimisation. Testing and optimisation helps leaders make informed, ongoing decisions based on data rather than instinct or gut feel. Testing systems and optimising performance generates opportunity to grow and determine best next steps based on data, and adjust their growth strategies according to market trends and customer expectations. Metrics can then be analysed to ensure that systems and their results are run efficiently. Each of these aspects allows leaders and teams to understand what parts of their strategy are working, and what to do to fix the things that are not.
Know what you need to do but struggling to get started? Contact us and we can chat about how to make the most out of your business.