4 Tactics For Business Growth
Running a small business is not easy! As a business owner, you are responsible for many things, including payroll, accounting, sales, customer servicing, and marketing, not to mention your actual work. It can be a bit overwhelming especially when things aren’t going according to your business and marketing plan. You want to achieve more business growth, yet you just can’t seem to make it happen. What do you do?
This is a time to review and strategize around business growth tactics that many companies have used time and time again.
Know Your Audience
Defining your target audience will go a long way to help you better understand your clients and help you position your products or services accordingly. Let’s face it, it is impossible to reach and appeal to all consumers at once. By identifying your target audience, it allows your business to focus its marketing efforts and dollars on the groups that are most likely to buy from you while doing it in an efficient and affordable manner. If it’s been a while since you’ve reviewed your description of your target audience, this is a perfect time to consider changes within your company and within the business landscape and refresh your customer avatar(s) accordingly.
Practice Proactive Marketing
What is proactive marketing? First, let’s talk about what it is not. Does your business implement marketing campaigns through the same channels and then analyze the data and metrics to see if the campaign was a success or failure? If so, this is referred to as reactive marketing. In other words, you are reacting to your customers’ feedback to determine if there is a demand for your new product or service. Instead, you may want to consider implementing the proactive marketing approach. The proactive marketing approach involves anticipating customer needs and taking steps to meet their needs before they arise. It involves marketing your products or services through new channels of distribution where people are not already looking for your products or services. By taking a proactive approach, you might be able to create customer demand, opening the door for your business to grow.
Know What Your Competitors Are Doing
To stay relevant in the marketplace, keeping track of your competition is essential. You can do this by creating a competitive analysis. Competitive analysis helps you to understand the strengths and weaknesses of your competitors in relation to your own products and services. This analysis can help you develop and implement stronger business strategies, uncover market trends, as well as help you capture more market share. It will also support designing a proactive marketing strategy as defined above.
Offer Referral Programs
A referral program is a great way to grow your business. A referral program is a strategy used to encourage customers to promote your products or services. Simply put, a referral program lets your customers share their experience and satisfaction with your products or services with partners, colleagues, and friends at little or no cost to you. You may have heard the old adage, the best form of advertising is through word-of-mouth. According to Semrush, Word-of-mouth marketing is even more effective than paid ads, resulting in five times more sales.
Growth is the key to a successful business! What tactics are you using to help grow your business this year? If you need fresh ideas for growing your business, give me a call at (724)612-0755.
About the author: Autumn Edmiston is the CEO and owner of the Edmiston Group. The Edmiston Group is a multifaceted Pittsburgh-based marketing consulting firm providing senior-level marketing management services to businesses and non-profit organizations on a short or long-term basis. Core areas of service are business development strategies, website creation and management, social media management, marketing, strategic planning, and public relations. The Edmiston Group has consistently delivered and implemented real-world, proven business marketing ideas and strategies for business.