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Business Growth – The Ultimate Way to Scale Your Business

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Business Growth - The Ultimate Way to Scale Your Business

Every business seeks, in some way or another, business growth through time and expansion to improve its financial, economic and recognition situation in a market that becomes more competitive every day.

This growth is conditioned by many factors or elements that achieve this goal.

There is no magic formula to achieve the expansion of your business. It does not matter if you are a large or small company owner.

The dedication, desire and determination to meet this goal can help you achieve it.  

You often think that it is a very distant challenge to achieve and that your company is not in the best situation to do it, but it is not like that!  

Read on to learn all about business growth and how, little by little, it can help you fulfill the dream of expanding your business.

Business Growth: What Is It?

This concept generally relates to the evolution and development that businesses go through throughout time, such as ongoing improvement, increasing profitability, attaining goals, improved brand positioning, etc.

Normally, companies grow when they discover a greater demand than they can cover, and they need to broaden their horizons to reach those customers who demand the product or service.

Therefore, it resorts to investing in resources to cover this demand, such as infrastructure, machinery, and production.

What represents the first step to growth.

But business growth does not refer only to this. But it is also about improving your services, especially when it comes to customer service, and how is this achieved?

The training and constant teaching of employees will improve management and generate greater productivity and efficiency to expand your opportunities.

Certain indicators can show you if your company is growing:

  • Need to hire more staff, because the one you have is no longer enough
  • Greater recognition in the market
  • An increase in the flow of customers and, therefore, sales
  • Faster product rotation, that is, more is sold than before
  • You see yourself in the scenario of having to create more attention channels because the ones you have are not enough
  • Among others.

Sometimes no matter how small the change may be, it can reflect that you are facing a panorama of business growth, and you have not even noticed it.

How To Make A Growth Plan?

First, you have to know what exactly a growth plan is?

It is a document containing each of the company’s objectives and all those strategies that you plan to implement to meet them.

The objective is to establish a set of steps to follow that may be changed along the journey and tailored to the conditions that may arise or that in some way obstruct the goal’s achievement.

Let’s have a look at how to make an effective business growth plan.

1. Conduct A Thorough Analysis Of Your Business.

To start making your plan, you must identify each of the elements that are part of your company, including weaknesses, strengths, opportunities and threats that may arise.  

Customers, the market, and the competition – are all external factors that can influence or intervene in achieving objectives.

This way, you will be able to see exactly:

  • Where do you need to improve?  
  • Where is it weakest?
  • What are the problems you face?  
  • What is the strong point of the company?
  • What opportunities do you have?

With this clear, you will have a starting point to start your growth plan by knowing where you want to go and not starting without a clear premise from the beginning.

2. Set A Budgets

The financial and economic issue is crucial at this stage, so you must establish what your company can really spend to achieve expansion or growth.

Being realistic is very important in this step since you must make sure you have all the necessary resources to achieve the objectives and goals you are setting.  

Include each expense that you think may arise.

Therefore, you’ll have a clear picture, or at least a close approximation, of whether you can take on this risk or whether you’ll need to seek outside funding to do so.

The idea is not to have to limit yourself by money; to grow, you need investment. Otherwise, you will always be postponing it.  

3. Marketing And Sales Actions

Now that you know what the objectives are and how much you need to achieve them, it is time to define several important points, such as:

  • Which clients are the objectives directed to?  
  • How will you publicize the new product or service?
  • What type of advertising will you use?
  • How are the market and the competition?
  • How will you distribute it if you provide the shipping service?
  • Can you include any other sales channel?

You can successfully answer any questions if you implement actions related to digital marketing in your growth plan.

When developing a website, keep everything to the point, including web hosting, web design, intuitiveness, loading speed, responsiveness, and so on.

Social networks are a great ally to achieving many of these objectives, so you must include them in the action plan for growth.

The goal is to reach as many people as possible and give you recognition.

4. Decide A Work Team

In the business growth plan, it is good to include the continuous improvement of your staff or work team.

This will be a crucial factor for them to grow together with your company.

If you are looking to grow, you cannot leave anyone out and having a prepared team focused on developing their skills and being more efficient will help you along the way.

In addition, they may then be able to guide new employees you need to hire due to growth.  

Likewise, it defines the processes and actions to improve them so that the management of your company is increasingly compelling.

You will achieve everything with the help of each one of them, that each one specializes in their area and generates better results for you.  

The 5 Stages Of Business Growth

Those who run businesses know that the path a small business must take to become a large one is filled with many challenges and opportunities.

Knowing the stages a growing business goes through will give you an edge in making smart decisions at each of these phases.

First Stage: Existence

This is where most companies start, the main priority at this stage is to sell the products or services offered to customers.

This stage is characterized by the fact that the founders or owners are the ones in charge of the entire operation of the business.

Second Stage: Survival

At this stage, the business is already considered viable, it has customers who generate income to keep the company afloat.

Now that the business is growing, the entrepreneur needs to start hiring staff and making strategic alliances, which are key to driving the growth of the company.

Third Stage: Business Success

In this stage of growth, the work of the owners is more of supervision, since now their functions must be more focused on strategic planning and not on micromanagement.

Fourth Stage: Takeoff

This stage is perhaps the most exciting!

If you decide to invest in growth in Stage 3, you want to keep up that pace of investment here, as your business will be entering a phase of rapid growth that you should be very cautious about.

Fifth Stage: Maturity

This is the final stage of the model, but a company’s journey never ends.

You should take advantage of many opportunities here.

The company enjoys stability and resources to maintain its consolidation in the market.

Foundations For A Successful Business Growth Strategy

The growth of a company must be constant.

Not because you have reached the goals in a certain period, you will lower your guard and let the sales be lost for another period.

We must constantly update and improve the goals that we set for ourselves. For this, we will show you what steps you should not neglect:

Focus: what do you want to do? Where do you want to go?

Here we refer to the vision and mission of the company.

Of course, in a growth strategy, the main thing is sales and generating income, but having a clear focus will help you align your efforts.

 Culture: we must adapt to the current situation and change for the better.

For example, if we need to invest in new technologies to improve our processes, people must be willing to change positively.

 Processes: they must improve as the company grows, producing more and improving your customer acquisition, sales, and loyalty processes.

 Infrastructure: If we achieve growth in sales and, therefore, growth in our company, our organizational structure will automatically grow.

People: As we already mentioned, when a company grows, its list of collaborators increases, which it will need to ensure the quality of the processes.

However, successful growth will also depend on people’s commitment to the company.

What Does A Company Need To Grow?

We’ve covered how the most effective method for a company to expand is to increase sales.

However, we need to do more than just increase sales; we need to increase quality sales so that our customers have a unique experience throughout the whole process of enjoying the product or service.To get the experience from customers, we can use user feedback tools. It offers idea boards and feedback widgets allowing your customers to suggest ways to improve product quality and performance.

Let’s see below what elements a company needs to grow.

Products Or Services

It is the basis of your business, it is what you offer and what your company’s income is generated by.

Focus on developing products and services that solve problems that your customers usually have, and describe how your product or service helps solve these problems, this is called a value proposition.

In this way, you will achieve that people connect emotionally and rationally with your company.

Customers

Once we have our product and value proposition defined, selling it would be the next step, but not for this reason, we are going to go out and sell to everyone.

Our product or service is not for all people or companies.

Focus on discovering who is a good client for your company and what characteristics they have.

A good practice that you can carry out here is developing the famous Buyer Personas.

Sales Teams

Now that you have defined your products or services and you know very well who the right customers are, you will realize that your products do not sell themselves.

As we said above, having a sales force is very important for a company to be able to sell its products or services.

Key Factors That Will Determine The Growth Of Your Business

As we have previously mentioned, a company cannot grow if its internal departments work in isolation and without articulation.

Therefore, to achieve the growth of a company , the following elements must be kept synchronized in an organization:

Processes In The Company

For a company to grow profitably, it is very important to define processes and identify those keys to developing its activities.

Without these, it will be difficult for our value proposition to be transmitted by our products or services to the customer.

Qualified People

For processes to work efficiently in a company, qualified people must be available in each area.

It is important to invest in training programs so that people can do their jobs better.

Technology

The digital age has made it easier for companies of any size to use appropriate technologies.

This allows companies to have a competitive advantage by improving the productivity of their processes, which is reflected in more satisfied customers, increased sales profitability.

Growth Strategies

When a business needs to grow aggressively, it likely needs strategies that deliver that growth in a scalable and profitable manner.

Analyze Your Market More Thoroughly

Prior to considering expansion, it’s a good idea to implement growth methods capable of penetrating the market in which your product is sold.

You may gradually establish yourself as a leading brand synonymous with quality, service, and attention.

The idea is to attract new customers within the same niche and get your regular customers to keep coming back to you against the competition. The same you can achieve if you work to increase your website traffic by different means.

You can apply different promotions, offers, loyalty systems and much more.  

You can also expand your sales methods, either selling online, offering offices or any other addition that adds value to your service or product.  

Create New Products

You can expand your product catalog by creating new options that you can offer your customers, such as alternative, cheaper lines —without losing quality— or even compliment your already offered products.  

You can also add new elements according to the seasons to diversify a bit so as not to lose the interest of customers or even improve the product each time.

Always try to maintain your essence and prevent them from getting bored of what you sell.  

Optimize Your Resources  

A good way to achieve the growth you’ve been waiting for is to look for ways to increase productivity, reduce costs and improve processes.

 The optimization of resources will give you the possibility of achieving more sales, generating more income and, at the same time, obtaining better results.  

Every time you manage to reduce production times, make sales or reach a goal, the chances you have of being prepared for growth are greater.

Create A Customer Segmentation

Sometimes as a business owner, you may think that you can reach all types of clients, and although it would be very good to achieve it, you must bear in mind that the desired reach is not always achieved.  

So you have to focus your strategies on a specific customer segment that is really interested in your product or service.

In this way, they will be more likely to acquire it.

If you manage to establish your ideal client’s profile, it is easier to direct the strategies for them and not only reach a small number of people by using techniques that do not correspond.

Likewise, this will allow you to create a community of customers loyal to your product due to the need or interests they demonstrate.

Expand Your Market

When you already have a good position in your current market, you can try new horizons, either by including products that cover new needs or by expanding your geographical reach.

So that you can put it into practice, you must study how this situation could impact both the company and the clients, making projections or estimates and really studying if you think you can reach this new market.  

Drive Growth With Inbound Marketing

Changes in customer purchasing habits are forcing companies to implement new strategies  focused on making the consumer experience more valuable.

Today we live in a world where we all need to buy, but nobody wants to be sold to . This is where the methodology that we will talk about makes sense.

Inbound Marketing is a methodology that proposes to sell in a different way through attraction marketing.

Instead of your company going out to chase customers, they are the ones who find you on the internet when They look for informative content.

In this way you will be adding value to the experience of your customers throughout their purchase process.

This methodology was developed by Hubspot and is implemented throughout 4 phases to achieve the growth of your company.

1. Attract prospects and customers to your website: through useful and relevant content that they can find on Google.

2. Convert visitors into contacts: Once they are on your site, they will leave their data in exchange for downloading some premium content (ebooks, guides, templates).

3. Relate and nurture the database: automation technologies automation technologies are used to start a relationship process with a conversational and personalized approach through email.

4. Close with the best-qualified people: Once the technology has helped you in this nurturing and maturation process, you will be able to identify the best-qualified prospects and send them to your sales team so they can close the deal.

When a company uses new technologies, the internet and a growth strategy such as Inbound Marketing, it will be able to:

  • Generate more qualified visits to your website
  • Increase contacts (leads) and build a database
  • Get business opportunities for your sales team
  • Have a sales forecast for the coming months

This is what we call a predictable income machine. Having information that allows you to forecast the business’s future income will help you prepare and anticipate the growth of your company in a more intelligent way.

Conclusion

All companies must invest in growth strategies wisely. Preparing for business growth through strategic planning should not be underestimated, as there are risks to unexpected growth.

Finally, the leaders of the organizations must promote the change toward digital transformation so that it is an integral part of the company.

This will allow them to adapt their business models to guarantee their existence in the market and always grow in a profitable and sustained manner.

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45 Free Content Writing Tools to Love [for Writing, Editing & Content Creation]

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45 Free Content Writing Tools to Love [for Writing, Editing & Content Creation]

Creating content isn’t always a walk in the park. (In fact, it can sometimes feel more like trying to swim against the current.)

While other parts of business and marketing are becoming increasingly automated, content creation is still a very manual job. (more…)

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How data clean rooms might help keep the internet open

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How data clean rooms might help keep the internet open

Are data clean rooms the solution to what IAB CEO David Cohen has called the “slow-motion train wreck” of addressability? Voices at the IAB will tell you that they have a big role to play.

“The issue with addressability is that once cookies go away, and with the loss of identifiers, about 80% of the addressable market will become unknown audiences which is why there is a need for privacy-centric consent and a better consent-value exchange,” said Jeffrey Bustos, VP, measurement, addressability and data at the IAB.

“Everyone’s talking about first-party data, and it is very valuable,” he explained, “but most publishers who don’t have sign-on, they have about 3 to 10% of their readership’s first-party data.” First-party data, from the perspective of advertisers who want to reach relevant and audiences, and publishers who want to offer valuable inventory, just isn’t enough.

Why we care. Two years ago, who was talking about data clean rooms? The surge of interest is recent and significant, according to the IAB. DCRs have the potential, at least, to keep brands in touch with their audiences on the open internet; to maintain viability for publishers’ inventories; and to provide sophisticated measurement capabilities.

How data clean rooms can help. DCRs are a type of privacy-enhancing technology that allows data owners (including brands and publishers) to share customer first-party data in a privacy-compliant way. Clean rooms are secure spaces where first-party data from a number of sources can be resolved to the same customer’s profile while that profile remains anonymized.

In other words, a DCR is a kind of Switzerland — a space where a truce is called on competition while first-party data is enriched without compromising privacy.

“The value of a data clean room is that a publisher is able to collaborate with a brand across both their data sources and the brand is able to understand audience behavior,” said Bestos. For example, a brand selling eye-glasses might know nothing about their customers except basic transactional data — and that they wear glasses. Matching profiles with a publisher’s behavioral data provides enrichment.

“If you’re able to understand behavioral context, you’re able to understand what your customers are reading, what they’re interested in, what their hobbies are,” said Bustos. Armed with those insights, a brand has a better idea of what kind of content they want to advertise against.

The publisher does need to have a certain level of first-party data for the matching to take place, even if it doesn’t have a universal requirement for sign-ins like The New York Times. A publisher may be able to match only a small percentage of the eye-glass vendor’s customers, but if they like reading the sports and arts sections, at least that gives some directional guidance as to what audience the vendor should target.

Dig deeper: Why we care about data clean rooms

What counts as good matching? In its “State of Data 2023” report, which focuses almost exclusively on data clean rooms, concern is expressed that DCR efficacy might be threatened by poor match rates. Average match rates hover around 50% (less for some types of DCR).

Bustos is keen to put this into context. “When you are matching data from a cookie perspective, match rates are usually about 70-ish percent,” he said, so 50% isn’t terrible, although there’s room for improvement.

One obstacle is a persistent lack of interoperability between identity solutions — although it does exist; LiveRamp’s RampID is interoperable, for example, with The Trade Desk’s UID2.

Nevertheless, said Bustos, “it’s incredibly difficult for publishers. They have a bunch of identity pixels firing for all these different things. You don’t know which identity provider to use. Definitely a long road ahead to make sure there’s interoperability.”

Maintaining an open internet. If DCRs can contribute to solving the addressability problem they will also contribute to the challenge of keeping the internet open. Walled gardens like Facebook do have rich troves of first-party and behavioral data; brands can access those audiences, but with very limited visibility into them.

“The reason CTV is a really valuable proposition for advertisers is that you are able to identify the user 1:1 which is really powerful,” Bustos said. “Your standard news or editorial publisher doesn’t have that. I mean, the New York Times has moved to that and it’s been incredibly successful for them.” In order to compete with the walled gardens and streaming services, publishers need to offer some degree of addressability — and without relying on cookies.

But DCRs are a heavy lift. Data maturity is an important qualification for getting the most out of a DCR. The IAB report shows that, of the brands evaluating or using DCRs, over 70% have other data-related technologies like CDPs and DMPs.

“If you want a data clean room,” Bustos explained, “there are a lot of other technological solutions you have to have in place before. You need to make sure you have strong data assets.” He also recommends starting out by asking what you want to achieve, not what technology would be nice to have. “The first question is, what do you want to accomplish? You may not need a DCR. ‘I want to do this,’ then see what tools would get you to that.”

Understand also that implementation is going to require talent. “It is a demanding project in terms of the set-up,” said Bustos, “and there’s been significant growth in consulting companies and agencies helping set up these data clean rooms. You do need a lot of people, so it’s more efficient to hire outside help for the set up, and then just have a maintenance crew in-house.”

Underuse of measurement capabilities. One key finding in the IAB’s research is that DCR users are exploiting the audience matching capabilities much more than realizing the potential for measurement and attribution. “You need very strong data scientists and engineers to build advanced models,” Bustos said.

“A lot of brands that look into this say, ‘I want to be able to do a predictive analysis of my high lifetime value customers that are going to buy in the next 90 days.’ Or ‘I want to be able to measure which channels are driving the most incremental lift.’ It’s very complex analyses they want to do; but they don’t really have a reason as to why. What is the point? Understand your outcome and develop a sequential data strategy.”

Trying to understand incremental lift from your marketing can take a long time, he warned. “But you can easily do a reach and frequency and overlap analysis.” That will identify wasted investment in channels and as a by-product suggest where incremental lift is occurring. “There’s a need for companies to know what they want, identify what the outcome is, and then there are steps that are going to get you there. That’s also going to help to prove out ROI.”

Dig deeper: Failure to get the most out of data clean rooms is costing marketers money


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Ascend | DigitalMarketer

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Ascend | DigitalMarketer

At this stage, your goal is to generate repeat buys and real profits. While your entry-point offer was designed for conversions, your ascension offers should be geared for profits—because if you’re serving your customers well, they’ll want to buy again and again.

Ascension offers may be simple upsells made after that initial purchase… bigger, better solutions… or “done for you” add-ons.

So now we must ask ourselves, what is our core flagship offer and how do we continue to deliver value after the first sale is made? What is the thing that we are selling? 

How we continue to deliver value after the first sale is really important, because having upsells and cross sales gives you the ability to sell to customers you already have. It will give you higher Average Customer values, which is going to give you higher margins. Which means you can spend more to acquire new customers. 

Why does this matter? It matters because of this universal law of marketing and customer acquisition, he or she who is able and willing to spend the most to acquire a customer wins.

Very often the business with the best product messaging very often is the business that can throw the most into customer acquisition. Now there are two ways to do that.

The first way is to just raise a lot of money. The problem is if you have a lot of money, that doesn’t last forever. At some point you need economics. 

The second way, and the most timeless and predictable approach, is to simply have the highest value customers of anyone in your market. If your customers are worth more to you than they are to your competitors, you can spend more to acquire them at the same margin. 

If a customer is worth twice as much to you than it is to your competitor, you can spend twice as much trying to acquire them to make the same margin. You can invest in your customer acquisition, because your customers are investing in your business. You can invest in your customer experiences, and when we invest more into the customer we build brands that have greater value. Meaning, people are more likely to choose you over someone else, which can actually lower acquisition costs. 

Happy customers refer others to us, which is called zero dollar customer acquisition, and generally just ensures you’re making a bigger impact. You can invest more in the customer experience and customer acquisition process if you don’t have high margins. 

If you deliver a preview experience, you can utilize revenue maximizers like up sells, cross sales, and bundles. These are things that would follow up the initial sale or are combined with the initial sale to increase the Average Customer Value.

The best example of an immediate upsell is the classic McDonalds, “would you like fries with that?” You got just a burger, do you also want fries with that? 

What distinguishes an upsell from other types of follow up offers is the upsell promise, the same end result for a bigger and better end result. 

What’s your desired result when you go to McDonalds? It’s not to eat healthy food, and it’s not even to eat a small amount of food. When you go to McDonalds your job is to have a tasty, greasy, predictable inexpensive meal. No one is going there because it’s healthy, you’re going there because you want to eat good. 

It’s predictable. It’s not going to break the bank for a hamburger, neither will adding fries or a Coke. It’s the same experience, but it’s BIGGER and BETTER. 

Amazon does this all of the time with their “Customers Who Bought This Also Bought …” But this one is algorithmic. The point of a cross sell is that it is relevant to the consumer, but it doesn’t necessarily have to be aligned with the original purchase. What you don’t want to do is start someone down one path and confuse them.

You can make this process easy with Bundles and Kits. With a bundle or a kit you’re essentially saying to someone, “you can buy just one piece, or you can get this bundle that does all of these other things for a little bit more. And it’s a higher value.”

The idea behind bundles and kits is that we are adding to the primary offer, not offering them something different. We’re simply promising to get them this desired result in higher definition. 

The Elements of High-Converting Revenue Maximizers (like our bundles and kits) are:

  1. Speed

If you’re an e-Commerce business, selling a physical product, this can look like: offering free shipping for orders $X or more. We’re looking to get your customers the same desired result, but with less work for them.

  1. Automation

If you’re a furniture business, and you want to add a Revenue Maximizer, this can look like: Right now for an extra $X our highly trained employees will come and put this together for you. 

  1. Access 

People will pay for speed, they’ll pay for less work, but they will also pay for a look behind the curtain. Think about the people who pay for Backstage Passes. Your customers will pay for a VIP experience just so they can kind of see how everything works. 

Remember, the ascension stage doesn’t have to stop. Once you have a customer, you should do your best to make them a customer for life. You should continue serving them. Continue asking them, “what needs are we still not meeting” and seek to meet those needs. 

It is your job as a marketer to seek out to discover these needs, to bring these back to the product team, because that’s what’s going to enable you to fully maximize the average customer value. Which is going to enable you to have a whole lot more to spend to acquire those customers and make your job a whole lot easier. 

Now that you understand the importance of the ascend stage, let’s apply it to our examples.

Hazel & Hem could have free priority shipping over $150, a “Boutique Points” reward program with exclusive “double point” days to encourage spending, and an exclusive “Stylist Package” that includes a full outfit custom selected for the customer. 

Cyrus & Clark can retain current clients by offering an annual strategic plan, “Done for You” Marketing services that execute on the strategic plan, and the top tier would allow customers to be the exclusive company that Cyrus & Clark services in specific geographical territories.



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