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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.

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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.

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How To Make A Growth Plan?

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

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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.  

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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?
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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.

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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

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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.

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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.

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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.

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

What Does A Company Need To Grow?

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MARKETING

B2B customer journeys that begin at review sites are significantly shorter

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B2B customer journeys that begin at review sites are significantly shorter

The B2B customer journey can be a long one, especially when the purchase of expensive software subscriptions is under consideration.

“The average B2B customer journey takes 192 days from anonymous first touch to won,” according to Dreamdata in their 2022 B2B Go-to-Market Benchmarks — a statistic described by co-founder and CMO Steffen Hedebrandt as “alarming.”

But the report also indicates that this journey can be significantly sped up — by as much as 63% — if accounts begin their research at software review sites, gathering information and opinions from their peers. Journeys that originate at a review site often lead to deals of higher value too.

Fragmented data on the customer journey. Dreamdata is a B2B go-to-market platform. In any B2B company, explained Hedebrandt, there are typically 10 or even 20 data silos that contain fragments of the customer journey. Website visits, white paper downloads, social media interactions, webinar or meeting attendance, demos, and of course intent data from review site visits — this data doesn’t typically sit in one place within an organization.

“We built an account-based data model because we believe that there’s such a thing as an account journey and not an individual journey,” said Hedebrandt. “So if there are two, three or five people representing an account, which is typically what you see in B2B, all of these touches get mapped into the same timeline.”

Among those many touches is the intent data sourced from software review site G2. Dreamdata has an integration with G2 and a G2 dashboard allowing visualization of G2-generated intent data. This includes filtering prospects who are early in their journey, who have not yet discovered the customer’s product, or who have discovered it but are still searching. This creates a basis for attributing pipelines, conversions and revenue to the activity.

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“Strategically, our ideal customer profile is a B2B software-as-a-service company,” said Hedenbrandt. “B2B SaaS companies are particularly ripe for understanding this digital customer journey; their main investment is in digital marketing, they have a salesforce that use software tools to do this inside sales model; and they also deliver their product digitally as well.” What’s more, it takes twice as long to close SaaS deal as it does to close deals with B2B commercial and professional services companies.

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Read next: A look at the tech review space

The Benchmarks findings. The conclusions of the 2022 Benchmarks report is based on aggregated, anonymized data from more than 400 Dreamdata user accounts. Focusing on first-touch attribution (from their multi-touch model), Dreamdata found that customer journeys where a review site is the first touch are 63% shorter than the average. In contrast, where the first touch channel is social, the journey is much longer than average (217%); it’s the same when paid media is the first touch (155%).

As the Benchmarks report suggests, this may well mean that social is targeting prospects that are just not in-market. It makes sense that activity on a review site is a better predictor of intent.

Hedenbrandt underlines the importance of treating the specific figures with caution. “It’s not complete science what we’ve done,” he admits, “but it’s real data from 400 accounts, so it’s not going to be completely off. You can only spend your time once, and at least from what we can see here it’s better to spend your time collecting reviews than writing another Facebook update.”

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While Dreamdata highlights use of G2, Hedenbrandt readily concedes that competitor software review sites might reasonably be expected to show similar effects. “Definitely I would expect it to be similar.”

Why we care. It’s not news that B2B buyers researching software purchases use review sites and that those sites gather and trade in the intent data generated. Software vendors encourage users to post reviews. There has been a general assumption that a large number of hopefully positive reviews is a good thing to have.


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What Dreamdata’s findings indicate is that the effect of review sites on the buyer journey — especially as the first-touch channel — can be quantified and a value placed on it. “None of us questioned the value of reviews, but during this process you can actually map it into a customer journey where you can see the journey started from G2, then flowed into sales meetings, website visits, ads, etc. Then we can also join the deal value to the intent that started from G2.”

Likely, this is also another example of B2B learning from B2C. People looking at high consideration B2C purchases are now accustomed to seeking advice both from friends and from online reviews. The same goes for SaaS purchases, Hedenbrandt suggests: “More people are turning to sites like G2 to understand whether this is a trustworthy vendor or not. The more expensive it is, the more validation you want to see.”


About The Author

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Kim Davis is the Editorial Director of MarTech. Born in London, but a New Yorker for over two decades, Kim started covering enterprise software ten years ago. His experience encompasses SaaS for the enterprise, digital- ad data-driven urban planning, and applications of SaaS, digital technology, and data in the marketing space.

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He first wrote about marketing technology as editor of Haymarket’s The Hub, a dedicated marketing tech website, which subsequently became a channel on the established direct marketing brand DMN. Kim joined DMN proper in 2016, as a senior editor, becoming Executive Editor, then Editor-in-Chief a position he held until January 2020.

Prior to working in tech journalism, Kim was Associate Editor at a New York Times hyper-local news site, The Local: East Village, and has previously worked as an editor of an academic publication, and as a music journalist. He has written hundreds of New York restaurant reviews for a personal blog, and has been an occasional guest contributor to Eater.

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