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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!  

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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?

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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.

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

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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?

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.

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

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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.

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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.

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Second Stage: Survival

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

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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.

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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.

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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.

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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.

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

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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:

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

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

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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.

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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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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.

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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.

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

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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:

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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.

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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.

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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.  

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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.

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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.

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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.

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

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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).

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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.

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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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MARKETING

How to Use AI For a More Effective Social Media Strategy, According to Ross Simmonds

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How to Use AI For a More Effective Social Media Strategy, According to Ross Simmonds

Welcome to Creator Columns, where we bring expert HubSpot Creator voices to the Blogs that inspire and help you grow better.

It’s the age of AI, and our job as marketers is to keep up.

My team at Foundation Marketing recently conducted an AI Marketing study surveying hundreds of marketers, and more than 84% of all leaders, managers, SEO experts, and specialists confirmed that they used AI in the workplace.

AI in the workplace data graphic, Foundation Labs

If you can overlook the fear-inducing headlines, this technology is making social media marketers more efficient and effective than ever. Translation: AI is good news for social media marketers.

Download Now: The 2024 State of Social Media Trends [Free Report]

In fact, I predict that the marketers not using AI in their workplace will be using it before the end of this year, and that number will move closer and closer to 100%.

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Social media and AI are two of the most revolutionizing technologies of the last few decades. Social media has changed the way we live, and AI is changing the way we work.

So, I’m going to condense and share the data, research, tools, and strategies that the Foundation Marketing Team and I have been working on over the last year to help you better wield the collective power of AI and social media.

Let’s jump into it.

What’s the role of AI in social marketing strategy?

In a recent episode of my podcast, Create Like The Greats, we dove into some fascinating findings about the impact of AI on marketers and social media professionals. Take a listen here:

Let’s dive a bit deeper into the benefits of this technology:

Benefits of AI in Social Media Strategy

AI is to social media what a conductor is to an orchestra — it brings everything together with precision and purpose. The applications of AI in a social media strategy are vast, but the virtuosos are few who can wield its potential to its fullest.

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AI to Conduct Customer Research

Imagine you’re a modern-day Indiana Jones, not dodging boulders or battling snakes, but rather navigating the vast, wild terrain of consumer preferences, trends, and feedback.

This is where AI thrives.

Using social media data, from posts on X to comments and shares, AI can take this information and turn it into insights surrounding your business and industry. Let’s say for example you’re a business that has 2,000 customer reviews on Google, Yelp, or a software review site like Capterra.

Leveraging AI you can now have all 2,000 of these customer reviews analyzed and summarized into an insightful report in a matter of minutes. You simply need to download all of them into a doc and then upload them to your favorite Generative Pre-trained Transformer (GPT) to get the insights and data you need.

But that’s not all.

You can become a Prompt Engineer and write ChatGPT asking it to help you better understand your audience. For example, if you’re trying to come up with a persona for people who enjoy marathons but also love kombucha you could write a prompt like this to ChatGPT:

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ChatGPT prompt example

The response that ChatGPT provided back is quite good:

GPT response example

Below this it went even deeper by including a lot of valuable customer research data:

  • Demographics
  • Psychographics
  • Consumer behaviors
  • Needs and preferences

And best of all…

It also included marketing recommendations.

The power of AI is unbelievable.

Social Media Content Using AI

AI’s helping hand can be unburdening for the creative spirit.

Instead of marketers having to come up with new copy every single month for posts, AI Social Caption generators are making it easier than ever to craft catchy status updates in the matter of seconds.

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Tools like HubSpot make it as easy as clicking a button and telling the AI tool what you’re looking to create a post about:

AI social media caption generator step 1

The best part of these AI tools is that they’re not limited to one channel.

Your AI social media content assistant can help you with LinkedIn content, X content, Facebook content, and even the captions that support your post on Instagram.

It can also help you navigate hashtags:

AI social media hashtags generator example, HubSpot

With AI social media tools that generate content ideas or even write posts, it’s not about robots replacing humans. It’s about making sure that the human creators on your team are focused on what really matters — adding that irreplaceable human touch.

Enhanced Personalization

You know that feeling when a brand gets you, like, really gets you?

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AI makes that possible through targeted content that’s tailored with a level of personalization you’d think was fortune-telling if the data didn’t paint a starker, more rational picture.

What do I mean?

Brands can engage more quickly with AI than ever before. In the early 2000s, a lot of brands spent millions of dollars to create social media listening rooms where they would hire social media managers to find and engage with any conversation happening online.

Thanks to AI, brands now have the ability to do this at scale with much fewer people all while still delivering quality engagement with the recipient.

Analytics and Insights

Tapping into AI to dissect the data gives you a CSI-like precision to figure out what works, what doesn’t, and what makes your audience tick. It’s the difference between guessing and knowing.

The best part about AI is that it can give you almost any expert at your fingertips.

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If you run a report surrounding the results of your social media content strategy directly from a site like LinkedIn, AI can review the top posts you’ve shared and give you clear feedback on what type of content is performing, why you should create more of it, and what days of the week your content is performing best.

This type of insight that would typically take hours to understand.

Now …

Thanks to the power of AI you can upload a spreadsheet filled with rows and columns of data just to be met with a handful of valuable insights a few minutes later.

Improved Customer Service

Want 24/7 support for your customers?

It’s now possible without human touch.

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Chatbots powered by AI are taking the lead on direct messaging experiences for brands on Facebook and other Meta properties to offer round-the-clock assistance.

The fact that AI can be trained on past customer queries and data to inform future queries and problems is a powerful development for social media managers.

Advertising on Social Media with AI

The majority of ad networks have used some variation of AI to manage their bidding system for years. Now, thanks to AI and its ability to be incorporated in more tools, brands are now able to use AI to create better and more interesting ad campaigns than ever before.

Brands can use AI to create images using tools like Midjourney and DALL-E in seconds.

Brands can use AI to create better copy for their social media ads.

Brands can use AI tools to support their bidding strategies.

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The power of AI and social media is continuing to evolve daily and it’s not exclusively found in the organic side of the coin. Paid media on social media is being shaken up due to AI just the same.

How to Implement AI into Your Social Media Strategy

Ready to hit “Go” on your AI-powered social media revolution?

Don’t just start the engine and hope for the best. Remember the importance of building a strategy first. In this video, you can learn some of the most important factors ranging from (but not limited to) SMART goals and leveraging influencers in your day-to-day work:

The following seven steps are crucial to building a social media strategy:

  1. Identify Your AI and Social Media Goals
  2. Validate Your AI-Related Assumptions
  3. Conduct Persona and Audience Research
  4. Select the Right Social Channels
  5. Identify Key Metrics and KPIs
  6. Choose the Right AI Tools
  7. Evaluate and Refine Your Social Media and AI Strategy

Keep reading, roll up your sleeves, and follow this roadmap:

1. Identify Your AI and Social Media Goals

If you’re just dipping your toes into the AI sea, start by defining clear objectives.

Is it to boost engagement? Streamline your content creation? Or simply understand your audience better? It’s important that you spend time understanding what you want to achieve.

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For example, say you’re a content marketing agency like Foundation and you’re trying to increase your presence on LinkedIn. The specificity of this goal will help you understand the initiatives you want to achieve and determine which AI tools could help you make that happen.

Are there AI tools that will help you create content more efficiently? Are there AI tools that will help you optimize LinkedIn Ads? Are there AI tools that can help with content repurposing? All of these things are possible and having a goal clearly identified will help maximize the impact. Learn more in this Foundation Marketing piece on incorporating AI into your content workflow.

Once you have identified your goals, it’s time to get your team on board and assess what tools are available in the market.

Recommended Resources:

2. Validate Your AI-Related Assumptions

Assumptions are dangerous — especially when it comes to implementing new tech.

Don’t assume AI is going to fix all your problems.

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Instead, start with small experiments and track their progress carefully.

3. Conduct Persona and Audience Research

Social media isn’t something that you can just jump into.

You need to understand your audience and ideal customers. AI can help with this, but you’ll need to be familiar with best practices. If you need a primer, this will help:

Once you understand the basics, consider ways in which AI can augment your approach.

4. Select the Right Social Channels

Not every social media channel is the same.

It’s important that you understand what channel is right for you and embrace it.

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The way you use AI for X is going to be different from the way you use AI for LinkedIn. On X, you might use AI to help you develop a long-form thread that is filled with facts and figures. On LinkedIn however, you might use AI to repurpose a blog post and turn it into a carousel PDF. The content that works on X and that AI can facilitate creating is different from the content that you can create and use on LinkedIn.

The audiences are different.

The content formats are different.

So operate and create a plan accordingly.

Recommended Tools and Resources:

5. Identify Key Metrics and KPIs

What metrics are you trying to influence the most?

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Spend time understanding the social media metrics that matter to your business and make sure that they’re prioritized as you think about the ways in which you use AI.

These are a few that matter most:

  • Reach: Post reach signifies the count of unique users who viewed your post. How much of your content truly makes its way to users’ feeds?
  • Clicks: This refers to the number of clicks on your content or account. Monitoring clicks per campaign is crucial for grasping what sparks curiosity or motivates people to make a purchase.
  • Engagement: The total social interactions divided by the number of impressions. This metric reveals how effectively your audience perceives you and their readiness to engage.

Of course, it’s going to depend greatly on your business.

But with this information, you can ensure that your AI social media strategy is rooted in goals.

6. Choose the Right AI Tools

The AI landscape is filled with trash and treasure.

Pick AI tools that are most likely to align with your needs and your level of tech-savviness.

For example, if you’re a blogger creating content about pizza recipes, you can use HubSpot’s AI social caption generator to write the message on your behalf:

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AI social media generator example

The benefit of an AI tool like HubSpot and the caption generator is that what at one point took 30-40 minutes to come up with — you can now have it at your fingertips in seconds. The HubSpot AI caption generator is trained on tons of data around social media content and makes it easy for you to get inspiration or final drafts on what can be used to create great content.

Consider your budget, the learning curve, and what kind of support the tool offers.

7. Evaluate and Refine Your Social Media and AI Strategy

AI isn’t a magic wand; it’s a set of complex tools and technology.

You need to be willing to pivot as things come to fruition.

If you notice that a certain activity is falling flat, consider how AI can support that process.

Did you notice that your engagement isn’t where you want it to be? Consider using an AI tool to assist with crafting more engaging social media posts.

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Make AI Work for You — Now and in the Future

AI has the power to revolutionize your social media strategy in ways you may have never thought possible. With its ability to conduct customer research, create personalized content, and so much more, thinking about the future of social media is fascinating.

We’re going through one of the most interesting times in history.

Stay equipped to ride the way of AI and ensure that you’re embracing the best practices outlined in this piece to get the most out of the technology.

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Advertising in local markets: A playbook for success

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Advertising in local markets: A playbook for success

Many brands, such as those in the home services industry or a local grocery chain, market to specific locations, cities or regions. There are also national brands that want to expand in specific local markets. 

Regardless of the company or purpose, advertising on a local scale has different tactics than on a national scale. Brands need to connect their messaging directly with the specific communities they serve and media to their target demo. Here’s a playbook to help your company succeed when marketing on a local scale.  

1. Understand local vs. national campaigns

Local advertising differs from national campaigns in several ways: 

  • Audience specificity: By zooming in on precise geographic areas, brands can tailor messaging to align with local communities’ customs, preferences and nuances. This precision targeting ensures that your message resonates with the right target audience.
  • Budget friendliness: Local advertising is often more accessible for small businesses. Local campaign costs are lower, enabling brands to invest strategically within targeted locales. This budget-friendly nature does not diminish the need for strategic planning; instead, it emphasizes allocating resources wisely to maximize returns. As a result, testing budgets can be allocated across multiple markets to maximize learnings for further market expansion.
  • Channel selection: Selecting the correct channels is vital for effective local advertising. Local newspapers, radio stations, digital platforms and community events each offer advantages. The key lies in understanding where your target audience spends time and focusing efforts to ensure optimal engagement.
  • Flexibility and agility: Local campaigns can be adjusted more swiftly in response to market feedback or changes, allowing brands to stay relevant and responsive. 

Maintaining brand consistency across local touchpoints reinforces brand identity and builds a strong, recognizable brand across markets. 

2. Leverage customized audience segmentation 

Customized audience segmentation is the process of dividing a market into distinct groups based on specific demographic criteria. This marketing segmentation supports the development of targeted messaging and media plans for local markets. 

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For example, a coffee chain might cater to two distinct segments: young professionals and retirees. After identifying these segments, the chain can craft messages, offers and media strategies relating to each group’s preferences and lifestyle.

To reach young professionals in downtown areas, the chain might focus on convenience, quality coffee and a vibrant atmosphere that is conducive to work and socializing. Targeted advertising on Facebook, Instagram or Connected TV, along with digital signage near office complexes, could capture the attention of this demographic, emphasizing quick service and premium blends.

Conversely, for retirees in residential areas, the chain could highlight a cozy ambiance, friendly service and promotions such as senior discounts. Advertisements in local print publications, community newsletters, radio stations and events like senior coffee mornings would foster a sense of community and belonging.

Dig deeper: Niche advertising: 7 actionable tactics for targeted marketing

3. Adapt to local market dynamics

Various factors influence local market dynamics. Brands that navigate changes effectively maintain a strong audience connection and stay ahead in the market. Here’s how consumer sentiment and behavior may evolve within a local market and the corresponding adjustments brands can make. 

  • Cultural shifts, such as changes in demographics or societal norms, can alter consumer preferences within a local community. For example, a neighborhood experiencing gentrification may see demand rise for specific products or services.
    • Respond by updating your messaging to reflect the evolving cultural landscape, ensuring it resonates with the new demographic profile.
  • Economic conditions are crucial. For example, during downturns, consumers often prioritize value and practicality.
    • Highlight affordable options or emphasize the practical benefits of your offerings to ensure messaging aligns with consumers’ financial priorities. The impact is unique to each market and the marketing message must also be dynamic.
  • Seasonal trends impact consumer behavior.
    • Align your promotions and creative content with changing seasons or local events to make your offerings timely and relevant.
  • New competitors. The competitive landscape demands vigilance because new entrants or innovative competitor campaigns can shift consumer preferences.
    • Differentiate by focusing on your unique selling propositions, such as quality, customer service or community involvement, to retain consumer interest and loyalty.

4. Apply data and predictive analytics 

Data and predictive analytics are indispensable tools for successfully reaching local target markets. These technologies provide consumer behavior insights, enabling you to anticipate market trends and adjust strategies proactively. 

  • Price optimization: By analyzing consumer demand, competitor pricing and market conditions, data analytics enables you to set prices that attract customers while ensuring profitability.
  • Competitor analysis: Through analysis, brands can understand their positioning within the local market landscape and identify opportunities and threats. Predictive analytics offer foresight into competitors’ potential moves, allowing you to strategize effectively to maintain a competitive edge.
  • Consumer behavior: Forecasting consumer behavior allows your brand to tailor offerings and marketing messages to meet evolving consumer needs and enhance engagement.
  • Marketing effectiveness: Analytics track the success of advertising campaigns, providing insights into which strategies drive conversions and sales. This feedback loop enables continuous optimization of marketing efforts for maximum impact.
  • Inventory management: In supply chain management, data analytics predict demand fluctuations, ensuring inventory levels align with market needs. This efficiency prevents stockouts or excess inventory, optimizing operational costs and meeting consumer expectations.

Dig deeper: Why you should add predictive modeling to your marketing mix

5. Counter external market influences

Consider a clothing retailer preparing for a spring collection launch. By analyzing historical weather data and using predictive analytics, the brand forecasts an unseasonably cool start to spring. Anticipating this, the retailer adjusts its campaign to highlight transitional pieces suitable for cooler weather, ensuring relevance despite an unexpected chill.

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Simultaneously, predictive models signal an upcoming spike in local media advertising rates due to increased market demand. Retailers respond by reallocating a portion of advertising budgets to digital channels, which offer more flexibility and lower costs than traditional media. This shift enables brands to maintain visibility and engagement without exceeding budget, mitigating the impact of external forces on advertising.

6. Build consumer confidence with messaging

Localized messaging and tailored customer service enhance consumer confidence by demonstrating your brand’s understanding of the community. For instance, a grocery store that curates cooking classes featuring local cuisine or sponsors community events shows commitment to local culture and consumer interests. 

Similarly, a bookstore highlighting local authors or topics relevant to the community resonates with local customers. Additionally, providing service that addresses local needs — such as bilingual service and local event support — reinforces the brand’s values and response to the community. 

Through these localized approaches, brands can build trust and loyalty, bridging the gap between corporate presence and local relevance.

7. Dominate with local advertising 

To dominate local markets, brands must:

  • Harness hyper-targeted segmentation and geo-targeted advertising to reach and engage precise audiences.
  • Create localized content that reflects community values, engage in community events, optimize campaigns for mobile and track results.
  • Fine-tune strategies, outperform competitors and foster lasting relationships with customers.

These strategies will enable your message to resonate with local consumers, differentiate you in competitive markets and ensure you become a major player in your specific area. 



Dig deeper: The 5 critical elements for local marketing success

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Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.

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Battling for Attention in the 2024 Election Year Media Frenzy

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Battling for Attention in the 2024 Election Year Media Frenzy

Battling for Attention in the 2024 Election Year Media Frenzy

As we march closer to the 2024 U.S. presidential election, CMOs and marketing leaders need to prepare for a significant shift in the digital advertising landscape. Election years have always posed unique challenges for advertisers, but the growing dominance of digital media has made the impact more profound than ever before.

In this article, we’ll explore the key factors that will shape the advertising environment in the coming months and provide actionable insights to help you navigate these turbulent waters.

The Digital Battleground

The rise of cord-cutting and the shift towards digital media consumption have fundamentally altered the advertising landscape in recent years. As traditional TV viewership declines, political campaigns have had to adapt their strategies to reach voters where they are spending their time: on digital platforms.

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According to a recent report by eMarketer, the number of cord-cutters in the U.S. is expected to reach 65.1 million by the end of 2023, representing a 6.9% increase from 2022. This trend is projected to continue, with the number of cord-cutters reaching 72.2 million by 2025.

Moreover, a survey conducted by Pew Research Center in 2023 found that 62% of U.S. adults do not have a cable or satellite TV subscription, up from 61% in 2022 and 50% in 2019. This data further underscores the accelerating shift away from traditional TV and towards streaming and digital media platforms.

As these trends continue, political advertisers will have no choice but to follow their audiences to digital channels. In the 2022 midterm elections, digital ad spending by political campaigns reached $1.2 billion, a 50% increase from the 2018 midterms. With the 2024 presidential election on the horizon, this figure is expected to grow exponentially, as campaigns compete for the attention of an increasingly digital-first electorate.

For brands and advertisers, this means that the competition for digital ad space will be fiercer than ever before. As political ad spending continues to migrate to platforms like Meta, YouTube, and connected TV, the cost of advertising will likely surge, making it more challenging for non-political advertisers to reach their target audiences.

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To navigate this complex and constantly evolving landscape, CMOs and their teams will need to be proactive, data-driven, and willing to experiment with new strategies and channels. By staying ahead of the curve and adapting to the changing media consumption habits of their audiences, brands can position themselves for success in the face of the electoral advertising onslaught.

Rising Costs and Limited Inventory

As political advertisers flood the digital market, the cost of advertising is expected to skyrocket. CPMs (cost per thousand impressions) will likely experience a steady climb throughout the year, with significant spikes anticipated in May, as college students come home from school and become more engaged in political conversations, and around major campaign events like presidential debates.

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For media buyers and their teams, this means that the tried-and-true strategies of years past may no longer be sufficient. Brands will need to be nimble, adaptable, and willing to explore new tactics to stay ahead of the game.

Black Friday and Cyber Monday: A Perfect Storm

The challenges of election year advertising will be particularly acute during the critical holiday shopping season. Black Friday and Cyber Monday, which have historically been goldmines for advertisers, will be more expensive and competitive than ever in 2024, as they coincide with the final weeks of the presidential campaign.

To avoid being drowned out by the political noise, brands will need to start planning their holiday campaigns earlier than usual. Building up audiences and crafting compelling creative assets well in advance will be essential to success, as will a willingness to explore alternative channels and tactics. Relying on cold audiences come Q4 will lead to exceptionally high costs that may be detrimental to many businesses.

Navigating the Chaos

While the challenges of election year advertising can seem daunting, there are steps that media buyers and their teams can take to mitigate the impact and even thrive in this environment. Here are a few key strategies to keep in mind:

Start early and plan for contingencies: Begin planning your Q3 and Q4 campaigns as early as possible, with a focus on building up your target audiences and developing a robust library of creative assets.

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Be sure to build in contingency budgets to account for potential cost increases, and be prepared to pivot your strategy as the landscape evolves.

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Embrace alternative channels: Consider diversifying your media mix to include channels that may be less impacted by political ad spending, such as influencer marketing, podcast advertising, or sponsored content. Investing in owned media channels, like email marketing and mobile apps, can also provide a direct line to your customers without the need to compete for ad space.

Owned channels will be more important than ever. Use cheaper months leading up to the election to build your email lists and existing customer base so that your BF/CM can leverage your owned channels and warm audiences.

Craft compelling, shareable content: In a crowded and noisy advertising environment, creating content that resonates with your target audience will be more important than ever. Focus on developing authentic, engaging content that aligns with your brand values and speaks directly to your customers’ needs and desires.

By tapping into the power of emotional triggers and social proof, you can create content that not only cuts through the clutter but also inspires organic sharing and amplification.

Reflections

The 2024 election year will undoubtedly bring new challenges and complexities to the world of digital advertising. But by staying informed, adaptable, and strategic in your approach, you can navigate this landscape successfully and even find new opportunities for growth and engagement.

As a media buyer or agnecy, your role in steering your brand through these uncharted waters will be critical. By starting your planning early, embracing alternative channels and tactics, and focusing on creating authentic, resonant content, you can not only survive but thrive in the face of election year disruptions.

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So while the road ahead may be uncertain, one thing is clear: the brands that approach this challenge with creativity, agility, and a steadfast commitment to their customers will be the ones that emerge stronger on the other side.


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