Perimeter 81 CMO , VP of Marketing , B2B e-strategist, advisory board member, entrepreneur and G-CMO member.
The global economy has been volatile since the start of the pandemic, affecting many developing companies. According to the estimates of the International Monetary Fund, between 2019 and 2020, global GDP will experience the worst economic recession since the Great Depression. Since then, it has been an uphill battle for the market. Russia's aggression in Ukraine, which will cost the global economy $2.8 trillion (paywall) by the end of 2023, has also been a factor limiting business growth.
Marketing can be the key to expanding a business. According to a study by Gartner Inc. Marketing budgets will reach 9.5% of company revenue in 2022. That's 6% higher than all industries in 2021.
Business development and marketing go hand in hand. You need to inform customers about your product to help them make purchasing decisions. By differentiating yourself from the competition and building customers, you'll be on your way to growing your business.
Here are three tips that can improve your marketing program and help you grow your business even in a volatile economy.
1. Don't think about covering your eyes.
There are two things that every marketing team needs to understand deeply; Otherwise, you will miss out on key elements that will limit your growth. First and foremost is an accurate understanding of your target audience. This includes the market itself, your ideal customer profile, pain points, challenges and emotional factors. If you understand all these nuances, you can create the most effective marketing strategy.
Second, you need to understand exactly what your business offers and how it differs from the competition. You want to know what features, benefits and use cases the product solves. It is also important to identify your product's strengths, weaknesses, opportunities and threats to develop a comprehensive understanding of what you are trying to sell.
You link them to understand exactly who you are selling to. For example, in a large organization, it may be the Chief Information Officer (CISO) or the Chief Security Officer. In a small business, this might be the IT manager. But if a small business has a limited budget, the CEO can be involved in the buying process. Research each potential client in advance and think about how seniority works in the organization so you don't start the conversation blindly.
2. Personalization is key.
Your marketing strategy will be more effective with personalized messages. I see companies that are great at talking about what the product does, but don't talk directly to the customer. Your audience doesn't want to think about making another sale. They want to see, hear and understand.
Even a mission statement, usually a formulaic message, can reach a potential customer on a personal level. Don't make your mission so broad that no one can see what you're doing, but don't make it so narrow that it limits your growth. Your message should show potential customers how your product will help them. Hence, they can automatically build a relationship with you which can increase their chances of investing in your product.
According to the US Small Business Administration, there are 32.5 million small businesses in the United States. Don't think your website is unique at first glance. With an effective marketing strategy, your business can stand out and grow.
3. Expand your digital presence.
It is generally accepted that Americans see an average of 4,000 to 10,000 advertisements per day. Almost all businesses use the digital landscape to promote various services and products through social media, the internet and television. A recent study by Gartner Inc. It shows that traders account for only 42% of investment opportunities, up from 58% in 2020. Marketing strategies have moved away from roadside advertisements and simple newspaper ads. Marketers need to understand that leveraging the evolving digital environment is critical to building brand awareness, generating leads, connecting with people, and growing their business.
You can use tools like PPC search, remarketing or web promotion. Podcasts, webinars or virtual events can be great ways to connect with your audience in the digital world. Appearing on Google is key, but other tools are becoming more and more accurate; For example, on LinkedIn, you can target ads to the location and role of the user who will see your posts, effectively reaching the right target audience. Combine different lead types, such as PPC or Pay Per Acquisition, to reach different potential customers.
Intent marketing may be the next technology to make a big leap in the coming years. With this strategy, you will be able to target audiences who are not yet familiar with your brand, but are looking for a branding solution. These users still need information about your industry and solution, but are generally not as expensive as other types of customers. A/B testing can dramatically change the success of a digital campaign. It compares two versions of something to see which one works better. This can be important to your marketing strategy, helping you decide on a website address or design an ad or email campaign. This gives your business insight into what is working with your audience and effectively “tweaks” your marketing strategy for further growth.
These methods may not be a priority in volatile economic times when many daily tasks take time. But investing in your marketing program is important because it can have a huge impact on your ability to scale. Having a plan for targeting a specific audience, personalizing your brand and improving your digital presence can accelerate your business growth.
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