Fractional CMO + Founder of Thrive Marketing Strategies, helping you develop your marketing plan and realize your biggest growth opportunities.
After more than a decade of developing marketing plans for successful businesses in many industries, I have learned a surprising truth: One business owner's goals can differ significantly from those of another business owner. Whether you aim to achieve rapid growth or achieve high margins with a lean team, the goal depends entirely on your ambitions as a business owner.
However, my clients have one thing in common: an urgent need for liquidity to support their businesses. When developing your marketing plan, it's important to consider the tactics and strategies that will pave the way for your long-term vision and most promising growth paths.
But how do you identify your biggest growth opportunities?
1. Ask yourself what works .
So how do you attract the right customers? I often find that business owners want to abandon tactics I hear about as golden ideas.
For example, a business owner will say, "Yeah, we got a great recommendation from this friend, but that's not really part of our marketing." » If it works, it should definitely become part of your marketing strategy. See how and why something works well. Repeat this process or turn on the heat to increase the effect. Imagine the potential of adding a touch of focus and intention to an already successful approach.
2. Take a closer look inside and outside your industry.
Are there any real changes taking place at your customer's company? Is technology developing rapidly? Sometimes, getting ahead of change can be done by actively calling customers and prospects to discuss their specific challenges or innovations. This doesn't have to be a huge financial outlay; Instead, it's about connecting with your customers, understanding their needs, and positioning yourself as a reliable extension of their team.
Researching your industry can help you stay ahead, but it can also hinder true innovation. Expand your horizons beyond the boundaries of your industry and stop playing around with adhering to industry standards.
3. Analyze your unique skills.
Does your production line have special equipment that allows you to produce custom accessories quickly and efficiently? You can stand out as a leader simply by communicating this function regularly and consistently.
Maybe you have a team member who brings something special to your customer relationships and differentiates you from other companies. It may be time to hire a junior employee in a more favorable position for the client to give you a fresh perspective. Knowing and leveraging your personal strengths can change things. Developing your team's talent, tools and systems can contribute significantly to the growth of your business.
4. Ask your customers what they like most about you.
When do you feel that “wow” factor? What else can you do to take advantage of this excitement? Think about how you can use this moment of excitement to ask for referrals or offer a higher level of service that will delight your customers even more.
5. Be intentional in your message.
Creating key messages for all your communications, marketing and advertising is a powerful approach and one of the first – and most effective – strategies I often recommend.
It's surprising how many business owners express a desire to work with certain types of customers, but don't present their business in a way that meets their expectations. Correcting these mistakes can be as basic as using marketing visualizations that inspire your ideal customer or addressing challenges specific to the business.
6. Don't neglect networking and developing your personal brand.
A recent client said he gets at least one new customer every time he speaks on stage. Are they ideal customers? How much will this new account cost? It might be a good idea to include this option in your marketing strategy. This can help you be more sustainable and get maximum benefits.
7. Think big and then think even bigger.
Mindset is everything. By immediately recognizing new opportunities as unattainable, you prevent yourself from making a real difference in your company. There's a reason why you're a seasoned entrepreneur: you have visionary knowledge and an intuitive understanding of what needs to be achieved.
If you feel like you're thinking too much, challenge yourself to think more. Consider getting advice from a coach or joining a think tank to further your goals.
It may only take a few hours to consider these seven steps and incorporate them into your marketing strategy, but the results can last the life of your business. There will always be bright objects in the sky or future projects to be built, but often the greatest growth potential lies within the organization, hidden in obscurity, waiting to be fully realized and recognized as a strategic asset.
As you consider your growth plans for the coming year, consider the untapped potential of your company, your team, and your mindset as a business leader.
Forbes Business Council is the leading growth and networking organization for entrepreneurs and executives. Am I right
