It’s easy to start out on your business venture with an excellent idea or a very cool product. But unfortunately, in this competitive consumerist world, just a good idea won’t fly. It needs to be backed by a brilliant acumen in scalability matters. If you don’t have much foresight for the growth of your business and believe you can merely rely on paid advertising and marketing packages to sail you though the mercurial markets, you couldn’t be more (sadly) mistaken. Long-term growth is not based on quick results that are generally expected from paid packages; rather it’s the consistency in growth over a period of time. Small, incremental changes in processes will improve efficiency and quality.
Your enterprise should be able to generate business substantial enough to run for as many years into the future, whilst keeping stakeholders offensively satisfied with the profits yielded. And this can happen only when you know how to grow your business quickly whilst also taking advantage of the market at each phase.
After the novelty phase of your product abates, do you have a strategy in place to continue to drive your sales?
Here are a few components you don’t want to skip in your strategy:
- Examine your business model
Firstly, try to throw out antiquated business models and replace them with a lean business model.
- Make sure you have clearly segmented and defined your different customers.
- Their needs, and not your needs, have to be your priority.
- Is your product matching your market?
- Test your different offers, collect feedback and incorporate it to suit the market.
- Your marketing team may be executing content based on the theory of the buyer’s journey, but have you implemented an optimization strategy for this conversion?
- Put two and two together
You have different sub-strategies to help augment different aspects of your main strategy to function. Now you need to tie them all together.
- Create your customer’s buyer persona based on data you have collected. Use marketing research tools to assist with the process.
- Use the analyses of customers’ pain-points and joys to address functional, creative and emotional needs that your product should cater to.
- Study your success first based on how you are achieving your own goals, how your customers are responding to you, and occasionally based on monitoring your rival’s strategies.
- Don’t get too anxious or excited about your competitor’s strategies that you ditch your own for theirs. Keep an eye on them to understand where you have common targets and how they are dealing with certain targets better.
- All hats don’t fit your head
There are plenty of exceptionally remunerative strategies out there. But if they have worked it’s because they were implemented in the right place and for the right reason. Trying to execute all the strategies under the moon can’t work because it is quite possible that one may reverse or nullify the other and you will end up nowhere.
Base your strategies on this simple model – AIDA: awareness (telling them about your product and what it solves), interest (attracting them with more information and how your offering works better than other solutions), desire (engaging with them and explaining the details of your solution), action (acquiring customers and then maintaining them). This funnelled process reaches out to people at different stages of the buying journey and filters the ones who are potential prospects.
- Adjust. Repeat.
The market is volatile and ever changing. Even buyer personas created with exhaustive research will change in 5-6 years. People constantly change and technology drives this change faster. So it is extremely important to constantly test. Besides how will you ever know what really worked and what didn’t? This is where the A/B testing method works wonders. You can use it to test CTAs, various campaigns, responsive page layouts and so on. You can check which headlines, CTAs, copy, button size and colours, visuals etc. draw a better response.
- Do it your way
At the end of the day your company is distinct from anybody else’s. So even if you miraculously implement every single strategy of another successful company, you can’t succeed. You understand your own contribution to the market, so you understand what your customers wanted, what they want, what they will want, and what they won’t. You have you bring in your own intelligence and insightfulness to know how you can create an environment conducive for the growth of your company. You have to find new markets which are easier to penetrate to build your business without exhausting your resources too quickly. Put all your data and analyses together to create a customised business strategy and then use this strategy to power your ROI!
Nobody knows your business better than you do. Don’t be inhibited by your lack of experience, or intimidated by your rivals. Remove the guesswork form the formula and use the facts at hand to make informed decisions or, at the very worst, at least educated guesses.