Are you looking for the new best strategies for growth in your business in 2023?
Growth is the only measure of success. Growing your business is more important than anything else, no matter how you slice it.
And you don't need to have a billion-dollar brand to grow a business. All you need is an outstanding business growth strategy.
Every person, company, and or industry needs to keep growing if they wish to survive in a constantly changing global economy, tiny businesses looking to gain market share and outpace their competitors.
This article will walk you through top strategies for growth. Following this process will provide you with the information to make significant strides. Before that, let's first understand what growth strategy entails.
What is a business growth strategy?
Strategies for growth are plans that businesses leverage to increase their market share and gain a competitive advantage. One reason for successful business growth is gaining new customers, keeping existing and potential customers, and generating more leads.
A business can grow in two ways: organic and inorganic growth. Organic growth entails expanding your business and increasing sales without moving to new markets or acquisitions.
It's often good to plan, but slowly, we can define business growth in customer acquisition, product expansion, using multiple social media channels to sell your products, franchising opportunities, and adding new market locations.
Importance of having Growth Strategies in Digital Marketing
- It will help you take advantage of new opportunities
- It enables you to increase your market share and grow your brand.
- Growth boosts your business credibility, allowing you to increase supply base and profits.
- Help you employ more employees.
- Business growth strategies can improve sales and attract new customers.
- It enables product expansion.
What growth methods should you use for B2B lead generation action?
Lead generation is discovering potential customers and attracting their interest in your company's products or services. When they show interest, we refer to them as qualified leads.
B2B lead generation first identifies companies that sell primarily to other companies.
Lead generation is the first step in B2B's standard marketing funnel. It entails gathering information on a potential client, e.g., email, name, company, and job title, later turning them into leads.
Why should you convert visitors into leads?
The following are some other benefits of lead generation:
- Increases brand recognition
- Generate awareness
- Target desired customers
- Higher revenue and sales
- Benefit both buyer and seller
- Collecting important prospects information,
You can leverage various lead generation activities, such as email marketing, social media content marketing, and search engine optimization.
Lead Generation Activities to Boost your Business Growth
Let's look at some of the best practices for B2B lead generation.
Text email marketing helps grow your business. According to studies,81% of SMBs still rely on email as their primary customer acquisition channel and 80% retention. An email is an excellent tool for lead generation. You can also use email as part of your CRM system.
According to mail chimp, email marketing generates 8 billion dollars annually. This is because it provides an opportunity to connect with prospective buyers. Email marketing also offers a glorious return on investment (ROI). According to HubSpot, companies that send emails generate four times as many leads as those that don't.
Social Media Marketing (SMM)
Social media marketing is another excellent tool for lead generation. The key here is to use the right platforms.
Facebook is ideal for small businesses because they can easily reach out to their target audiences.
LinkedIn is perfect for professionals who want to network with other people.
Twitter is great for getting feedback from your followers.
Here are a few good examples of templates you can use:
Creating a template for guests is an excellent approach to fostering relationships, leading them to purchase your items.
You should consider what your prospects value in their daily lives and create a basic template.
Webinars are excellent lead generation ideas that increase sales and web sign-ups.
You can do this by developing endorsing social media or blog and newsletter. This will encourage potential clients to sign up. You also can add a countdown timer to create a sense of urgency, thus increasing your leads.
Use of Surveys
Surveying your audience can generate leads, and it is easy to set.
First, determine the data you need to collect and create a survey. In WordPress, for example, you can include a post or landing page in a survey. After that, you can reach your target audience for feedback.
Strategies for Growth of the Business that Result in Lead Generation
Market Penetration Strategy
Market penetration strategy, also known as market share, is an excellent strategy for growth, especially for small businesses. It involves selling existing products and promoting the new products.
Market penetrations are low-risk strategies for growth ideal for SaaS startups, unwilling to invest in high-risk growth strategies.
Positioning yourself on an already established market is safe because it means there's a demand for products in that area.
What you will need is a robust implementation of strategies, along with your product positioning, user experience, pricing, and marketing, to compete and grow alongside your existing companies.
To increase market penetration, consider the following tactics:
- Lowering or raising product prices
- Change your products to solace customers' needs
- Create new products to attract new customers
- Acquire a competitor in your marker line
- Leveraging digital to increase brand awareness
Price adjustments are the best market penetration strategy for SaaS companies.
An example of companies that used a market penetration strategy to succeed is Facebook. When Facebook started in 2004, Myspace was the only dominating social media platform. Then it grew gradually by focusing on a narrow customer base.
Initially, the customer base was the Harvard students, but it expanded gradually to other colleges and universities using the same model employed at Harvard.
After it had reached several colleges, Facebook opened up to non-students. This gradual growth strategy allowed Facebook to adjust the needs of each customer segment. It overcomes the challenges that made Myspace collapse.
Revisiting the product development life cycle helps you when sales are low. By doing this, you will compare the prices and features of your products with those of your competitors.
If you are experiencing low sales despite your product line circulating for quite some time, you need to ask yourself the following questions.
- Do you incorporate customer feedback? How many times have you evaluated your customer feedback?
- Have you compared competitors' products and how they differ from yours in terms of price and quality?
- Have you revisited product marketing strategy of late? This will let you know if the product value resonates with the current market.
- Have you conducted a new market search lately?
Reviewing your product line will hint whether to change or upgrade your products, develop a new marketing strategy, introduce new products or markets that resonate with new or existing customers.
The successful Google company used a product expansion growth strategy. It started as a B2C and developed AdWords as a source of its revenue.
They targeted this at businesses that wanted to pay to advertise their products or services.
A market segmentation involves aggregating prospects with the everyday needs of groups.
This enables companies to reach different target customers who see value in certain products and services differently from each other.
New customer segments include customer preferences, interests, locations, purchase history, among others.
This information alone allows you to create a personalized and highly targeted campaign necessary for the massive growth of your business.
Most successful companies use market segmentation to outsmart their competition in this crowded market field. Conducting market research helps you identify your buying personas. You can use surveys, website analytics, and customer purchase histories to achieve this.
A customer relationship management tool will come in handy, as it will automate everything, making work easier for you. Using good CRM tools, you can segment your customer using visual metrics by tracking the results and changing marketing campaigns to meet your growth goals.
An example of market segmentation is the competition between coke and Pepsi companies. Initially, Pepsi lost a battle with coca-cola to become an overweight cola company.
But instead of focusing on beating coke, Pepsi segmented its market by targeting the young-loving demographic. Although coke is still the leading giant, Pepsi too built a successful brand through segmentation.
A good market development strategy entails attracting new customers and keeping existing ones to improve the value market.
Developing a new market strategy is vital to businesses that have experienced product stagnation or those looking for market expansion to reach the new target demographic. Suppose you don't find new markets for your products and services. In that case, your business will suffer, especially with the COVID-19 pandemic, where traditional selling got interrupted because of safety protocols.
When developing a new market development strategy, ask yourself the following questions:
- Do you have any specific target audience, and how will they benefit from your new product offering?
- Do you have to assess capacity to measure the effectiveness of your market development strategy?
- Will the ROI of reaching the new markets be worth it?
Few popular market development strategies include:
Upselling to existing customers: To ensure that your current customers benefit from your new products offering, develop a relationship with them, and introduce your new solutions.
Geographic expansion-Geographic expansion is a way to reach a new audience by expanding different markets. For example, if your product targets people living in the US, you might as well research all it takes to make your company reach customers globally.
Attracting non-users- Marketers can do this by offering free trials, discounts, advertising, cold outreach, among others.
Attracting your competitor's customers- Do intensive research on who else is offering products similar to you. After that, you can migrate those customers to your side.
You can do this by lowering prices, adjustments, using incentives, or offering a great customer experience. Great customer experience will encourage word-of-mouth referrals by happy customers.
An example of a company that employed a market development strategy for its growth is the dollar shave club launched in 2012. It offered lower prices and sold them directly to consumers through the internet, and as a result, it beat its competition, Gillette, which only sold to retail outlets.
Market Expansion Strategy
Expansion of your markets is a brilliant strategy for business growth. It involves selling your existing products in the new market when growth reaches off-peak in the company's existing sales channels.
Your company must first identify existing markets and other reachable needs to remain effective in its expansion strategies.
You can do this by launching new and existing products, identifying new customers, and creating massaging appealing to them.
Below, I summarize how to create an effective marketing expansion strategy;
Create an overview. Why do you want to expand? What are the new markets you want to pursue, and how can expanding into the channel become a winning strategy?
After analyzing these questions, you can now create buying personas and reach them through target advertising on social media channels PPC ads, among others.
Develop a financial plan. Identify all the expenses that will come with the market expansion strategy.
Expand your new channels. After developing a financial plan, expand the new media to reach the targeted audience. You can use digital advertising, especially for an online store.
Engage your new audience. You can do this by using various marketing components. You should try your best to position your company as authentic and produce high-quality products and services.
Focus on increasing sales on existing products: You can leverage clients' feedback on existing markets by creating messaging for those products in the new market.
Partner With Complementary Business
Joining forces with another business is an excellent strategy for growth, especially for a small company. This is because partnerships provide extra resources in the workforce, knowledge, equipment, skills, or even technology. Partnerships will also enable two businesses to enter the new markets without competing; each will expand by attracting new customers.
For example, hotel guests will prefer convenient bars; the latte business will go well with pastries, plumbing business and electricians can partner to join the construction market. Veterinary and pet supply stores can join hands as well.
Joining forces with other businesses to create unique customer experiences will cause greater brand awareness, eventually triggering faster growth, market expansions, and higher profits.
Before you consider partnering with another new business, consider:
First, the benefits each of you will enjoy from the alliance. Remember, if you team up with another company, you endorse it. So you need to be careful and choose a partner with an excellent reputation lest your business will suffer.
Second, choose a business partner which offers products that appeal to your existing customers. This way, you can recommend your customers to check your partner's products. This will work great if the businesses are stone's throw away from each other.
We do not limit the above strategies for growth to only one type of business. They apply to any business, regardless of size or industry. However, they may require different approaches depending on the company.
Are you looking for tactics to grow your business by increasing your quality leads?
At Ai bees, we provide a software solution that helps companies like yours generate more qualified leads through social media. With Ai bees, you don't have to spend hours manually posting ads and responding to inquiries. Instead, you get instant access to real-time data about your target audience.
What are you waiting for? - Reach us today, and we will be happy to help.