From Static to Active: Growth Strategies in Marketing
Even if you are a successful company doing everything “right,” at some point you may become stagnant and have the itch to bring growth.
To prevent your business from permanently plateauing, here are five growth strategies in marketing to take advantage of:
1. Expand your social media presence to all channels.
At this point, you probably already know to position your brand on Twitter. With its power to quickly post updates in feeds and directly message more personal messages, Twitter is a great tool to create more meaningful, connected conversations with consumers and reach new prospects. However, there is a wealth of other social media platforms with dedicated users. Create accounts on these sites, especially niche ones that may be relevant to your brand such as CafeMom, a place for expectant mothers to interact or Cucumbertown, a network for cooks and chefs. In fact, the social networks with fewer users are likely to be more committed and thus respond faster to your exchanges. What’s more, they will see you as an innovative brand that took the time to scope them out personally. But make sure to send them personalized messages, not just promotions.
2. Enlarge your current audience.
To increase your ROI, you have to increase the number of people becoming aware and interested in your brand. The social engagement company Insightpool can help you find leads who match the interests of your brand, but are not currently engaged. By finding the people most likely to respond and interact, you will have an easier time attracting new customers.
3. Advertise new products to existing customers.
It is important to target relevant products toward your customer or risk appearing thoughtless, automated, and self-centered. However, it is equally important to recognize that people’s interests change over time. Don’t spam someone’s account with promotional material for a new product, but do open up your target market to the people who are already familiar with and use your brand: existing customers.
4. Create new products.
This is an obvious one. The best way to keep your brand up-to-date and desired by current and new audiences is to consistently innovate and produce new products. Consumers are constantly seek the next greatest thing, and by continuing to release updates and new products, you will be able to meet that demand and bring in new prospects.
5. Partner with other businesses.
It’s a win-win. By developing relations with complementary businesses or organizations, you can boost both of your brand’s awareness and audiences. For its most recent advertising campaign, Axe, a company that specializes in men’s deodorant, body spray and shower gel, joined with Peace One Day, an organization dedicating to spreading global unity, to promote its new line Axe Peace, but your brand can build a connection with another business for the long-term. The key is to find one that stands to gain from a mutually beneficial relationship.
Businesses often find what works and become comfortable in staying with it. It’s not necessarily a bad thing to rely on tried-and-true strategies. But, when it becomes a safety blanket or rut you can’t climb out of, it may be a sign that your business is ready to grow.