Perimeter 81 CMO , VP Marketing , B2B Cyber Strategist, Advisory Board, Entrepreneur, G-CMO Member.
The global economy has been volatile since the start of the pandemic, affecting many growing businesses. According to estimates by the International Monetary Fund, between 2019 and 2020, world GDP experienced the worst economic recession since the Great Depression. Since then, it has been an uphill battle for the markets. Russia's invasion of Ukraine, which is expected to cost the world economy $2.8 trillion by the end of 2023, has also been a factor limiting business growth.
Marketing can be the key to growing a business. According to a Gartner Inc. survey, marketing budgets will grow to 9.5% of company revenue by 2022. That's 6% more than in 2021 across all industries.
Business development and marketing go hand in hand. You need to educate customers about your product to help them make a buying decision. By differentiating yourself from the competition and building a clientele, you'll be well 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 shaky economy.
1. Don't plan blindfolded.
There are two things that every marketing team must fully understand; Otherwise, you will miss out on key ingredients 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. Understanding all these nuances allows you to 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 the features, benefits and use cases the product solves. It's important to know your product's strengths, weaknesses, opportunities, and threats to create a thorough understanding of what you're trying to sell.
You plug them in to understand exactly who you're selling to. For example, in a large company, it could be the chief information officer (CISO) or the chief security officer. In a small company, this might be the IT administrator. But if a small business has a budget, the CEO can be involved in the hiring process. Research each option ahead of time and consider how seniority works in this organization so you don't jump into an interview blindly.
2. The customization 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 they don't talk directly to the customer. Your audience doesn't want to feel like they have to make another sale. They want to feel seen, heard and understood.
Even a mission statement, usually a worded message, can reach a potential customer on a personal level. Don't make your mission statement 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 tell potential customers how your product helps them. Because of this, they can automatically build a relationship with you, which can make them more inclined to invest in your product.
There are 32.5 million small businesses in the United States, according to the US Small Business Administration. 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 companies use the digital landscape to promote various services and products through social networks, the Internet and television. However, a recent survey by Gartner Inc. showed that marketers are only using 42% of the opportunities they invest in, up from 58% in 2020. Marketing strategies have moved away from street advertising and simple newspaper ads. Marketers need to understand that making greater use of the changing digital environment is essential to building brand awareness, generating leads, connecting with people and growing a business.
You can use tools like pay-per-click (PPC) search, remarketing or web syndication. Podcasts, webinars or virtual events can be great ways to engage with your audience in the digital realm. Visibility on Google is essential, but other tools are becoming more accurate; For example, on LinkedIn, you can target the location and role of the user who will see your posts, allowing you to effectively reach your specific target audience. Combine different types of leads, such as PPC or pay-per-purchase, to reach a wider range of potential customers.
Target marketing may be the next technology to make a big leap in the coming years. With this strategy, you can target an audience that is not yet familiar with your brand, but is looking for a solution in your brand's industry. These users may require some details about your industry and your particular solutions, but they are generally not as expensive as other types of customers. A/B testing can drastically change the success of digital campaigns. Compare two versions of something to see which is better. This can be critical to your marketing strategy, helping you make decisions about your website title, ad design, or email campaign. This gives your business insight into what is working with your audience and effectively 'adjusts' your marketing strategy to drive further growth.
These approaches may not be a priority during a volatile economic period when day-to-day activities take time. But investing in your marketing program is critical because it can have a huge impact on your ability to scale. Having a plan that targets specific audiences, personalizes your brand, and leverages your digital presence can accelerate your business growth.
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