Effective Growth Strategies to Drive Business
May 23, 2023 •Oak Street Funding
In today's competitive business environment, finding effective strategies to drive growth is crucial for most companies. In this blog, we'll explore marketing and growth strategies, highlight technologies and services to implement these strategies and examine the importance of risk assessment and management in pursuing business growth opportunities.
Marketing and Growth Strategies
Two effective strategies in driving growth are: testimonial marketing and referrals. Both of these strategies play a role in the buyer's journey. The buyer's journey is something every company should map out so they can effectively and efficiently reach their potential clients. It's often an expensive and disjointed way of marketing without knowing the steps your clients take to do business with your company.
Testimonial marketing is a type of marketing that uses customer testimonials to build trust and credibility with potential customers. This method allows business owners to meet potential clients at various stages of their buying journey, providing social proof and building trust.
The first step in receiving testimonials is asking for one. Most satisfied clients are willing to do this if given the platform and prompted for feedback. Companies often overlook this crucial step and fail to remind clients of the opportunity. Once your company receives a positive testimonial, it's important to put it somewhere visible for your potential clients to see, like your social media or a landing page on your website. This powerful tool lets clients tell your story for you and elevates your company as a trusted partner.
Referral marketing is a powerful strategy that leverages the trust and relationships of satisfied clients to generate new business. By encouraging clients to refer their friends, family, and colleagues to your company, referral marketing can lead to high-quality leads and increased customer acquisition. One of the key advantages of referral marketing is the inherent trust that comes with a referral. This trust factor can significantly shorten the sales cycle and increase conversion rates, as the referred leads have a built-in level of confidence in your services.
Maintaining open lines of communication with your existing clients and reminding them about your services can help keep your company top-of-mind. By actively engaging with your clients and providing them with a positive experience, you increase the likelihood that they will be enthusiastic about referring your company to others. Effective referral marketing drives new customer acquisition, fosters stronger client loyalty, and enhances your brand reputation through positive word-of-mouth.
Successful marketing and growth strategies require consistency, patience, and continuous improvement. Stay up to date with industry trends, listen to your clients' feedback, and adapt your strategies as needed to stay competitive and meet the evolving needs of your target audience.
Technologies and Services for Growth Strategies
Several innovative technologies and services can aid companies in implementing growth strategies. Depending on the strategy your company executes will determine which platforms you need. Connecting multiple platforms and databases will help you understand the return on investment of your marketing resources.
Customer Relationship Manager (CRM)
One of the most valuable platforms that any business needs is a CRM. This tool stores client data, coordinates and tracks sales and marketing efforts, and streamlines operations. It helps your company to keep a pulse on all of your existing and potential clients. Some CRM platforms can be rather robust, including website tools, email, digital advertising, social media management, and activity tracking. The CRM should serve as your single source of truth when it comes to your client roster and tracking opportunities for new clients.
Third-Party Review Sites
Third-party review sites and directories can serve as valuable platforms for testimonial marketing. Claim and optimize your business profiles on popular review sites like Yelp and Google My Business or industry-specific directories. Encourage satisfied customers to leave reviews and ratings on these platforms.
Event Marketing Tools
In-person events used to be the default way to obtain education and tools before the pandemic, but now virtual education is possible due to the tools and platforms being more readily available and cost-effective. Hosting workshops and seminars are great opportunities to elevate your company as a thought leader and trusted advisor. The attendees are all potential clients and should be nurtured before the event and after to convert them into new clients.
Email is the most prolific way to keep in touch with current and potential clients. Using an email platform allows your company to send well-designed and sophisticated emails. If any of these email marketing platforms are integrated with your CRM, the tracking data and activity can give you a better idea of how to serve these particular clients better.
Assessment and Management for Business Growth
Before pursuing growth opportunities, companies must evaluate whether their business can handle the anticipated growth. Assessing risks related to technology infrastructure, staff capabilities, and capacity is crucial. Due diligence ensures that the growth opportunity aligns with the company's long-term goals.
Once your company has determined you can adequately manage growth, the next step is to understand your clients' needs and pain points. Your company should consider demographic and psychographic factors to create personalized marketing campaigns. Additionally, utilizing top-of-funnel, middle-of-funnel, and bottom-of-funnel marketing techniques can guide potential clients through their buyer's journey. Understanding these factors will make using the growth strategies identified here a good use of your resources and time.
Disclaimer: Please note, Oak Street Funding does not provide legal or tax advice. This blog is for informational purposes only. It is not a statement of fact or recommendation, does not constitute an offer for a loan, professional or legal or tax advice or legal opinion and should not be used as a substitute for obtaining valuation services or professional, legal or tax advice.