Refining marketing efforts to align with specific goals has become even more important in a time when budgets have contracted and a great deal of uncertainty about the future remains. Staying focused on growth can be difficult in these types of situations, but it is essential to the long-term success of your business.
“Growth marketing is all about leveraging marketing efforts to fuel a company’s growth. Boiling it down, growth marketing is focused on the building, optimizing, and scaling of marketing programs to attract, engage, and delight customers to help the business grow.”
Adding value to every stage of the funnel and continuing to do so as prospects become clients ensures a steady pipeline and a loyal customer base that your company can build on. Multiple marketing channels should be used in harmony to create campaigns that reach your audience in the right place, at the right time, with the right message. Continual A/B testing and campaign analysis should be performed to determine what works, what needs more resources and what to eliminate.
“Growth marketing requires a growth mindset - a belief that a person’s abilities (or company’s success) can be developed over time. With this orientation around continuing to learn and change over time, marketers both develop their own skills and help their teams uncover new ways to achieve their goals.”
While the future may be a bit murky right now, it is imperative that B2B organizations do not become complacent and remain static in terms of growth initiatives. There is, in fact, great opportunity during economic downturn, provided you’ve planned ahead and use your resources wisely.
The Harvard Business Review has provided the following tips for continue growth in a recession:
- Invest heavily in research and development now so that new products and services are ready for launch as the economy begins to grow again.
- Spend some time learning about the customers of your weakest competitors.
- Identify your most critical suppliers and distributors, and determine if any face the possibility of severe impairment to their business due to the economic downturn.
- Think carefully about your talent needs.
Most importantly, it is essential to invest in marketing campaigns aimed at building your brand, attracting prospects and delighting current customers.
“The method a company uses to expand its business is largely contingent upon its financial situation, the competition and even government regulation. Some common growth strategies in business include market penetration, market expansion, product expansion, diversification and acquisition.” The tactics to achieve these goals will largely depend on the preferences, needs and pain points of your target audience. Your success will hinge on the value you provide, resources, campaign execution, and, of course, your mindset.
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