Businesses that survive and grow are the ones that implement effective marketing strategies.
Marketing here means a lot more than just interrupting people with your ads. But as Ben Breen said, “ marketing is about growth, and growth is about making sales”.
Many businesses fail due to factors such as bad timing, creating products that fail to appeal to customers, bad marketing strategies, and of course bad management.
Hence the need to create an effective marketing strategy that will ensure the growth of your business is crucial.
Here are growth levers you can pull to increase sales and grow your business in the coming year.
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The awareness lever
How many people know your business exists? How many people know you provide a specific kind of service or sell a particular kind of product?
Visibility is everything in business, and if you want your sales to improve, then the visibility of your is something you must consider. Meanwhile, if you need a professional SEO company in Knoxville, see my recommended knoxville seo company.
What to do?
A good way to improve your visibility is to leverage several social media platforms, by running targeted ads across mediums where your target audience is.
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Buying users
This strategy involves offering cash incentives to users who sign up for your platform or purchase any service you’re offering. PayPal was able to grow their business using this platform. In the initial stages, they offered $20 to new users, as a result, their number of users grew at a rate of 7-10% every day.
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Going out of your way to help customers understand your product
You can create and implement a strategy that ensures that people who use your product or service for the first time do not zoom off, never to come back. Popcorn metric used this system to grow their business. What they did was to provide their free trial users whatever help they needed including:
- Spending hours with users on skype
- Offering one on one assistance
- At some times, they had to tweak the code.
As a result of this, they achieved a massive 367% revenue increase in just 12 weeks during their early stages.
The big picture here is to do everything possible to help new customers use your product or service without encountering problems.
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Viral referral system
An example of a start-up that used this strategy is springled. Their strategy involved asking users to refer other people to the platform, and in return, they would be rewarded with 12 months of free usage of the platform. It’s a good strategy you can use to grow your business.
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Segmenting marketing emails
Groove used this strategy to accelerate their growth by observing the difference between users who used their platform for 30 days and those who did not.
They leveraged information from their user behavior data to know people that needed help with their products and a particular aspect of it. Using this information, they segmented their users and targeted them with specific emails that addressed the problems they might have.
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Giving freemiums
You can offer some aspects of your product for free forever with no strings attached. But then you can charge them if they want to get full access to all the features of the product or service. This is a good way to attract people and keep them coming back.
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Adding touch to your products or services
You can either do two things here if you employ this strategy. You can either choose to expand the boundaries of your product or you can choose to roll out a new line to add to the existing products. By using this strategy, you will give your existing pool of customers additional purchase options. This will maximize sales to your existing customers.
These are excellent growth strategies you can use to increase your sales and grow your business. Pick any that you think will be perfect for you and then go along with it.
