One of the main growing pains most businesses face is not being able to compete with larger and often better-resourced competitors.
Whether you’re selling a product or a service, how you choose to market it is critical to your business growth. According to Mintel’s 2014 Marketing Models report, businesses that approach marketing by building a foundation achieve higher growth and return on investment by 42%.
But why is that? Because creating a solid foundation means moving away from ad-hoc marketing. It involves implementing a more evidence-based marketing strategy that focuses on your target audiences and identifies the best messages and channels for converting those audiences.
This informed approach enables you to avoid one of the biggest marketing mistakes we often see medium-sized companies make: focusing on outputs without getting the strategy and messaging sorted first
For instance, we often get asked ‘Can you create us a new website?’ or ‘Can you produce a new guide?’
Which is absolutely fine so long as they’re working effectively to help your customers to make purchasing decisions. However, more often than not, the requests we receive are from business owners who haven’t thought in depth about how these outputs link into what their customers want to learn from them.
If your marketing follows a scattergun approach, and doesn’t resonate with your buyer personas and guide them along their customer journey, you’ll end up throwing money away because you’re not getting the maximum effectiveness from your spend. (Identifying your ‘ideal’ customer and defining your buyer personas is one of the key areas we focus on as part of our Route to Growth process. To find out more read our blog, ‘What you can expect from our Route to Growth Discovery Sessions.’)
Marketing that involves processes, not guesswork is the key to achieving measurable results
That’s why we have a series of processes in place that help us understand our clients’ audiences, goals and challenges. Then we build a solid foundation and marketing strategy that enables them to address them.
The elements we focus on to ensure we provide our clients with a strong marketing foundation include:
- Understanding the exact marketing challenges you face
- Exploring what your customers are looking for and gearing your marketing towards the ideal prospect company and the individual decision maker(s) within that company
- Identifying your proposition, key messages and proof points and fine tuning them in line with the competitive landscape
- Ensuring your visual identity is communicating the core proposition in a way that positions you effectively, resonates with customers and helps you stand out from competitors
- Using data and market intelligence to zero in on your ‘universe’ of potential customers so that your marketing is extremely targeted
Having this foundation in place means your marketing tactics are targeting the right people, with the right message, at the right time. That way you can fill your sales funnel with better leads, improve your conversion rates and reduce your customer acquisition costs.