You’ve fully embarked on the road to entrepreneurial success, and your brand is well on its way to achieving its financial goals. The question is, are you going in the right direction?
Research shows that about 20% of today’s small businesses end up failing in Year 1. However, if you employ the right growth marketing strategy — also known as your roadmap — you can increase your chances of staying on course.
The question is, how exactly can business owners create growth strategies in marketing?
Here’s a rundown on how to create winning growth marketing strategies in 2022.
Let’s get started!
Create a Vision for Your Product
To create a strong growth marketing strategy, you must first define your vision for your product.
Your product’s vision should define the future state you desire for your offering. In addition, it should be both attainable and aspirational.
For example, in your vision, specify the type of buyer you are targeting with your product, or your buyer persona. Then, identify the specific pain points that your offering will solve for your buyer.
Your vision should also spell out how you will deliver your service or product to your buyer. Finally, make clear how your offering will ease your buyer’s particular pain points.
For instance, a technology company’s vision for its products may be to enhance the everyday user experience through innovative digital services, software, and hardware.
Establish Success Metrics
In addition to creating a product vision, you need to create metrics to make sure that you remain on track to achieve the growth you desire long term.
Along with tracking your revenue, consider tracking your referral or activation performance, for example. These metrics can then be evaluated through analytics to help you to determine if your marketing strategy is working.
In other words, the metrics will tell you if your growth strategy is pointing your brand in the right direction for success.
Read more here about how analytics and metrics go hand-in-hand.
Tap into Competitors’ Growth Strategies
Do you notice that some of your competitors are achieving the type of growth that you wish to see for your brand? If so, perform a detailed competitor audit to see what they are going to grow.
For instance, gather the following information about your top competitors:
- Pricing and product tiers
- Marketing campaigns
- Upgrades and features
- Value proposition
Then, use this information to determine how they vary from your brand and what your unique selling propositions are. How do you stand out? Focus on promoting what makes you special, and consider adjusting your pricing or marketing, if needed, to capture greater market share.
Expand Your Business with the Right Growth Marketing Strategy Today
If you’re serious about growing your business, you need the right growth marketing strategy in place. Fortunately, the process of creating a marketing strategy doesn’t have to be complicated.
Follow the above-listed tips for creating the right marketing strategies for business growth. In no time, you can expect to see your bottom line soar like never before in the months ahead.
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