5 More Ways to Grow Your Business
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o grow your business, it's essential to find new leads and convert them into viable revenue sources.
Here are five more things every business owner can do to help a business – large or small – grow.
1. Create a Funnel: Extend an Invitation
A key way to grow your business is to create a funnel: craft a path on which potential customers travel that leads to them engaging with your business, and purchasing your product or service.
The first step in creating a funnel is extending an invitation. An invitation is the initial way you present an offer designed to convert leads to customers. The way in which the invitation is offered can make or break the deal.
The most effective invitations are tailored to quality conversions. So, direct mail will be delivered to potential customers that fit your business’ profile. A discount code may be offered exclusively on one page of a website so that only those interested in that service can use it.
However the invitation is extended, craft it with the customer in mind. Aggressive or unfocused overtures leave a poor brand impression. An invitation that builds trust and a rapport with potential customers will lead to business growth.
2. Create a Funnel: Make an Offer
An offer’s extended value is found in what else it provides: a lead’s contact information and permission to continue to market to that lead.
The invitation is the door leading to the offer presentation: something that can nudge potential clients towards becoming actual customers. The offer may be a discount, an incentive, or even a freebie.
Here are some examples of offers that can help seal the deal:
• A percentage off of a new order.
• A specific dollar amount discounted from a popular service.
• A 30-day free trial of a product or service.
In crafting an offer, investigate what competitors are offering and use that as a guide. Or, create an offer that solves an immediate need. Be strategic and creative, but don’t kill the bottom line. Above all, make it conditional. Capture the lead’s contact information before they can use the offer. The repeated marketing that results is a core element of business growth.
3. Create a Funnel: Follow Through
Though it requires a substantial time investment, following through is the final step of the funnel process, and indispensable to creating business growth.
Once a lead has opted in to receive marketing communications from your business, now it’s time to follow through. One of the best solutions for following through is email automation.
Email automation is a series of pre-constructed messages that are periodically sent to each qualified lead. Starting immediately upon receipt of the offer, each message is sent with the goal of the lead doing more than simply accepting and using the offer. Through careful messaging, the customer is led down the path to becoming a revenue-generating client.
4. Start a Marketing Campaign
With a solid website in place, and a well-thought-out funnel generating quality leads, it’s now time to construct a balanced marketing campaign.
Here are some components of a successful campaign, using both new and traditional media elements:
SEO:
Search Engine Optimization (SEO) is the process by which you gradually increase your website’s rankings on search engines, most notably Google. There’s no magic bullet for a #1 ranking, but with a comprehensive approach and a long-range view, it can benefit your business’ online profile and lead to real growth.Blogging:
By producing and sharing valuable content on your website and across social media, you create a meaningful marketing ecosystem that increases brand awareness and leads to more customer conversions.Email Marketing:
This is not just sending emails to random lists. By crafting a thoughtful and meaningful campaign and regularly reaching out to leads that have opted in to your email marketing list, you can nurture business prospects and reinforce your business’ value.Print Marketing:
Print is not dead! Well-designed and quality-produced print pieces can separate your business from your competitors and make a lasting impression on current and future customers.Each marketing campaign is unique to each business, and each company’s prospective client base. A quality, comprehensive campaign is the fuel that drives your business’ growth.
5. Analyze the Results
Evaluating the results of the above steps is vital to know which step is producing the most results for the growth of your business.
Some key factors to analyze are found below:
• ROI: Your Return On Investment (ROI) will help you determine – over time – which aspect of growth creation is working best. Key to deciphering this will be analyzing such factors as: conversion rates, customer lifetime values, and lead acquisition budgets.
•Brand Equity: Your business’ overall recognizability, reach, and engagement all factor in to define your brand equity. Building such equity takes time and repeated efforts. The stronger the equity, the more likely potential customers will convert, even if it’s months or years down the road.
• Overall Growth: The bottom line is still king. Take a look at the real revenue growth periodically to see how well your approach is working.
Although running a successful business has its challenges, with a patient and comprehensive approach you can be successful in growing your company. Not to be overlooked in the process is the value of partnering with an experienced and knowledgable marketing firm to handle the dirty work of fleshing out your growth plan. Such a firm, like the Sumner Group, can take the mystery out of executing these steps, and help you focus on what you set out to do from the very beginning: grow your business.
Contact the Sumner Group today to get started growing your business.
