A business that fails to adapt is doomed to fail. This is why business owners are always looking for new ways to reach new people and increase their revenue. It’s not purely out of greed, but a desire to serve more people leads many business owners to focus on marketing for new business growth.
In this guide, we will look at some common tactics business owners use to grow their businesses. If you are in the growth stage of building a business, you might be interested to learn there are lots of different ways you can grow your business. Follow these tips on marketing for new business growth.
1. Focus on a new platform
One option for growing your business is to bring in more customers. A great way to achieve this is to shift focus to a new platform or channel. For example, you could explore paid adverts on LinkedIn, or increase your SEO spend to help drive more traffic to your website. One UK expert on SEO, Paul Gordon, recommends making this a core part of your strategy to encourage ongoing business growth.
2. Diversify your income
If you currently sell your time as a service, think about adding physical products to your website. Or you could package up your expertise in an ebook and use this to create some passive income. And if you are selling physical products, think about what you could add to your product range that would be of interest to your current customers. This will allow you to up-sell and cross-sell to your existing customers. You could even look at completely new products which would allow you to target an entirely new audience.
3. Optimise for conversions
When you want to increase revenue, you can either increase the number of people landing on your website, or you can increase the number of conversions. Conversion rate optimisation lands somewhere between analytics and design. It involves making small changes to your website that will help to encourage more people to convert or become customers. Amazon is famous for always playing with its website design and running multiple A/B tests to determine what helps to convert the most customers.
4. Implement lead scoring
When you’re in the lead generation business, you need to have a system to help you determine where to focus your attention. This is where lead scoring comes in. Tracking your interactions with your leads can help you to determine how likely they are to become a customer. Someone who has landed on your website once requested a quote and then ignored all of your follow-up emails might not be worth spending a lot of time on. But a customer who has landed on your website followed you on social media, handed over their email address, and then opened and clicked on everything you send might be closer to a conversion. Adding lead scoring to your marketing plans can help you to focus your attention on the customers most likely to convert.
5. Make sure your teams are talking
A common problem facing modern teams is a lack of communication between the sales and the marketing teams. These roles were often combined into one but they have become increasingly distinct in the modern workplace. This means that the marketing team doesn’t know about the common problems faced by the sales team and vice versa.
Since the sales team will often have direct contact with the customers and prospects, it makes sense that this insight is fed into your company marketing plans. If you want your business to grow, your sales, customer support, and marketing teams are all communicating effectively. This can make or break your business, as the sales team might have key insight that can help to convert more customers in the future.