One of the most interesting type of client we work with are companies that are actively growing, but are limiting their potential due to distraction and a lack of marketing focus.
These companies are obviously doing something right. They are growing — isn’t that enough?!
At the beginning of my first year at my first real sales job, I was crushing it. I had a 70% close rate which was 2-3x higher than the next closest salesperson.
That’s when it hit me.
My manager called me into his office, where I thought I was going to receive praise.
Instead, he scolded me. He told me that with such a high close rate, I wasn’t selling enough.
If I really was that good, I should get in front of more people. I should generate more leads.
In other words, he wanted to see me increase my growth potential
If you’re a growing business, ask yourself “how much more could you be growing if you had a focused marketing growth plan?”
To ease into the topic, let’s consider the scissor, rock, paper analogy of company growth.
In this analogy,
- Companies start out at the scissor phase, as small businesses with a razor sharp focus. They usually do one thing well, and do it better than the big guys, creating a niche for themselves, which is how these types of companies succeed and grow.
- After some growth, companies reach the middle tier, the rock phase. Companies in this phase have usually diversified a bit, so they no longer have the razor focus of the scissor companies, but what they have instead is solid momentum.
- From there, as a company grows even further, it loses some of its momentum and growth. At the paper phase, it now has size working in its favor instead. But it is slow, and maybe too highly diversified, allowing smaller scissor companies to cut away at small parts of its business.
The key thing we want to focus on here is the “momentum” aspect of scissor-phase companies. These companies are enjoying their growth phase, but growth can be hectic, and too often the need to execute takes over any time that should actually be spent on long-term planning.
Here are common marketing mistakes we often see growing businesses making, and how to fix them:
1. Lack of concerted effort to drive web traffic and leads.
Many growing companies we’ve seen are just too busy to worry about increasing lead generation from multiple sources. However, it’s these new leads that can really take their growth to stratospheric levels.
How we can help:
We use a combination of blog publishing, email marketing, social media, paid ads, and/or specialty campaigns to inform, educate, entertain and inspire your audience with valuable content that leads directly into your sales funnel.
2. Underutilization of website analytics.
The need to execute and fill new orders often leaves companies short on time to properly analyze their analytics. The lack of a systematic approach to data leaves them clinging to arbitrary metrics that may or may not impact their growth.
How we can help:
We identify and focus on the important few key metrics that tie directly to the health of your marketing to identify issues, opportunities, and actions.
3. Not enough emphasis on customer lifetime value.
If you do not consistently and frequently communicate with your audience, you are leaving money on the table. People need constant reminders that your company exists — even your most loyal of customers.
How we can help:
Our systematic approach to ensure you are staying in front of your audience to move them from one stage of the Customer Value Journey to the next.
Ready to get started and put together a more focused growth plan for 2021? Reach out to us to find out more!