Business Marketing Tips to Grow Faster
Your marketing efforts are essential to the success of your business. When the right marketing strategies are identified and implemented, you have the ability to reach a larger audience and focus on the segment of the population that is most likely to resonate with your message and become a new customer/client. Conversely, a poorly formulated or bloated marketing strategy can make it exceedingly challenging to achieve your goals.
At Webolutions, we provide comprehensive digital marketing services to businesses in a wide range of industries. When we first start working with a company, we always engage them in a collaborative discovery journey to better understand their goals and what makes them unique. As part of this journey, we dive into their existing marketing strategy to determine what has worked well for them and what needs to be improved upon. Often, we find that these businesses have been muddling along for years without an optimized and streamlined marketing strategy.
This phenomenon is understandable, even if it’s less than an ideal way to approach your marketing strategy. It’s common for businesses to “throw the kitchen sink” at their marketing efforts, hoping that a broad and all encompassing strategy will usher in a larger number of leads. Unfortunately, this can have the opposite of its intended effect – it typically results in bloated budgets that yield a smaller return on investment (ROI) and fails to target the segment of your audience that will drive the most impactful business.
As we enter 2023, businesses are setting their strategies for the upcoming year. This provides an opportunity to reflect on what’s worked well to date and what can be done better. We recently wrote about the importance of streamlining your overall business initiatives to create a better company. But it’s also important to home in on your marketing efforts to streamline this strategy. By streamlining your marketing initiatives, you can improve your ROI on these efforts and grow your business faster.
When we talk about streamlining your marketing strategies, we’re referring to the process of simplifying your efforts to focus on the initiatives that yield the most impactful results. Rather than “throwing the kitchen sink” at your marketing strategy, we’re suggesting that you take a “less is more” approach that devotes your resources to the few strategies that will move the needle most.
By taking the following steps, you can streamline your 2023 marketing strategy to focus on the right audience and channels to drive the leads that will help you achieve your overall business goals.
Optimize Your Data Management Software
We live in an age when an abundance of valuable data is readily available, providing real time insights into the success of your strategies. In order to leverage this data in a way that provides actionable insights, you must have effective software and tracking systems to manage this data.
Even small businesses with modest marketing budgets likely utilize multiple channels and strategies to reach their audience. If you don’t have an effective data management system to track which channels and strategies target which segments of your audience, you run the risk of inundating and oversaturating consumers rather than leaving them wanting to learn more about your business.
By optimizing your data management software, you can more effectively track the day to day results of your efforts. This will help you eliminate inefficient approaches and avoid overwhelming potential customers by flooding them with information they didn’t request and/or don’t value.
Keep in mind that for your data management software to deliver the greatest impact on your marketing efforts, you must monitor your results regularly to gain a clear understanding of how your strategy is performing and what changes may be necessary to elevate your results. Then, you’ll need to be proactive about making the adjustments necessary to improve your outcomes.
Focus on Your Core Demographic
One of the biggest pitfalls associated with a bloated, unfocused marketing strategy is that you fail to emphasize the section of your audience that tends to convert at the highest levels and deliver the most revenue to your business. This segment is referred to as your qualified leads.
Focusing on targeting qualified leads rather than a broader demographic will deliver a variety of benefits:
- Improve your sales team’s close rate
- Reduce the number of leads required to achieve your revenue goals
- Save money on marketing expenses
- Improve the overall ROI of your marketing efforts
Leverage Geo-Targeting Strategies
Location is often everything in marketing. If the success of your business depends on targeting an audience in a specific location, then your marketing efforts should reflect this. Online searches are the primary way most consumers research their options. Leveraging geo-targeting strategies will allow you to more effectively show up in the locations where you’re most likely to generate the new customers your business needs.
Limit the Marketing Channels You Use
There are a multitude of marketing channels available to drive the traffic you need to grow your customer base. This can create an overwhelming situation where you spread your resources too thin in an attempt to garner leads from a wide range of sources.
A more effective approach is to limit the marketing channels you use to drive leads. Rather than investing your limited resources across a wide range of channels, choose a few that will deliver the greatest impact to your business. The right channels to focus on will vary based on a variety of factors, including your industry, your target audience and your business model.
Webolutions Can Help Streamline Your Marketing Initiatives
Webolutions has been Denver’s leading strategic marketing agency since 1994. Our team uses a unique Intrinsic Multiplier™ Approach to help you grow your business smarter, faster and easier. As part of this approach, we lead your team on a collaborative journey to unlock the things that make your company special. This information will help us establish your industry leading market positioning in order to clearly differentiate you from your competitors.
Your market positioning will be used to develop and implement a marketing strategy that effectively and consistently conveys your brand messaging to the segment of your audience that will drive the most impactful growth to your business. Our exclusive Collaborative ROI Projection Model™ will help you focus your marketing resources on the specific channels and tactics necessary to achieve your goals. For greater focus and prioritization, this model allows you to evaluate the real ROI a potential marketing strategy may yield prior to its costly implementation. This model is a critical way we’re able to streamline your marketing strategy to maximize your ROI.
To speak with one of our experts about how you can streamline your marketing strategies for your company of at least $5 million in annual sales, call us at 303-300-2640 and request a free streamlining consultation. During this 60-minute introductory meeting, we’ll help you start creating a plan for success. You can also email any questions to email@example.com.