The six blocks to business growth strategy
The Six Blocks to Business Growth Strategy
When looking back at our careers and the types of problems of growth that we solved for our clients, we realized that there were six distinct scenarios that would block a mpany’s progress. These blocks are usually specific to a specific stage of the business cycle, from launch to maturity. However, some of them can happen at any point. Here are the six growth blocks we’ve identified and built our own company around solving:
Business Growth Strategy: Launching Big
Founders with a great idea – they’ve honed their business plan and raised some funds to create their minimum viable product. They stand to raise a great deal of money if only they can show investors some true insights into their market, who the personas are they’ll be targeting, and their go-to-market strategy for reaching them.
We have a specialized approach to launching big that quickly identifies the “low hanging fruit” to get in front of the people most likely to adopt and spread the product initially with a plan to deliver efficient marketing at scale in the long term. Investors will want to see traction out of the gate, but not if it’s unsustainable — we put together “dualstreaming” plans that focus on short term gains and long term brand goals.
Business Growth Strategy: First Time Advertiser
A small business has been around for years and relied on word of mouth from friends and customers, or a sales team to bring in sales. The company is well regarded with those who know it, but have low consideration outside their core group. They need to expand their outreach, but don’t know where to start.
One effective approach that’s worked well for our clients is analyzing the social profiles at scale from the company’s existing email list. With a large enough list, we can find out what advertising media the customers are consuming the most on the long tail – finding the key properties are to advertise on and reach the same audience. Using “lookalike” audiences from these lists also means we can algorithmically target people who exhibit similar behaviors online.
From these insights we can start to develop personas we can micro target with campaigns built just for them. For example, one client had an audience that was 85% women. But instead of ignoring the 15% that were men, we took a deeper look at who they were. It turns out, they were all wealthy executives in NYC – a highly lucrative audience that our client didn’t even know about. Learn more about how we work with first time advertisers.
Business Growth Strategy: Shaking It Up
A company has an internal team responsible for marketing and they’ve tried a few channels that work well, however, the results have begun to plateau. They need more bang for their buck and more ways to find their customer.
Understanding every step of the buyer’s journey is they key to telling a brand’s story at the right time and place. Every story has a beginning, middle and an end and telling this story has to unfold at the right moments. What we often see is companies zero in on the “perfect” customer and they quickly find them online, target them with ads, and have a high conversion rate. But once they’ve saturated the market and sold to those people, little consideration is made for who else could be their customer. And often, these people take more convincing than simply seeing one ad or online interaction.
We obsessively build complex funnels that drive traffic to the site, but also remarket to previous visitors with preroll videos, ads, native blog posts on partner sites and numerous other tactics to efficiently and cost-effectively tell the story in the right order. From testimonials to instructional videos, blogs, ebooks and other content, we’re making sure you’re top of mind when your visitor is ready to act and turn into a customer. Learn how we can help you shake things up.
Business Growth Strategy: Blowing Up
A startup that was once worrying about their burn rate and minimum viable product has hit the big time. Suddenly they’ve closed a round of funding and a staggering amount of funds have just been deposited to the bank account. But there’s only a bare bones marketing team in place, and investors want to see your name plastered all over the world yesterday.
Our flexible approach to working with companies gives the experience and teamwork that agencies can bring at the speed of a startup. In this situation, a company is faced with a few choices: They can hire and train an internal team, but it’s possible the founders are pulled in a number of different directions and will have trouble giving the team the attention they need. Additionally, you wind up with the “can’t see the forest from the trees” scenario where after a few months, the fresh perspective disappears and the myopic decisions about how to target the customer begin to creep in. An ad agency can be hired, but the ramp up time is lengthy and the fees are very expensive. They will often upsell companies on services they don’t need because they are paying their salaries.
In our case, we blend recruiting with a core team of experts we already have to find the short term team members to get things up and running immediately. But we’re flexible about who these team members work for. Want to pay us a fee and we’ll pay our own freelancers? Great. Want to hire them into your own company full time? We won’t stop you. Learn more about how we help companies who are blowing up.
Business Growth Strategy: Get There First
A company has a fantastic new concept with low penetration that they’ve absolutely nailed in one market. Competitors are cropping up in other markets and are also looking to spread nationally. How do you make sure you get there first?
Systemizing what works in one market and creating a way to quickly adopt it to new ones is the first step. But your competition knows this too. The key is to understand that what works in one market won’t fly in others and having the people on the ground who can give you the reliable feedback to make adjustments. Did you know only tourists call NYC “The Big Apple?” or that no one there wants to see another subway ad that talks about riding on the subway?
You can talk to people, but you can also use data. Our approach is to look at local audiences at scale to understand who the key influencers are – from bloggers, to meet up group leaders. Learn more about how we help companies get there first.
Business Growth Strategy: Hit the Reset Button
Something went bad. Very bad. Or the company has simply had a long period of malaise. But something needs to drastically change.
They say it only takes a 5% change in staff to change a culture. Identifying the people internally you can fire up and get behind a big change makes a huge difference when a drastic shift needs to happen. Often, a branding exercise isn’t just to show the world you’ve changed, but it gives a blank slate to internal team members that this is a new day. One of our specialties is guiding companies through this process, one step at a time.