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6 Steps To Strategically Grow Your Business in 2020

When it comes to running a successful business, it’s easy to get bogged down in the day-to-day details and operations of simply surviving, especially in 2020. Without a strategic growth plan driven with quality data, it’s nearly impossible to grow your business. Leadership teams find themselves being reactive, in a continuous cycle of putting out fires rather than preparing for change and following a well orchestrated plan. 

Simply going through the motions promotes complacency – a killer for businesses both small and large. Through streamlined processes of research, development, marketing technology integration, testing, analytics, and optimization, you can set your business up for prolonged success.

Research

The basis for successful campaigns starts with research. Most companies want to skip the research and development phase and get right to running ads as they are urgent for increasing their revenue. Unless they have a bottomless source of funding, they need to lay the foundation of campaigns with proper research before they launch their products or services. Some of the research we at OUTRIGGER incorporate includes customer buying trends, keyword research for content marketing, consumer buying trends, and competitor analysis in order to validate your offerings.

Many businesses still rely on outdated lead generation techniques like traditional print advertising, banner ads, cold calling, spamming, and door knocking. These are excruciating to both prospects and tech savvy marketers. While these practices may have been effective in the past, in today’s world it’s almost impossible to collect insights from your consumer’s behavior through these methods. It becomes difficult to identify exactly who your customers are and what they want. The best market research tools available collect data that give you effective insights into your customer base. 

Learning to listen to your customers’ needs is an easy tactic in producing marketing content that speaks to them. A simple free tool like Google Alerts would provide a business with some insights into a particular topic. Unfortunately, many businesses approach both inbound and outbound marketing without proper research. Through innovative and comprehensive research, marketing teams can create practical go-to-market (GTM) strategies and spark new ideas for growth. 

It’s imperative to conduct research within your industry, study trends, and identify competitors in order to create a strategy to generate growth based on facts and hard data. Many companies fail to utilize the technology we have access to today to help them drive revenue. Marketing technology, commonly known as Mar-Tech, is crucial in orchestrating growth. There are countless innovative platforms that can collect and analyze data, which can help paint a picture of a customer avatar and track the customer journey. Once you identify your target market, you may start testing your hypotheses and develop your long-term growth strategy.

Relying on research can help you set up paid search marketing campaigns and analyze those results before moving on to organic marketing. Once you’ve developed a data-based marketing strategy, you can rely on the steps you’ve taken to continue to gain traction. 

Development

Identifying and developing new market segments for current products, targeting new customers, and expanding your potential customer base are all surefire ways to amplify growth. When developing new marketing strategies, you must ensure that a new segment is profitable. Performing due diligence and conducting market research will strengthen any business and assist in aligning with product-market fit. Toeing the line between innovation and mainstream demand is another key to ensure long-term success. 

Marketing Technology Integration

Embracing new technology is imperative in today’s competitive climate. Researching and testing new technology will keep your business ahead of the competition as you streamline and optimize your conversions. 

Today there are numerous marketing technology systems available to drive growth, such as, integrated private messaging apps, SEO and SEM tools, personalization tools, target market research tools, social media marketing automation tools, and analytics systems. All of these are designed to reach your target audience and simplify your marketing outreach with analytics dashboards which provide your leadership team with the data on what’s working and what’s not working. 

A well assembled marketing tech stack with a comprehensive analytics system will set your business apart from the competition and give your team insights into areas of opportunity. 

Testing

There are plenty of tactics to test your marketing campaigns in order to properly reach your target audience. 

A/B split testing is often used in various promotions including paid marketing, social media marketing, email marketing, and even marketing for specific events. At OUTRIGGER ADVISORY GROUP, we test all promotions  and can reveal the effectiveness of subject lines, a CTA, copy length, copy content, and landing page layouts. We go to the extent of testing button colors and placements to drive more engagement and increase conversions. By adjusting elements within two different versions of your content, you can better gauge which of the two versions is most effective in reaching your audience and achieving your desired results.

Multivariate testing is similar to A/B testing, and requires testing the same page or piece of content while changing different elements like headlines, colors, image-use, etc., revealing the best combination of those elements.

When engaging in content testing, it’s imperative to always keep your audience in mind. A piece of content your team has been slaving over could look perfect in your eyes, but if you’re not looking through the eyes of your consumer, you’re bound to miss something. Make sure the purpose of the content is clear and easily identifiable. Your company’s expertise should be immediately evident to build trust with clean, easy to read content to increase engagement.

Geo-targeting is a way to leverage the geographical location of a website visitor to help you deliver advertisements to a diverse audience. Testing visual elements that cater to people from different parts of the world can resonate with your audience and increase engagement as well.

Market Intelligence: Big Data and Analytics

Big data can often be confusing. Learning what queries to pull and then how to decipher the data and make sense of it can be overwhelming. Businesses are often collecting all kinds of data, yet they don’t know how to utilize what they collect in order to make strategic decisions. With predictive analytics, your business will be able to refine your strategy and utilize the insights to keep your business in-the-know, opening up opportunities your competitors may miss altogether. With the multitude of data collection services and techniques available today, you’re doing a disservice to your company if you’re not relying on valid data and analytics. 

Google Analytics will provide much of the data you need to see how campaigns are working, yet in order to get a full view of the effect of your ad spend over time, you will need a more comprehensive analytics system like the one offered by OUTRIGGER analytics. The ability to monitor campaigns using predictive analytics results in effective advertising spends and provides insights into consumer buying patterns. Having the right information to shift your offerings to adjust to trends will separate you from your competitors.

Optimization

All of these strategies can lead to optimization with your marketing strategy. Analyzing data to make decisions about which ads, campaigns, and strategies you should continue to rely on will provide the best return on investment. Once your initial strategies are deemed viable, you can continue to tweak and optimize them based on hard data to drive sales.

OUTRIGGER ADVISORY GROUP has a 6-stage system to generate growth, based on research, development, marketing technology integration, testing, analytics, and optimization. Through a reliance on data research, analytics, marketing consultation, and implementation, OUTRIGGER can seamlessly transition your company into a new lane of success. Increasing market share through automation systems, comprehensive and detailed marketing strategies, and operational reorganization is OUTRIGGER’s specialty. 

Schedule your free consultation with a Senior Business Advisor today – here.