At some point, every business experiences a period of stalled growth, and it’s likely that more businesses will experience a slow down in our uncertain economic times. A stall may be caused by any number of reasons. There may be an oversaturation of the market, a lack of innovation, or an inability to reach new customers. But it doesn’t have to be permanent!
There are several tactics that you can use to jump-start your organization’s growth and get things moving again. Below is a list of strategies you might want to consider.
1. Market Segmentation
Market segmentation is the process of dividing your customer base into specific groups based on shared characteristics. For example, the fast-food chain Subway segments its market by offering different menu items for different geographic regions. In the United States, most typical sandwiches include ingredients like ham or turkey, cheese, lettuce, tomato, and a condiment like mayo or mustard. In India, however, corn and pea salad is a popular topping, and in Japan, shrimp and broccoli is a typical sub option.
These ingredient modifications help the chain appeal to a broader audience and grow its business. If your business operates in different regions, you may be able to offer individualized products for each area. However, you should also consider how you can personalize the customer experience based on a range of other factors.
These segments may be based on demographic, geographic, or behavioral traits. By segmenting your audience, you can target your marketing efforts more effectively, reach new customers, and increase conversions. Some studies suggest this tactic can increase revenue by as much as 760%.
2. Product Development
Innovation and product development are essential for driving growth in any business. Selling the same product for decades just isn’t going to work. As the world evolves, so do customers’ expectations. By regularly introducing new products or improving existing ones, you can stay ahead of your competition and attract new customers. It’s also worth noting that Improved performance also lets you increase your profit by charging higher prices for a superior product.
Apple is a company known for its focus on product development. In fact, their product development process has a valuation that exceeds $2 trillion. (That’s twelve zeroes!) This success is largely because every time a new product is launched — whether that’s the latest Iphone, airpods, or MacBook — their new features quickly become standard and even a status symbol.
Constantly introducing new products drives much of Apple’s growth, and it could be an approach that helps refresh your business too. Take some time to think about how you can improve the products or services you offer. Making it “new and improved” can help you catch your customers’ attention.
3. Content Marketing
Content marketing is the process of creating and distributing valuable content to attract and engage potential customers. This can include blog posts, videos, infographics, and more. By providing useful information to potential customers, you can build trust and establish yourself as an authority in your industry.
Studies show businesses that use content marketing can see conversion rates increase by as much as six times. HubSpot is a great example of a company known for its inbound marketing and content marketing. They use a variety of content types to educate and engage their audience, which helps to drive growth in their software business.
If your business’s content could use a boost, think about how you can provide value to your audience. Ask yourself what they might want to know and what information would benefit them. For example, if you’re a digital marketing agency, it would make sense to provide your audience with content explaining how to jump start their business’s stalled growth. (Get it?!)
4. Social Media Marketing
Social media marketing is extremely popular today, especially since most of your audience is spending time on their phone. This marketing method utilizes social media platforms to promote your products or services, and it works because you’re meeting your audience where they are. By building a presence on social media, you can reach new customers, engage with existing ones, and drive conversions.
While we often hear more about social media blunders than successes, there are thousands of companies using social media effectively. Sony’s Playstation, with over 29 million Twitter followers, is just one example. They continuously post a mix of content, including new game trailers, gaming footage, and streaming events, to keep fans engaged.
Consequently, their company and products benefit from their popularity. If you need to update your social media approach, make sure you keep your audience in mind and use your brand’s voice. Being genuine will often help you earn trust and boost your following.
5. Search Engine Optimization
Search engine optimization (SEO) is the process of improving the visibility of your website in search engine results pages. Optimizing your website for search engines can have vast benefits. You can drive more traffic to your site, reach new customers, and ultimately drive growth for your business.
As a result of improving their SEO strategy, the telehealth platform Nurx saw search query clicks increase by 833% and organic traffic increased by 217%. By evaluating popular content and search terms, the company was able to optimize their current content and strategically create new blogs and on-site guides.
If your business isn’t already working on SEO optimization to improve awareness and ranking, start as soon as possible. But remember, it’s a marathon, not a sprint. SEO strategies take time, but they’re worth it in the long run.
Networking is the process of building relationships with other businesses and individuals in your industry. This could be in-person or online. However, attending conferences, I’ve personally found that in-person networking events are especially valuable because you’re able to build stronger, more meaningful business relationships.
You never know when you might be able to foster a “you scratch my back, I’ll scratch yours” type of relationship, which can immensely benefit your business. By building a strong network, you can reach new customers, gain helpful insights, and boost business growth.
Networking is also a way for sales and marketing teams to benefit from in-person marketing and build a referral pipeline. In some situations, having strong relationships can even increase revenue. You never know when a friend of a friend can refer a client or promote your product. Knowing the right people and fostering genuine connections is essential, so make sure you’re putting yourself out there — especially if you’re experiencing a lull!
Remember Business Growth Takes Patience
Sustaining a business is challenging, and failure is normal. In fact, according to Investopedia, “20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during their first 10. Only 25% of new businesses make it to 15 years or more.”
Those who succeed figure out how to drive business growth. By implementing effective tactics, you can jump-start your business’s growth and get things moving again before you contribute to another statistic.
The tactics above are just a starting point, and not all approaches will work for every business. However, starting someone is better than not trying at all. You should continuously experiment with new strategies to find what works best for you. Once you find a strategy that is driving business growth, keep going. Success comes from hard work, time, and patience.