Principles of marketing are not universal. By that, we mean that no marketing strategy is guaranteed to produce results for a given company. A number of factors ultimately determine how well business markets itself. This includes a budget, timing, size, target audience, and consumer research to name a few. Unsurprisingly, marketing a small business is much different than marketing an international organization. And as businesses grow and evolve it is important to learn how to market a growing company. However, it can be difficult to scale marketing efforts accordingly.
With that in mind, today we’ll focus on how growing businesses can market themselves. As well as how they can enter new arenas and explore new possibilities.
Solidify Core Audience to Market a Growing Company
Successful businesses have core audiences that are loyal and that regularly purchase their products or services. These super-customers often constitute a significant portion of a business’s sales, and thus, its revenue. While it’s tempting to court new consumers and to expand your brand into unfamiliar territory, you shouldn’t do so at the cost of ignoring your best customers. Make it a point to market to them consistently, and to emphasize why your business is worthy of continued investment.
Research New Competitors to Market a Growing Company
Any time that a business enters a previously untapped market, they’ll encounter new competitors. in order to market a growing company, just as a new business should perform competitor analysis, it should also research potential rivals in new markets. It’s important for marketers to understand how these companies operate, and what are their strengths and weaknesses.
Create Customer Personas
New customers will naturally differ from your existing and old audience. As such, they’ll have different backgrounds, concerns, pain points, and goals. Marketers need to take this information on board if they want to form marketing ideas that will resonate with these new audiences. Invest time to form fresh customer personas and interview potential customers thoroughly.
Manage Social Media Accounts
Businesses that have multiple locations often have multiple social media accounts which are essential to market a growing company. This makes sense on multiple levels, but the rapid expansion of social media accounts may also cause social media compliance issues to arise. If marketers at different locations aren’t on the same page, businesses may unintentionally damage their brand with inconsistent or outdated posts/information. Hence, expanding businesses must have a strong social media governance system in place to prevent these problems from damaging brand reputation.
The Bottom Line
As explained above, no two businesses are the same. So it’s reasonable to expect a certain amount of “growing pains” during the expansion phase. The good news is, once businesses are able to transition through this period, they’ll be able to explore new markets and generate more revenue as a result. From there, the sky’s the limit!