CMO of Perimeter 81VP Marketing, B2B Cyber Growth Strategist, Advisory Board, Entrepreneur, G-CMO Member.
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The global economy has been unstable since the onset of the pandemic, impacting many growing businesses. The International Monetary Fund estimates that between 2019 and 2020, global GDP had its worst economic downturn since the Great Depression. It’s been an uphill battle for the markets ever since. Russia’s invasion of Ukraine, which is expected to cost the global economy $2.8 trillion (paywall) in economic output by the end of 2023, has also been a factor limiting business growth.
Marketing can be the key that allows a business to scale. According to a Gartner Inc. survey, marketing budgets increased to 9.5% of total company revenue in 2022. That’s more than a 6% jump from 2021 across a variety of industries.
Business growth and marketing go hand in hand. You need to make customers aware of your product to help them make a purchasing decision. By standing out from your competitors to build your clientele, you’ll be on a path toward advancing your business.
Here are three tips that can enhance your marketing program and help your business grow, even in unsteady economic conditions.
1. Don’t plan blindfolded.
There are two things every marketing team needs to understand deeply; otherwise, you miss key components that will limit your growth. First is having a detailed understanding of your target audience. That includes the market itself, your ideal customer profile, their pain points, their challenges and their emotional drivers. Understanding all these nuances allows you to create the most effective marketing strategy.
Second, it is imperative to understand exactly what your business offers and how it stands out from your competition. You want to know the features, benefits and use cases the product solves. It is also important to recognize the strengths, weaknesses, opportunities and threats to your product to create a holistic understanding of what you’re trying to sell.
You tie the two together with a fine-tuned understanding of who exactly you’re selling to. As an example, in a big enterprise, it might be the chief information security officer (CISO) or security director. In a small business, it might be the IT manager. But if a small business has a limited budget, the CEO may be involved in the procurement process. Research each prospect and factor in how seniority works within that organization beforehand so you don’t go into a blind conversation.
2. Personalization is key.
Your marketing strategy will be most effective with personalized messaging. I see companies that are excellent at talking about what a product does but don’t speak directly to the customer. Your audience doesn’t want to just feel like another sale that needs to be made. They want to feel seen, heard and understood.
Even a mission statement, typically a long-term boilerplate message, can reach a prospect on a personal level. Don’t make your mission statement so broad that no one can understand what you are doing, but don’t make your scope so narrow that it limits your growth, either. Your message should show potential customers exactly how your product helps them. They may automatically develop a relationship with you because of that, and it may make them more inclined to invest in your product.
There are 32.5 million small businesses in the United States, according to the US Small Business Administration Office of Advocacy. Don’t assume yours is unique on the surface. With an effective marketing strategy, your business can stand out and grow.
3. Enhance your digital presence.
It’s commonly held that Americans interact with an average of 4,000 to 10,000 ads every day. Virtually every business has tapped into the digital landscape to promote a variety of services and products through social media, the internet and TV. However, a recent Gartner Inc. the survey found that marketers report utilizing just 42% of the capabilities they’ve invested in, down from 58% in 2020. Marketing strategies have graduated from highway billboards and simple ads in the newspaper. Marketers need to understand that utilizing more of the evolving digital medium is key to establishing brand awareness, generating leads, connecting with people and driving business.
You could employ tools such as pay-per-click (PPC) search, remarketing or web syndication. Podcasts, webinars or virtual events can be other great ways to engage your audience in the digital realm. Visibility on Google reigns supreme, but other tools get more specific; for example, on LinkedIn, you can target ads down to the job function and role of the user that would see your messaging, allowing you to effectively reach a precise target audience. Combine different lead types, such as PPC or pay-per-acquisition, to potentially reach a wider scope of prospects.
Intent marketing may be the next form of technology to take a huge leap in the coming years. With this strategy, you can target an audience that isn’t yet aware of your brand but is looking for a solution in your brand’s industry. These leads may still need some education about your sector and your specific solution, but they typically aren’t as expensive as other types of leads. A/B testing can dramatically change the success of digital campaigns, too. It compares two versions of something to figure out which performs better. This can make all the difference in your marketing strategy, helping you make decisions on a website header, advertisement design or email campaign. It gives your business insight into what works with your audience and effectively “edits” your marketing strategy to generate more growth.
These approaches may not be top of mind during unstable economic times with so many day-to-day challenges taking up time. But it is imperative to invest in your marketing program because it can have an enormous impact on your ability to scale. Having a plan that targets a specific audience, personalizes your brand and capitalizes on a digital presence can put your business on the fast track to growth.
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