Simple Strategies to Grow Your Business Faster in 2020
Updated: Dec 15, 2019
Business owners often talk about how can they speed up their business growth as well as maximise profits.
But often they fail to implement strategies that can rocket their sales and deliver sustainable growth.
We are going to talk about a Hollywood movie that generated a 4133X ROI from a $60K guerrilla marketing campaign.
Let's first analyse why most businesses cannot grow fast, reducing the chances to survive and thrive in the long run.
Let's dive deep into these reasons one by one.
Reason 1: Less number of high-quality leads
Many companies struggle to produce enough high-quality leads that shortens their sales cycles. A business has to generate good quality leads, to sustain itself against the competition.
Quality of a lead is generally defined by:
A. Are you talking directly to the decision maker or not?
B. Does your lead have a budget for your product or service?
C. Have they told you when are likely to buy from you?
You can call your leads high quality and create a sales strategy to close them and conduct your business, if you validate all of the above.
But if you don't validate these questions, you might end up in dark and never know if your leads are ever going to buy from you. Instead of focusing more on customers who see their offerings as "good to have", businesses should identify a set of potential customers for whom their offerings are "must to have".
Make sure you ask your leads directly if they are the right people you should be talking to and if not, ask them to connect you with the right person. Ask them if they have a budget allocated for your product/service and when are they likely to buy?
Reason 2: In-efficient or broken inbound lead generation strategy
Leveraging the right inbound lead-generation channels to company’s advantage is a huge challenge. Most agencies know that converting enquiries into leads is not an easy task.
You should strategise your lead generation in a way that your customers come to you on their own. The days of cold calling are gone. It's an era of inbound marketing. So, you have to make it easier for your potential customers to find you and then connect with you.
Marketing managers should create a strategy that is built upon fundamentals of inbound marketing. Creative content to engage potential customers and irresistible Calls-to-Actions to convert them into real customers will make you a winner!
Reason 3: Customers don't understand your value proposition
Maybe it’s your website, physical or social media, at the end of day, the content you generate might not be conveying the right value proposition to your potential customers. Hence your dreams of generating viral content needs a lot of work.
The way you approach your clients and your communication makes a huge impact on quality of your relationship with customers. These relationships in turn define the longevity of your business. If your customers don't understand your content, they are unlikely to share it with others.
Your customers must feel good when they read or view your content and they only share it to make others feel good. This post explains the science that will make people share you content and make your content go viral.
Reason 4: Cut-throat competition stealing away customers
Most companies leverage only digital marketing to their advantage which makes it hard to find the right customers quickly. Speed matters in today's world. Quickly you can reach your customers, longer your business will be.
Bottom-line of your business depends on your content creation, word of mouth and good old networking. Now if all of your competitors are on digital media, it could be better for you to also be present in the real world and have real conversations with your prospects.
Yes! There is a lot of competition in every field these days. What will make your business thrive, is how many core customers can you develop quickly and retain them with quality of your work.
Summarising all of the above, 90% businesses face difficulty in growing their business because:
Less number of high-quality leads
In-efficient or broken inbound lead strategy
Customers don't understand value proposition
Cut-throat competition stealing away customers
Neil Patel also summarises it pretty well in his post about the problems that most startups face and why 90% Of Startups Fail.
Integrate everything to generate Inbound Leads
What businesses should realize is that traditional marketing can only get you so far. You need to do something exciting for your customers. Surprise them and then make them feel good. Guerrilla marketing has been a proven way to get your customers come running after you.
Not to kill you of-course! But to buy your products and services.
But before you jump and start planning your guerrilla campaigns, make sure you link your campaigns to inbound lead generation channels. This is what we call Inbound Guerrilla Marketing. This is what is going to make your business generate more high quality leads, a better inbound strategy, good response to your content and scare away your competitors.
The blair witch project is the best example of a guerrilla marketing campaign to promote a movie that generated 4133X returns on a mere $60K investment.
I hope this post was helpful and gave you a direction to analyse your strategy and strengthen it to make your sales teams happy and productive. You need an integrated lead generation strategy that not only promises a continuous flow of leads but also ensures that these leads are of high-quality.
If you still wish to grow your business even faster, check this exhaustive list of successful guerrilla marketing campaigns.
What is one major growth challenge that your business is facing and do you know why?
Connect with us at firstname.lastname@example.org and let us design a campaign to get you more quality customers, quickly.