As a small business owner, you have a limited amount of time, and an even more limited supply of money. If you want to grow your business for the future, boost your profits and build your brand, you need to focus your efforts where they will have the greatest impact.
It is easy to get caught up in the minutiae of day to day operations and lose sight of the big picture, but if you want to be successful, you need to fight back against that tendency. When it comes to growth marketing, you need to constantly evaluate your results, doubling down on what is working and avoiding repeats of past mistakes.
Are Your Social Marketing Efforts Bearing Fruit?
Social media marketing is an integral part of many a growth marketing strategy, but it can be difficult to quantify the results of those efforts. As a result, many small business owners end up wasting untold amounts of money and countless man hours chasing an ineffective social media marketing strategy.
Having a solid social media marketing strategy in place may be important, but it also needs to be effective. Start by quantifying how much your social media outreach is costing, from the money you are paying to contractors and experts to the man hours spent updating your Facebook page and sending out timely tweets.
Armed with that quantifiable information, you can focus on what is working and what still needs to be improved. You may find, for instance, that your in-house staff can do just as good a job at social media marketing as those expensive outside experts, freeing up precious resources and helping you fine tune your marketing efforts.
Identify the Key Growth Areas
If you want to jump start your growth marketing efforts and build a great brand, you need to identify the most promising areas for your business. Focusing on these key growth areas can improve your return on investment, boost your profitability and help you do more with fewer resources.
It can take some time to complete this analysis, especially if your firm is a relatively new one. Learning to identify the key growth drivers for your company can be a difficult thing to do, but there are tools and resources available to make the job easier.
Over time, you will begin to get a feel for what works well and what does not. By redoubling your efforts in the most promising areas, you can fine tune your growth marketing efforts, lower your advertising costs and establish a pattern of profitability.
Growth marketing is an important consideration for any small business owner, and taking a scattershot approach is simply not effective. If you are not focusing your marketing efforts on what works best, you are not doing everything you can to boost your profitability and build your business. The ideas outlined above can help you build a great brand, expand your outreach and focus your growth marketing efforts in the most effective way possible.