In today's fast-paced business environment, having a growth strategy is essential for any company looking to stay competitive and thrive in the long term. The world is constantly changing, and businesses that don't adapt risk getting left behind. A growth strategy is a plan that outlines how a company will increase its revenue, market share, or customer base. In this article, we will be discussing the importance of a growth strategy in 2023 and how to use the Grow Trifecta Model to increase growth potential.
Know where you're starting
Before embarking on a growth strategy, it's essential to understand your company's current state. A discovery session is an excellent way to gather your historical data, insights, and to look at the website's Google Analytics and heat mapping (if you have these installed). This will help us to understand your businesses past performance, identify areas of improvement and guide on how to move forward. Some examples of important metrics that should be considered are:
- Website conversion rate
- Ads CTR rate
- Sales conversion rate
- Current NET ROI from digital campaigns
- Current CPA
Look at all your business industry verticals and apply the above metrics to those. Perhaps your business focuses on more than 1 industry and that certain client segment in that industry will usually embark on a higher spend than other customers in different industries. Perhaps there is an aspirational industry that you want to tap into, but first you need to run tentative numbers to see if it’s feasible. We look at this and a lot more during the discovery phase.
The Grow Trifecta Model
The Grow Trifecta Model focuses on three key areas: customers, average spend, and frequency. Identifying and targeting the right customer segments is essential for growth. Understanding the demographics, needs, and pain points of the target market, as well as identifying untapped markets for expansion is key. Additionally, increasing the average spend per customer is another key aspect of the growth strategy. This can be achieved by increasing prices, adopting pricing psychology, anchoring, and other psychological sales techniques. Understanding the customer's purchase history, tailoring the offering accordingly, and creating a positive customer experience is key to increase the frequency of purchases from existing customers.
Did you know that if you increase all 3 areas of the Grow Trifecta by 30% each, you’d be looking at a 120% increase in revenue? Making small, obtainable steps monthly is key to meeting this goal, then you'd likely reach success within 1-2 years.
Revenue Potential
Once your assessment is complete and the target customer segments and areas of improvement are identified, the next step is to use the Grow Trifecta Calculator in more detail to look at the revenue potential. The calculator will help to identify the areas with the highest potential for growth and develop a strategy to increase revenue and market share.
Feel free to download the Grow Trifecta Calculator at the bottom of this article.
Buyer's Journey and Omnichannel Approach
Understanding the buyer's journey and how an omnichannel approach needs to be considered with all platforms is essential to reach and engage with customers. By having a presence on all platforms, companies can increase visibility, reach a wider audience, and provide a seamless customer experience. An omnichannel approach will allow businesses to communicate with customers through multiple channels, providing a more personalized and convenient experience. This can lead to higher customer loyalty, increased sales, and improved overall customer satisfaction. We would look at a communication matrix across these channels, since prospects will need to be spoken to in a different way across the entire buyer's journey.
For a strong B2B marketing strategy, the main platforms that we would recommend implementing across the buyers journey include LinkedIn Outreach, LinkedIn Thought Leadership, LinkedIn Lead Generation, SEO, PPC, Display Ads, and Email Marketing.
Conversion rate optimisation as part of growth strategy
Conversion rate optimization is a critical metric in a growth strategy. If the website or landing page has a low conversion rate, potential customers are being missed. This metric should be analyzed and, if necessary, a landing page optimized for conversion should be created.
Sales Strategy
To enhance growth, it is important to evaluate the sales side of a business. This includes creating a tailored sales strategy that suits the business's needs and target market. Improving the sales pipeline, identifying which leads are converting and why some are not, is an important step. By understanding the sales process and finding areas for improvement, the business can improve its sales efforts and increase revenue.
Utilizing customer relationship management (CRM) systems is another crucial aspect of a sales-focused growth strategy. CRM systems help organize and track customer interactions, providing valuable insights into customer behavior and preferences. They also aid in managing leads, sales, and customer interactions, and in forecasting sales and revenue.
Sales psychology is applied throughout the sales journey. The optimization of persuasive copy, sales anchoring, and pricing models can be assessed to increase average spending. Creating effective sales collateral, such as brochures, case studies, and product sheets, and presentations with clear messaging can also assist the sales team in closing deals and expanding the customer base.
Overall, a sales-focused growth strategy is important for any business looking to increase revenue and market share. By having a comprehensive sales strategy, a refined sales pipeline, utilizing CRM systems, and providing the sales team with necessary tools, the business can improve its sales efforts and increase its chances of success.
Data tracking and analysis can provide valuable insights into the customer's buying behavior. This includes understanding the popularity of products or services, identifying common objections in the sales process, and comprehending the typical customer journey. By tracking and analyzing this data, the business can make informed decisions and optimize its sales efforts.
Building long-term relationships with customers is not just about closing deals but also providing exceptional customer service and creating a positive experience. This can increase customer loyalty and retention, driving growth in the long term.
Retention
Retaining customers is crucial for long-term growth and building a loyal customer base. Providing excellent customer service and creating a positive experience is one effective way to increase retention. This can involve offering personalized support, quick responses to customer queries and complaints, and going above and beyond to exceed expectations.
A brand ambassador scheme, where loyal and enthusiastic customers are identified and incentivized, can also contribute to retention. These brand ambassadors can promote the company through positive word-of-mouth, attract new customers, and increase retention through rewards programs, exclusive offers, or other incentives.
Upselling and cross-selling to existing customers can also increase retention. By understanding the customer's purchase history and tailoring the offering, the business can improve the average spend per customer and drive growth.
Focusing on retention and creating a positive customer experience can lead to repeat purchases and referrals, driving long-term growth. Retaining existing customers is key to driving growth, as it is easier to sell to an existing client than to acquire a new one.
Retaining existing customers is key to driving growth, as it's 10x easier to sell to an existing client than to win a new one.
Measurement
Measuring the success of a growth strategy is important for any business that wants to remain competitive and succeed in 2023. Clear goals and tracking of progress on the appropriate channels can provide valuable insights into what is effective and what needs improvement. This continuous refinement process helps ensure the growth strategy remains effective. By tracking progress and making adjustments as needed, a business can stay ahead of the curve and take advantage of new growth opportunities. It is essential to track the right goals in analytics, for instance, understanding where a closed lead came from (e.g., a LinkedIn campaign) can inform future efforts.
Moreover, setting goals and tracking progress involves not just numbers and statistics but also an understanding of customer psychology and market dynamics. This involves observing how different strategies and tactics affect customer behavior and how they can be adjusted to better align with target market needs and preferences. By considering both the numbers and psychology, a business can create a growth strategy that is tailored to its customers' specific needs, increasing the chances of long-term success.
Growth Strategy Consultancy
In terms of ongoing support, growth strategy consultancy services can provide a more flexible approach to business growth. This allows for adaptation and changes as needed, as businesses change and evolve over time. The consultant can work with the business from the beginning, providing support for implementation and ensuring goals are met for growth to occur.
In summary, a growth strategy is essential for any B2B business looking to stay competitive and thrive in 2023. By understanding the customer and target market, utilizing the Grow Trifecta Model, conducting a discovery session, retaining customers, and utilizing an omnichannel approach, businesses can increase their revenue and market share.
To take the first step towards growth, download the Grow Trifecta Calculator today and see how it can help your business thrive in 2023.
