When we talk about growth strategies, there are numerous ways in which one can deliver growth. In most cases, the companies think of business-to-business marketing strategies a blend of outbound and direct techniques, like sending messages directly to the prospective buyers or clients. However, it will only work if it is approached in a persuasive and compelling manner so that the audience feels connected and engaged and also responds to your services. These techniques certainly hold a place in your marketing toolkit.
But growing a business is no child’s play. Among thousands of companies, only a few percents are able to reach the $200 million mark in the annual revenue. Most businesses start small but fail to get the momentum and hence, remains small.
The world of business-to-business (B2B) marketing strategies have expanded as a result of a potential change in the professional services and buyer’s behavior. This post puts light on some of the proficient business growth development strategies and will guide you how to develop different market strategies as per your business requirements.
Market penetration is probably the most lenient or you can say the least risky of business development strategies. But it is also something that offers least business growth. Market penetration can be both a projection and measurement of how successful startups have been or is going to be, against an established competition. It is the first step towards growth and requires cautious and watchful assessment. To successfully penetrate your targeted market, you will have to consider the appropriate time for market penetration and plan according to that, keeping in mind that it is a saturated market.
Successful Market Penetration Tips:-
- High-Performance Responsive Website:
In the modern era, taking your business online solves half the problem. A website is one of the strongest assets of a company. Whether it is a startup or an established one, websites play a crucial role in building the visibility of a business. A website acts as a communication medium between the vendor and the consumer and it should be dedicated to a potential client base, that is; it should target a specific set of audience.
Your website will consist of all the essential data about your company including the services and products you offer along with your contact information. As a matter of fact, your website will help you demonstrate your company’s expertise.
So, to make your website responsive and high-performing, you should focus on its content and design. The principle is simple – Attract Prospects > Build Engagement > Turn opportunities into clients.
Here you will have to focus on the User Interface (UI) and User Experience (UX) of your website. These two are the prominent parts of the marketing world. These two components directly impact the search engine rankings of a website as the search engines have a pretty good idea of what the searchers want.
- Use Social Media to your Advantage:
A recent study has found that the businesses today are picking up customers from social media. Social media has emerged as a wonderful platform for communicating with the world. Businesses today are exchanging information via social media platforms.
Social Media Platforms like LinkedIn, Facebook, Instagram, YouTube, etc the best ways to grow your business as it increases the awareness. Similar to how people use Google to find something, people are searching for you on Facebook, Instagram, etc as well.
You might don’t know but people do talk on social media regarding a particular product or service commenting the reviews, complaints, and more. Therefore, you can easily provide particular services to your targeted audience via social media, know their opinion about your services and ask for any improvement.
- Engage the Customers using quality content:
Apart from providing customers with the information on what you do and offer, you can also provide them with rich media content as well. You will find it odd but things like puzzles, games, quizzes, contests, surveys, etc have proven to be effective in engaging the clients and keep them attracted towards your services. In the recent years, these implications have outperformed the passive contents of the website.
- Offer things for Free:
It is considered as the most effective market penetration strategy one can follow. We are not saying to go on full give-away mood. To attract the potential customers, you will have to let them experience your products and services first and then let them decide if they want your services or not. You can provide your customers with trial versions of your products for starters or you can use the DISCOUNT formula to lure them in.
- Personalization is the need of the hour:
If you look at some of the successful businesses, you will get to know that no matter what stage of the sales cycle their customers are in, they always personalize. This can prove to be beneficial as you get to interact with your consumers on a personal level. Every product and service you offer should be personalized, and make sure you segment your client database as per their roles and interests.
Once you have penetrated the market, the next step would be to focus on new markets with the existing products and services. It means that you will now require finding a new set of customers who haven’t engaged in a business deal with you. Use your existing customers for your benefit, they have used your products and availed your services, use them as a tool to expand your business. You have to identify other potential markets that fit your portfolio and find out what are the biggest challenges the consumers of that market face and offer your services according to that. It is one of the toughest things to achieve as there are few bumps in-between, but if succeeded, the end result will be fruitful.
If you think that your existing customers are happy with the products and services you are offering them, then the next step would be to engage in developing new products and services. This not only keeps your existing customers intact but also helps you in attracting new ones. You can develop new products and services considering the issues faced by your customers. You will have to develop new products and services as per the current market changes so that it can be flexible and transparent enough to provide the customers what they paid for.
Or in other words, you should offer personalized products and services that match the specific requirements of your customers. The products and services you offer should be customizable, that is; it can be changed according to the new customer personas. Moreover, you can diversify your business in terms of facilities, technology, and skill. This implies that you will need to put together a whole new budget for this business growth strategy.
You are required to stay active in the market, get out of your comfort zone to remain competitive. The online marketing world is growing at a faster rate and you are required to constantly assess all the possible business-to-business marketing strategies so that you can stay ahead of the competition.