Achieving exponential revenue growth is the goal of every business, even more if we can achieve it quickly. However, the hard truth is that achieving growth can be very difficult and might require a huge amount of investment in resources.
With that being said, achieving quick, exponential growth is not an impossible task, especially if you know the right strategies and can execute them well.
Here, we will share seven of the most effective tactics in achieving business growth. By implementing them, you can see an increase in revenue growth in a relatively quick manner.
Let us begin.
1.Understanding Your Competition
In this very saturated market, it is quite impossible to have a business where you don’t have any competitors. Even a truly game-changing product always has its competition and resistance from those who are not willing to change. Truly knowing who your competitors are and how to outperform them is a very important aspect of achieving success.
Analyze how your competitors are approaching their advertising strategy, the types of content they are publishing, and their target audience (there’s a high likelihood it will be similar to yours).
Fortunately, there are many different tools available that can help you in this process. Check out this guide by Nell Patel covering some of the best competitive analysis tools available.
Depending on many different factors like your niche/industry, business model, etc., the length of your sales process can vary.
Both long and short sales cycles can have their own difficulties in nurturing and qualifying your leads. In a short sales cycle, qualifying your leads can be quite difficult in a short timeline. On the other hand, the lead nurturing process in a long sales cycle can be time and resource consuming.
With that being said, if you want to accelerate growth, you should invest in marketing automation tools that also feature a CRM tool. InfusionSoft, HubSpot, and ActiveCampaign are just some of the examples.
There are other benefits of using these integrated marketing automation-CRM tools, especially in controlling and monitoring various marketing channels and campaigns in just one dashboard.
Check out this list by Zapier listing some of the best options out there.
3. Implement Sales/Marketing Funnel
Modelling and executing a sales/marketing funnel strategy is one of the most effective ways in achieving growth. A proper funnel strategy can help improve scalability and ultimately, growth.
Indeed, the initial work in implementing a sales/marketing funnel strategy can be time-consuming. However, it will be worth it in the end, saving a lot of time and resources while accelerating worth.
The key to implementing a successful funnel strategy is proper planning, and will probably require some trial and errors before the execution. Properly simulate several different funnel scenarios, especially according to your audience’s behavior, and design an automated sales funnel.
4. People Are The Most Expensive Assets
There are two different kinds of important “people” for your business: your customers and your team.
Every business will certainly benefit from having a performing team, even more when your business is in a fast-growing stance. When the business is rapidly growing, there is a high likelihood of expanding workloads, and sometimes in an unpredictable timeline.
Having a performing team can be highly essential for your growth in this case.
Even with all the new, more advanced platforms and marketing channels, email is still one of, if not the most effective channel to communicate promotional messages. Email is also the marketing channel with the highest ROI, and so is very effective in accelerating growth by increasing conversion.
So, if you have more email addresses, it will mean you effectively have more prospects with a higher chance of producing more conversions.
How can we get more email addresses? There are mainly two different approaches. First, we can offer incentives to the prospects in exchange for their email addresses. These offers commonly come in the form of downloadable content like ebook, white paper, research report, and so on.
Next, you can always purchase or rent an email list from third-party sources. You should, however, keep in mind that these purchased lists generally won’t perform as well as your earned ones. Monitor these lists separately and experiment with various purchased lists to check their performances.
While content marketing is certainly an effective marketing channel in various different marketing funnel stages, content development can be a complicated and sometimes expensive process. This is where leveraging your existing content can be an effective approach in achieving a more rapid business growth.
Content leverage, in essence, is reusing your content pieces in several different ways. The main goal of this tactic is to maximize cost-efficiency of each content, and thus also maximizing ROI. For example, you can reuse a written content by transforming as an infographic, or even a video. You can also transform written content into a more in-depth version in white papers or even ebooks.
There are two main benefits in content leveraging: first is that it will maximize the reach of each content piece and rapid business growth. Second, you can re-optimize content pieces that are not performing well in their original form.
7. Customer Loyalty Program
We have mentioned how getting new customers is usually more expensive than maintaining existing ones. Actually, studies even suggested that the difference can be up to three times more expensive.
With that being said, having a performing customer loyalty program can be an effective tactic to improve customer retention. So, you can produce higher revenue, and potentially profit margin in a long-term basis.
The secret of a successful customer loyalty program is the incentive. It should be interesting enough for your customers, but shouldn’t cost too much money on your end. Finding the proper, delicate balance is the key here in encouraging your customers to spend more.
These seven tactics we have shared above are not the only effective ones to achieve growth. Yet, they are among the most effective ones available.
However, the most important key of achieving quick growth is to target the right audience, and truly understand their needs, problems, and behavior. This way, you can maximize customer retention to increase your revenue and profit.
Andy has grown to be one of the most influential names in digital marketing in greater Seattle area.
Graduating with his MBA, focus on Marketing, he has acquired the skill set and experience needed to bring clients under Kayzoe Marketing the highest level of strategic marketing possible.
As CEO and Director of Search Engine Optimization he has been able to get Kayzoe and his clients ranked in the top positions of Google time and time again.