To ensure business growth, the core business decision-makers need to be able to answer the following:
1. Who is our company’s ideal target audience?
Unless you sell ice cream ‘Everyone’ is not your ideal target audience. Not everyone will have a need for your product or service, and not everyone will benefit from it either. It’s crucial to know and understand your ideal customer or client, as this will determine the way your company communicates and position itself. What are their needs? What messaging will relate to them? What are their characteristics?
If you don’t know exactly who you’re talking to, your marketing tactics will most probably involve throwing everything you got at the wall and hoping that something sticks. Spoiler? This tactic is not effective, nor will it be benefiting your business over the long term.
If you don’t know how to nail down your ideal target audience, read our blog post on how to effectively use data and insights to identify your ideal customer or client here.
What problems do your target audience experience and how does your business solve them?
Once you understand who your ideal customer or client is, you’ll be able to answer how you can solve their problems and needs. This is important to differentiate you from competitors, and to be proactive with product and service offerings.
When you identify market problems, you can lure prospects in by providing them with a simple solution to their need.
2. How do people perceive your brand?
It’s important to know what people think of (you)r brand. Brand sentiment, awareness, and reputation are all indicators of how well your company is perceived. It usually tells you how your business is performing, and it gives you a very good idea of the areas of improvement needed to excel.
Most people fear negative feedback, but business leaders understand the importance of constructive criticism, and when a customer complaints or raises a concern, it highlights that there is room for improvement. Knowing how people perceive your business helps to better a brand and drive growth.
3. Marketing done right, is not a business expense, but an investment
Marketing is an undeniable contributor to business growth. Good marketing drives customers or clients continuously. If you use marketing to educate your ideal clients or customers about your product or service offerings, keep them engaged, you’ll be top of mind when they need to make a purchase decision, and it will be easier to sell to them. Your business will start building a reputation and people will find you organically, through word-of-mouth, or by staying a loyal customer.
Return on investment or return on ad spend as marketers refer to it, is a vital part of a strategy. Marketing is an investment, and when executed correctly, it will result in a return that will not only benefit the business short term but leave lasting impressions.
4. A vision for the future of the business
A good leader has a vision for the business, but it’s impossible to know exactly what the future holds. When a business leader envisions the future of a company and the direction it needs to take, it makes the decision-making process seamless.
Having a strong digital footprint should be envisioned and executed. Digital marketing is the only marketing method that can put a business in a position where it’s easy to be agile and strategic, while still meeting business goals and objectives.
Using digital marketing to meet business goals is not only effective but will allow for flexibility when unforeseen circumstances or changes are on the rise. It’s a transparent way of marketing where real-time data and insights are available at the touch of a button.
Marketing offers impactful ways for business leaders to grow their businesses. As a business leader, do you think your business is heading in the right direction? If you wish to receive guidance on growing your business, contact us for a complimentary discovery call.
