Are You Hoping Your Brand Will Grow?

marketing strategies growthOr do you have specific marketing strategies in place to make sure your brand grows?

If you do not identify how and by what means you are going to grow it can be haphazard.

Having good sales days and bad sales days can play havoc on your financials, not to mention your stress levels.

Taking the time to consider marketing strategies to grow your business doesn’t have to take up a lot of time.

It does however take focus and action.

Here are three factors for you to consider when developing marketing strategies for growing your business:

Market Growth

You need to know if your market is actually growing or not. If it has natural growth, such as more customers wanting the types of products or services you offer then you need to position your offerings to capture a share of the growth.

If it is not growing then you might want to see if other customer segments within the market that would offer potential for an additional product or service that you can develop.

 

Growth Expectation

It is one thing to want growth for your business. It is another to be realistic about the rate and how you can deliver.

For example if you want to double your sales then if you are have service business already flat out with work it could be difficult to achieve with your current practices and prices. This means that you need to look at other ways to enjoy the growth that does not take up more of your time or you could look at increasing your prices.

Buying Behaviour

This is pretty simple. To increase your growth you can look at possibilities for your customers to either buy more or buy more often. Understanding your customers and mapping out their needs can identify simple ways to grow your business.

It does depend on what you sell of course, however sometimes just simple changes or additions to your offerings can mean increased growth. One product I marketed in the corporate days enjoyed high growth by introducing a pack size of 30 as well as 10. It wasn’t revolutionary and it was easy to implement.

These are just three factors for you to consider and the main point of this article is to highlight the importance of working on your business. Even if you select one project to grow your business and work one hour a week to implement it you will probably be ahead of your competitors.

As always I would love you to share any tips on how you grow your business.

15 Responses to Are You Hoping Your Brand Will Grow?

  1. KineticoSA says:

    Timing is a huge factor when it comes to any marketing strategy and it is important to time campaigns based on customers buying habits. I have had my fair share of campaigns that did not work as well as it could of, because I did not have the campaign ready when it needed to be ready.

  2. ivin says:

    Hi Susan,

    I like the fact that you reduced the need to grow your company to 3 basic aspects to take into consideration! There are so many way one may try to take into consideration that it might overwhelm them, and be really hard to put into action… but being able to reduce them to the basics is really the first step towards success!
    ivin recently posted..Daily Novel Writing Inspiration # 1 Flawless & ImperfectMy Profile

    • Susan Oakes says:

      Hi Ivin,

      I like to do the simple things otherwise it can get overwhelming as you mentioned. if you get the basics right most times you are way ahead of others in business.

      Thanks as always for commenting.

  3. Kristine says:

    We all want to be successful in life and most important when it comes to business.
    these three factors you given can surely help a lot of people.
    Thanks For this wonderful post.

    • Susan Oakes says:

      Good point about wanting to be successful in life as well. Thanks for your comment Kristine.

  4. Susan, It’s refreshing to read an article identifying three factors to consider when developing marketing strategies for growing your business. As for your example of the company that introduced pack sizes of 30 and 10, was that a new concept in the market at the time?
    Sherryl Perry recently posted..The Buzz about Google+ Do You Love it or Hate it?My Profile

    • Susan Oakes says:

      Hi Sherryl,

      It was a new concept in that market segment. Larger packs were normal for other segments which is a way to get more shelf space and in consumer’s hand. It was such an obvious move when we realised it was a way to get consumers to use the product every day. We can forget the subtle signs that we give customers about our products or services that can make a difference.

  5. Morgan says:

    Hi Susan!

    The most important part of any business is to have a strategy. It’s like telling our clients that they should just ‘wing it’…winging it doesn’t work. Winging it gets you into a hole real fast. :)

    In certain cases, like with social media, sometimes no strategy is the best strategy, but that doesn’t apply to a general business plan.

    Just like what you said, it’s important to understand the buying behavior and why people would need what you sell.

    • Susan Oakes says:

      Hi Morgan,

      You are so right about winging it and it is a great way to describe what many do and then wonder why they aren’t getting sales.

      Thanks for adding this to the discussion:)

  6. brain says:

    We are all hoping our brand will grow…and it all depends on hard work and perseverance…finding the other means to make it grow to BIG TIME is another thing and that’s what we should all work out if we want it to GROW

  7. Agree Susan, it’s important to always try to think one step ahead in order to grow your company. Your example of 30- and 10 packs is a good illustration of planning for growth.

  8. rome says:

    We all want to be successful in life especially when it comes to business. And in this journey of success, i know that it won’t be easy. Thank you so much for sharing this post. Really learned something from it since these are great pointers to consider.