Is your business ready for revenue growth in the upcoming year?
According to Bloomberg, only 2 out of 10 entrepreneurs who start businesses succeed. The other 80% cannot make it past the first 18 months. From the beginning, the odds are against you. Only 5% of businesses are able to grow revenue to $1 million. If you think that is modest, only a slim .001% make it to $5 million in revenue growth. Small businesses face adversity and the unknown. It can be a lonely climb, and determination is just the beginning. Are you prepared for to do what it takes?
The question becomes: how can your business learn from the mistakes of others? Can you refine your businesses’ marketing strategies in ways that facilitate success, where so many others have failed?
While the business world is awash with strategies, the simple truth is often missed, scaling your business is about doing more of what’s working and less of what is not.
By identifying what’s working and what isn’t, you’ll be able to create a strategy to do more of what is and act quickly to stop leaks and unproductive projects within your business. Designed to help you create a marketing strategy, this assessment will assist you by identifying the key turning points in your business so you can expand your current offering while easily spotting new opportunities for growth.
I’ve added a something to help you in your yearly planning. Take this marketing assessment to see where you might have gaps in your sales and marketing strategies. Begin here>>>
Your CEO is thinking about top line revenue, customer satisfaction, competition, and profitability. You might ask what keeps them up at night? Here’s what they will tell you:
- How is my company going to make the numbers?
- Are competitors going to beat us and win over clients?
The CEO cares about things that are variable, not readily measured, and often uncontrollable. That means that your CEO is all ears when it comes to parts of the business that can be measured and controlled. For example, if revenues are likely to fall short in a given quarter based on pipeline or sales forecasts, the CEO can reduce headcount and expenses to ensure profitability. It also means that marketing leaders who make visible ROI contributions will be offered seats at the executive table.
The Pressure is On
Despite the geopolitical, domestic policies, and competitive pressures that have been placed upon them, Businesses have a huge opportunity to grow significantly in the upcoming years. Now, more than ever, company management teams must focus on the factors that they can control. I’ll discuss challenges and opportunities that businesses will face in the upcoming year with my focus on how they can increase their performance and grow their revenue.
Businesses must pivot and take advantage of digital and inbound marketing. They must work horizontally in the customer buying cycle to deliver seamless and relevant customer experiences across all touch points all day, every day. This will always be critical for a organization’s survival.
For companies, the marketing landscape is often confusing and overwhelming. And they are right. The marketing landscape has changed more in the past 2 years than it has in the past 50 years. Businesses, of all sizes, want predictability, profitable growth, and operational efficiency while capitalizing on opportunities quickly. In order to grow profitably, they must engage in the many rapidly developing tools they have at hand. This would mean engaging in fields like search marketing, display advertising, inbound marketing, mobile marketing, email marketing, and social media. These must all be embedded in their marketing mix.
According to Accenture’s findings in Turbulence for the CMO, nearly four in 10 CMO’s say they didn’t have the right people, tools, and resources to meet their marketing objective. How does this affect the small business with limited resources?
Businesses face these challenges:
- The customer-marketer relationship is changing.
- Becoming more conversant in evolving technology.
- Creating unique content.
- Search-engine algorithms are changing (again).
- Diversified marketing.
According to Chief Marketing, buyers are moving as much as 70% of the way through the sales funnel before they engage directly with a business. Therefore, it’s important for small businesses to be in front of their target audience early in their search for products or services.
A recent Adobe survey showed 61% of all marketers think that, for most companies, digital marketing approaches are a constant cycle of trial and error. So what are the opportunities?
Each new year brings opportunities, as well as challenges. With the midterm election over, the direction of domestic policies will be clearer in 2017. Businesses can capitalize on the changing business landscape and enhance their success.
You must employ a marketing strategy for managing a company’s interactions with buyers through the entire buying process to enable dramatically more predictable, rapid, and sustainable revenue growth. This strategy requires a combination of people, processes, and technology to:
- Analyze, model, and forecast the movement of revenue through an integrated marketing and sales funnel.
- Implement and adhere to a standardized methodology for the adoption of best practices at each revenue stage.
- Consistently benchmark performance to optimize results.
Get it right and your company will realize the following:
- Shorter and faster sales cycles
- Higher average selling prices
- More predictable sales forecasts
- Higher ROI from marketing and sales investments
- Lower customer acquisition costs
The U.S. President (love him or hate him...) has put forth an aggressive U.S. economic growth vision and highlights are shown below:
- Create a dynamic booming economy that will create 25 million new jobs over the next decade.
- Reform policies with a pro-growth tax plan, a new modern regulatory framework, an America-First trade policy, and an unleashed American energy plan.
- Boost growth to 3.5 percent per year on average, with the potential to reach a 4 percent growth rate.
Opportunities for growth include:
- Tuning your current lead generation activities with marketing metrics that matter
- Moving more of your spending towards content, marketing automation, and sales enablement.
- Use technology to improve marketing's contribution to the sales pipeline.
- Setting up standards and processes so there is an organizational way of doing marketing and communications.
- Improving your workflow and bringing your brand to life.
- Matching your revenue growth with marketing spending.
- Capitalizing on digital and inbound marketing to enhance the customer experience.
- Gaining valuable resources for strategy, skills, and technology by finding a hybrid agency or doing it yourself to improve performance with a stated ROI.
The steps towards growth can be daunting. You must determine your business’ growth plan and budget accordingly. For high growth companies, it’s imperative to understand the changing landscape. High growth businesses are tech savvy, understand integrated marketing campaigns, have versatile staff, and profit from predictable revenue streams. They thrive on change, and continually apply shifts and advances in technology to strengthen their business and give greater value to their customers. Savvy small business owners know how impossible it is to tackle everything alone so they are sure to seek the help and support to get everything done.
The technology to market a success small business has become accessible and affordable for small businesses. A small business can search, evaluate, select, and buy marketing systems quickly. G2 Crowd is a great source of business software reviews from real users.
With all the technology at hand, setting and measuring marketing metrics have never been easier. There’s so much data available, but data is only as good as the person analyzing it.
Now is the time to get in front of your opportunities and dig into the data. Learn what your key metrics are telling you about increasing revenue growth and what you can do to improve your marketing activities. If you need help understanding where you stand today Matrix can lend a hand. Just click on this link and you will be walked through an assessment to set your future benchmarks.
Did you find this post helpful? Then dig into our related reading on Marketing and Sales Alignment.And ready this eBook: Tips and Tactics for Crushing your Sales Goals in 2017