Growth Marketing Strategies
Kevin and Graham apply more growth marketing strategies to the 7 Levers of Business Growth model. You may be interested in listening to Episode 111 where we applied 10 other top growth marketing strategies to the 7 levers of business growth.
First up then is a quick recap about the 7 levers. Here is a diagram of the levers that will help you understand them.
The inspiration for the 7 Levers comes from Pete Williams. Hear his episode here
Kevin and Graham ran through the 7 levers of business growth that we are applying marketing strategies to:
- Suspects – browsing, but not yet buying
- Prospects – they’ve signalled to you whatever it is you are selling.
- Conversions – getting prospects to being customers
- Average item price – sell more expensive products (can you raise your average price by 10%)
- Average items per sale (do you want chips with that?)
- Transactions per customer – can you get your clients to buy more frequently?
- Margins – what can you do to improve your margins by 10%? Check out Jo Summers Effective Procurement episode.
GROWTH MARKETING STRATEGIES
#1 Segment Your List
If someone is on your list, there is a fair chance they already know you. But do they like and trust you? How do you convert them into customers? So we think this marketing strategy is all about conversion. You can increase the chances of getting a sale.
On your list you will have people who have joined you at different times. Customers and prospects. Can you segment customers base on their transaction? Make your list aware of the next step by selling other products or more of the same product. Think about their buying frequency and purchase cycle and purchase topics.
Does segmentation actually feed most of the levers?
Do you have a MESSAGE TO MARKET match? Are you tailoring your message that is relevant to them?
#2 Spend More on Leads Than Your Competitors
Here you are attracting people to your business. As a nascent business, one of the very best growth marketing strategies you can follow is to ensure your pricing policies enable you to spend more on marketing than your competitors to DOMINATE your market.
Graham mentioned Mark Taylor and eSalesHub who explain that rarely do people attract leads from every UK conurbation.
This is a question YOU SHOULD BE WARY OF ASKING….
“What is the cheapest thing we can do to get customers?”
This is as much about a mindset.
You will never have the ability to outspend if you have the cheap mindset. Really successful businesses figure out a way to outspend their competitors. That starts when you consider marketing strategies like pricing for example. If you have too little in the kitty to outspend your market, it is highly unlikely you’ll dominate your market, local or otherwise.
Buying Effectively or Having the Ability to Outspend?
Kevin and Graham discussed the logic for spending effectively or having the ability to outspend.
#3 Create a “Category of One” in Your Market
This is one of the best growth marketing strategies you can follow if you are small business. Don’t be vanilla.
From the 7 Levers we are focusing on suspects and prospects. Why should they choose you versus every other option available to them, including doing nothing?
Kevin mentioned our episode with Duncan Wardle and how he approached innovation by listing the rules of a market and taking away one of those rules to see what difference it would make to the way you distinguish yourself from others.
Listen also to the episode with Tania Angelis – would you say that channelling angels sets her apart? Is she in a category of one? Yes, I’d say so.
#4 Become a Welcome Guest Instead of an Annoying Pest
Growth marketing strategies often blend into each other and this is a bit like that. Can you become a Welcome Guest for your clients? Or do they regard you as an annoying pest?
Probably fits with the suspects area.
#5 Don’t Get it Right, Just Get it Going
Are you a perfectionist? If you are in marketing, you are probably in the wrong job
Conversions and margins.
“good is good enough”
The Latest Apple Watch
Kevin and Graham showcase their respective latest Apple Watches. Which one do you wear?
#6 Use the Right Message for Your Market
Make sure you hit your prospects vertically with a stratified message using media appropriate for each hierarchy within the organisation.
You are tailoring your message to the businesses you are targeting. Different messages to different stratifications. Are you a business to business marketer? Are you doing this?
Selling to Stratified Buying Units
#7 Become a “Problem Solver” in Your Market
Be seen as an expert. Talk about the problem with customers 80% of the time and the solution 20%. This is from Perry Marshall.
Avoid the gushing.
Everybody’s problem is slightly different, so listen to their specific problem.
Get YOUR client answer this. “If I could just ______”
If you then had a solution to that, who do you think they’ll buy from?
This is about turning prospects into to conversions. Understand the benefits of your services NOT the features.
#8 Focus on The Affluent in Your Market
Of the growth marketing strategies, Graham is very keen on this. Graham’s business Finely Fettled Limited, focuses upon the affluent buyer for his clients.
80% of wealth is owned by the over 50s. Most marketers tend to market to younger audiences.
In your own market, which audiences are affluent, how can you target them with your specific offers.
Kevin postulated going after people with less money…here’s the problem with that.
Do you want to try out a structured way to negotiate the 7 Levers with growth marketing strategies.
Contact: Kevin Appleby
Contact: Graham Arrowsmith
If you want to discuss growth marketing strategies with Graham, contact him at https://www.finelyfettled.co.uk