Growth is the goal for most marketers. We grow subscribers, sales, revenues, profits, margins. The growth of the business is why we’re there.
But growth doesn’t just happen. A good product or service or brand doesn’t grow on its own. We have to plan for it.
Planning for growth is simple, in concept. But the execution is harder, as is evident by the number of companies who fail to grow.
Here are some basic steps you can take to plan for growth:
- Identify what marketing efforts are working and increase those budgets
- Identify what marketing efforts are not working and shift those budgets to the ones that are working
- Identify the main reason(s) why customers are not buying from you and address them
- Identify new geographical markets that have yet to be exposed to your products
- Identify new industries or consumer groups who have yet to be exposed to your products
- Identify new pricing and promotion strategies that will bring in new customers and help keep existing customers
- Identify new ways of selling your product or service into existing markets
- Identify new uses for your existing products
- Add new products that compliment your existing products
Again, this is simple in theory but difficult to execute. These are very broad steps to take. Identifying new markets or new product uses take time and research. We need to test our ideas and prove that these opportunities exist.
But if you don’t start now, thinking about and planning for growth when you put together your marketing plans, then you will never even come close to the execution, and your business will flounder.