Marketing Your Growing Business in 3 Ways
Running a company is an exhilarating experience.
When I decided to start this internet business thing 10 years ago, I had no idea what I was getting myself into.
It resurfaces all of your unresolved issues. Oh, you were a talented child who couldn't live up to the unrealistic expectations placed on you, so you created a coping technique of avoiding everything you weren't sure you'd succeed at, and now you have a deep-seated impostor complex and a desire for praise?
That will, without a doubt, appear.
Plus, particularly during the bootstrapping starting period, you'll need to master a slew of new talents.
Not to mention a million failures to lament behind your computer before getting up, dusting yourself off, and starting anew.
This is not a game for the faint of heart.
But, perhaps most annoying of all, just when you think you've worked out something, it all falls apart again.
Especially in terms of marketing.
Marketing your growing company
Around the same time as I began my company, I became a parent, and I recall jokingly whining to my mother about how my baby's schedule kept changing as she grew older.
"I could handle it if she just picked something and stuck to it!" I recall grumbling. "However, it's always changing."
Yeah. The same way as newborns do. Duh.
Businesses, too, may be like that.
Something changes just when you think you've worked out a marketing strategy.
You alter your offer, and all of a sudden, crickets.
Your favorite social networking platform changes its algorithm, and all of a sudden, no one sees your postings.
Even if you didn't do anything on your end, your ad expenses suddenly soar.
In other words, the strategy that looked to be finally working and paying off for you has abruptly stopped functioning.
Here are some of the most typical marketing difficulties that I see mature firms face:
1. Your go-to marketing strategy is no longer effective
Marketing strategies have a finite life lifetime. Consider banner advertisements on websites, which were the rage in the early 2000s as a means to promote your brand online. They're a bit of a joke nowadays. (And what about display advertising that still work? Surprisingly, they're often camouflaged as content...)
It's tough to know when something will lose its effectiveness and finally cease functioning.
For example, in the B2B arena, webinars are seeing less and less participation, as well as lower and lower conversion rates. Yes, they still work for some individuals, but even those who have been using webinars successfully for years are beginning to notice declining results.
There are external factors at work at times. Your ad plan has been ruined by the recent iOS version. Because of the algorithm adjustments, your posts aren't being seen as often. Your email's deliverability suddenly plummets.
Occasionally, the issue is more internal. For example, a coach who used to sell everything by personal networking and nurturing is now attempting to expand it to fill 50 or 100 program spaces.
It's possible that your service or audience has evolved, and what worked in the past is no longer relevant to what you wish to accomplish or sell today. This is something I see a lot with company owners who want to increase their rates or provide more high-ticket services, but they're still utilizing the same marketing strategies that worked when they were targeting a DIY or low-ticket audience.
The Solution: If you haven't done so recently, it's time to assess and realign your marketing approaches with not only where your firm is today, but where it's going. A VIP day might be the solution if you need assistance finding the gaps and possibilities.
2. Your position has shifted
Most of us start out as solopreneurs, bootstrapping our way to a company and doing everything ourselves, as I indicated before.
Then, as we expand, we usually outsource the tasks we despise or believe we're bad at. (That was bookkeeping and accounting for me!!)
Surprisingly, even if they don't like it, marketing is one of the last things personality-driven companies like trainers, course developers, and membership site owners choose to delegate.
Many of the individuals I've spoken to are concerned that outsourcing their marketing may dilute or modify their brand's voice. They are concerned that no one will be able to speak or do it as effectively as they can, or that a team will not be as engaged. Finally, some people are concerned that a marketing employee or team would say or do anything that will harm the brand.
As a consequence of their anxieties, these company owners either put off delegating marketing activities much longer than they should, or they attempt to outsource but get engrossed in the day-to-day chores of coming up with ideas, approving everything, and so on.
It all comes down to a lack of faith in the team members they recruited, which frustrates everyone and leads to poor performance.
The solution: The first step in properly delegating marketing activities is to ensure that you have a strong base to work from. To be effective at delegating marketing responsibilities, I think you must have three things in place: The team will have a marketing calendar, a brand voice style guide, and defined SOPs and procedures.
Once you've got these three things in place, it'll be a lot simpler to transfer the trust needed to hand over your marketing to someone else.
3. It's time to broaden your horizons
Your audience size and lead requirements may alter substantially as your company grows.
You'll need an exponentially bigger number of individuals to view the offer if you want to sell 50 or 100 slots in a program.
However, if you haven't updated your marketing's discovery and acquisition techniques, you may find yourself falling short.
PLUS, the discovery channels that may have fueled your company's success a few years ago are no longer effective in attracting new customers. (I'm referring to social media.)
Many people resort to paid advertising to make up the gap at this stage, but it's not the only approach to bring in new individuals and convert them into leads. The issue with depending on advertisements is that you'll have to pay for each new lead. And if you depend only on advertising to expand your audience and generate leads, you may find yourself in a predicament if an update like iOS 14 affects the advertising environment.
The Solution: Examine your marketing channels and make sure you're devoting enough time and effort to your discovery channels in order to assist people find you. If you want some help, a VIP day with us might be a fantastic place to start.
Different requirements apply to growing enterprises.
Your company, like my 10-year-old, has distinct demands as it develops and matures, just as my 10-year-old did when she was a baby. As a result, your marketing approaches and plans may need to evolve in lockstep with them.