Lots of small businesses are established daily. Most of them desire to grow and become large establishments employing many people. But less than 50% of them last till the 5th year. Part of the reason several small businesses fail is that they do not employ the right growth marketing strategies.
Growth marketing is a marketing strategy that involves growing a business at a rapid pace with the help of relationships built with customers and the use of data gathered from these customers. Growth marketing uses scientific methods and processes to meet specific growth metrics and objectives for a business.
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This article will discuss some growth marketing strategies that you can implement for a small business. Some of these strategies are costly and will involve money. So, you might need to obtain small business loans to utilize them. Without further ado, here are the best growth marketing plans for your small business.
Market penetration
Market penetration is one of the most critical growth strategies for a small business. It involves getting the products and services of the company to the awareness of new customers. It increases the market share of the product and ensures that it gets the attention of as many people as possible. Market penetration strategy involves the use of tactics like advertising, attractive packaging, sales promotion, etc. Social media marketing can also help with market penetration. Market penetration is for existing products.
Continual product or service improvement
Continual product or service improvement is a process whereby a business’s products and services are continually improved to meet customers’ needs. The new changes and improvements are then communicated and broadcast to customers near and wide. It is a marketing strategy that ensures that a small business stands out from other small businesses and puts it on the path of becoming a larger business.
Market development
Market development is a growth strategy aimed at finding new markets for a product. One great way to achieve a market development strategy is to expand your geographical reach. You can do this by having your sales agent move to new locations or running ads in new places. You can also create tailor-made offerings for these new markets that cater specifically to what they want.
Alternative marketing strategy
One of the best ways to grow rapidly as a small business is to try an alternate marketing strategy. Many owners commonly make the mistake of using the same marketing strategies year in, year out. Every serious small business should use alternate marketing strategies like email ads, having a website, social media marketing, Google search engine ads, etc.
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New product expansion strategy
Many small business owners often assume that new products only the most prominent companies can and should develop. But they couldn’t be further away from the truth. You can start creating new products as a small business. If the costs are too significant to bear, you can turn to small business loans for help. New products help to refresh the industry in a customer’s mind and refocus customer attention on the company. It also helps to attract new customers. Before adding a new product to your product line, be sure to conduct some market research to find out if the product will be a hit or a miss.
Market segmentation
Market segmentation involves dividing your market into various segments and creating unique product offerings and packages for each market segment. You must build your segments based on market preferences, location, interests, behaviors, and other differentiating factors. You might need to conduct surveys, research, and market analysis to develop the right market segments.
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Conclusion
These are the best growth marketing campaigns that you can implement for your small business. But advertising is expensive, and no serious business can forgo advertising or marketing costs. So, how do you bridge the gap? Small business loans. These loans can help you to meet your marketing and advertising costs, thereby broadening your business reach.
