Achieving exponential growth is the dream of virtually every entrepreneurs, businesspeople, and marketers. Even more if this growth is achieved in a relatively fast manner. Yet, let’s face it, achieving high scalability can be extremely hard and will require tremendous investment of resources, and more often than not, time.
However, achieving fast growth is actually possible, provided you know the right tactics and execute them well.
In this guide, we will share 12 of those tactics, and by implementing them, you can achieve a high-growth mode for your business efficiently.
Let us begin with the first one.
1. Know Your Competition
In this saturated marketplace, it is virtually impossible to have a business where you don’t have any competitors at all. Even a brand new, totally game changing product will have its competition and resistance from those who are not willing to change. So, truly understanding who your competitors are and how to outsmart/outdo them is highly essential in growing your business.
Learn how your competitors approach their advertising strategy, learn what types of content are they publishing, and learn about their target customers (chances are, they are similar to yours). Thankfully, nowadays there are many different tools that can help you in this process, and you might want to check out this list by Neil Patel listing some of the best competitive analysis tools out there.
This way, you can uncover your competitors’ working strategies, and you can achieve their successes either by emulating them or outperform them. If it’s working for your competition, it is highly likely it will work for you.
2. People Are Your Most Expensive Assets
There are two kinds of “people” here: your team and your customers, both are equally important for fast business growth. First, your team. While every business will certainly benefit from having a good team, it is even more important when your business is is fast-growth mode.
When your business is growing, rapidly expanding workloads might be a common thing, sometimes in an unpredictable timeline. So, having an above-average team can be highly essential for your growth. You’ll need people who can think on their own and adapt to various issues and problems that often occur in this stage.
On the other side of the equation, you will need loyal customers with high lifetime value, especially since acquiring new customers can be significantly more expensive than maintaining existing ones.
3. Implement Sales Funnel Strategy
One of the most of effective ways to grow your business is by modelling a marketing and sales funnel strategy, A functioning sales funnel strategy can help automate your business processes, and especially your marketing efforts. A proper sales funnel can accelerate your growth and scalability, and while the initial work in setting up a sales funnel can be time consuming, it will be totally worth it in the end as it saves a lot of time and resources.
The key about a successful sales funnel is that it should be properly planned before the execution, and will probably require some trial and errors before the implementation. Properly evaluate and simulate several funnel scenarios according to your audience’s behavior, and design an automated funnel to encourage scalability, and ultimately, accelerate growth.
4. Automate Your Lead Nurturing
Depending on different factors like your industry, business type, and so on, your sales cycle can either be long or short.
Both have their own complications when qualifying and nurturing your leads: in a short sales cycle, qualifying leads can be difficult in a relatively short time frame, and so you might miss out on the right prospects while focusing too much attention on the wrong ones.On the other hand, in a long sales cycle, the lead nurturing process can be difficult and long.
So, if you want to scale quickly and accelerate growth, invest in marketing automation tools that also offer a CRM system. For example, HubSpot, InfusionSoft, and ActiveCampaign will provide a CRM system along with other marketing automation features.
There are other benefits of using integrated CRM-marketing automation tools, especially the fact that you can control and monitor various marketing activities, channels, and campaigns in just one dashboard. You might want to check out this list by Zapier listing some of the best options out there.
5. Grow Your Email Database
Even with all the new technologies, platforms and channels, email is still one of the most effective ways to communicate promotional messages to customers, and thus, accelerate growth by increasing conversion. The reason? Apparently because most customers prefer getting emails for promotional marketing compared to other mediums.
So, if you have more email addresses in your database (meaning: more leads), there’s a higher chance for more purchases. But how can we get more addresses? There are generally two different approaches: first, we offer something to the prospects (downloadable content, ebook, research report, free-trial, etc.), in exchange of their email addresses. We can combine this approach with our sales funnel strategy discussed above.
Second, you can always purchase an email database from third-party sources. Keep in mind, though, that emails you purchased from third-party vendors are generally not as qualified as your organic ones. Monitor them separately, and keep experimenting with different purchased lists.
6. Finding New Opportunities
You can always up-sell (selling better/upgraded version of your current product) and cross-sell (selling other products, preferably complementary ones) to achieve more growth in revenue. Yet, how can we find these new opportunities? The answer is by understanding our customers better. Specifically, their needs, problems, and behavior. The better we know what our customers want and need, the more opportunities we can find to provide more value.
Also, we can always find good opportunities by analyzing our competitors.By thoroughly understanding their marketing channels, campaigns, and tactics, we can either find gaps in their strategies and outperform them, or emulate the strategies that are working for them.
Last but not least, analyze various other areas like your distribution channels, foreign markets, and even other industries, You’ll never know which of them present new opportunities for your businesses.
7. Leverage Your Content
Content marketing is certainly an effective marketing strategy in all different stages from lead generation, lead nurturing, to the actual conversion. Yet, content development can be a long and expensive process, and this is where content leverage can be an effective approach to achieve more growth.
Content leverage is essentially using your content pieces in several different ways, with the aim to get a maximum ROI from each single piece of content. For example, you can transform a written content and re-use it as a video or infographic, or you can convert a white paper into a more comprehensive ebook with all the visual aids.
While the main benefit of content leveraging is to maximize reach, we can also leverage content pieces that aren’t working so well in their original form. There are occurrences where, say, a textual content that hasn’t got enough attention actually works better as a podcast or video.
8. Event Marketing
Even in this increasingly digital world where most of our marketing activities are focused online, hosting an event is still a very effective way to drive more sales. An event can be a great way to put a face to your customers, which are more often than not, just a name in our online marketing activities, and so it is a great way to build relationships.
Sometimes, a prospect who is still reluctant to make a purchase will finally convert as soon as they attend your event. After all, we still value that physical interaction in building trusts.
Hosting an event shouldn’t be overly complicated or sophisticated, and it’s all about giving what your customers really want. For example, if you learn that your existing customers are mostly a dog lover, you might want to host a dog contest event while softly promoting your products. You might want to check out this guide by Marketo to help you further.
9. Develop a Customer Loyalty Program
Above, we have mentioned how acquiring new customers can be significantly more expensive than maximizing existing ones. Some studies even suggested that it will cost up to three times more money to acquire a new customer, compared to getting a repeat purchase from one existing customer.
Developing a customer loyalty program can be an effective way to maximize customer retention, allowing you to get a higher revenue and profit margin in the long run.
The key to a successful customer loyalty program is incentive: your incentive should be interesting enough to keep your customers engaged, but should be cost-efficient enough it won’t disrupt your profit margin. By finding the right balance of an interesting customer loyalty program, you can encourage your existing customers to spend more.
10. Utilize Global Mass-Reaching Platforms
In this age where there are global-reaching platforms for virtually every niche and industry, we should utilize these platforms to reach a wider audience, generating more prospects and ultimately, sales. If you are selling products, you can use Amazon as an e-commerce platform, including its powerful FBA service.
You can utilize platforms like Upwork, Freelancer, or even Fiverr to sell services, or to outsource some services to save costs. For other industries, there’s of course platforms like AirBNB, HomeAway, Uber, and so on. Utilizing these platforms can allow you to reach an even wider audience than what you currently have. Find a widely recognized platform that has reached saturation, and utilize it effectively to grow your business.
11. Webinar Marketing
Hosting webinars is also an effective way to promote any product and service with a relatively fast result. The effects of webinars is quite similar to offline events, where you can engage your prospects and customers in real time. While events have the benefit of physical interaction, there’s one thing where webinars truly shine: the ability to educate and engage a lot of customers at the same time.
Also, hosting webinars is now very easy and affordable, especially thanks to a lot of free and affordable webinar tools available. Webinars offer an effective, automated promotional tool to reach a wide range of audience where you can give special offers, educate your audience to convince a purchase, and so on. Check out this guide by WordStream that might help you further in setting up an effective Webinar.
12. Diversify Your Products Lineup
Above, we have mentioned how finding new opportunities to upsell and cross-sell is essential in achieving exponential growth. However, we can’t do this if we have a limited product lineup without much diversification.
Think about the possibility of adding complementary products or services, as well as dividing your current lineups into several tiers. Again,identify new opportunities within, or even outside your niche where you can expand your business.
Arguably, however, the best approach is to continue analyzing your customers: their behavior, problems, needs, and interests. Develop your products based on their needs, and so you can have an easier time offering your upsell and cross-sell.
These tactics we have shared above are certainly not the only ones available to achieve more growth. Yet, by far they are some of the most effective tactics available.
The most important key in achieving high growth is to target the right customer and truly understand them. This way, you can ensure customer loyalty and maximize retention to grow your revenue, and potentially profit margin.