Learning how to grow a small business is an ongoing and exciting journey.
You need a strategic and targeted approach, a curious and positive mindset and continuously acquire new knowledge and skills.
A lot of the key information to help you grow a business is already out there (books, YouTube videos, courses) but it can be overwhelming when running your own venture.
As a Marketing coach, my advice to you is to focus on 3 key imperatives, no matter the size of your business:
1 – Define what success looks like
2 – Understand your target customer
3 – Develop a comprehensive Marketing strategy
1 – Define what success looks like
Before rushing into Marketing strategies and tactics to grow your business, you need to be clear on your desired outcome.
Starting with the end in mind will help inform the decisions needed to build and scale up your business over time.
Ask yourself the question: What does success look like?
a) for your business, as an entity
b) for you, as the business owner
c) for your team (if you have one)
Make sure you have defined and quantified business targets as well as development goals for yourself and others (if applicable).
When setting goals, make sure they are Specific, Measurable, Achievable, Time bound (SMART) and aligned with the long-term vision for your business.
Take the time to develop an overall business plan, defining where you are today and where you want to be, so you can regularly measure progress versus your desired outcome.
Having a business plan (which is up to date) is an essential step when running and growing a business, no matter the size. So, make sure you invest time in this task and seek support and guidance, if necessary, from a business or Marketing coach to help you with this.
2- Understand your target customer
To create and grow a business successfully, you need to have a clear audience in mind.
Learn about customer segmentation and decide on your target market.
• Who are your ideal customers?
• What are their demographics, interests, and pain points?
• Why is this target audience of interest to you?
Understanding your target audience is essential for effective Marketing. The better you know your customers, the more effectively you can reach and engage them.
• Identify and understand the needs and preferences of your target customer and tailor your products or services accordingly.
• Create detailed buyer personas to tailor your Marketing efforts to the specific needs and preferences of your ideal customers.
• Conduct market research to gather insights and tailor your brand proposition to resonate with your audience.
• Keep up to date with consumer dynamics and behaviours in the industry you operate in as well as the broader market context. Being proactive in adapting to market shifts can position your business as innovative and ahead of the competition.
Really place a strong emphasis on understanding your customers (existing, new, and potential).
Regularly gather feedback, analyse your customers’ behaviour and use this information to enhance your products, services, and overall customer experience.
3 – Develop a comprehensive Marketing strategy
Having a well thought through Marketing strategy is essential to business success.
Start by being clear on your brand proposition.
• What are you offering as a product or service?
• What are your key features and benefits?
• How does your product / service deliver the needs of your target customer?
• What is your relative differentiation versus your competition?
• Why should your target audience choose you over direct and indirect competition?
Next, work on your Marketing Mix to bring to life your brand proposition in the marketplace and reach and engage your target customer.
• Take the time to educate yourself about the Marketing Mix framework, also known as the 4 P’s. This is fundamental Marketing knowledge when creating and growing a business (of any size).
• As you build and evolve your Marketing strategy over time, look at your brand Marketing Mix holistically. If there a ‘P’ or several P’s that you need to flex differently to reach your business targets?
• Be externally curious: What can you learn and apply from the Marketing Mix of your direct and indirect competitors?
Within your Marketing Mix, and the P for PRODUCT, also decide on your portfolio strategy.
Having a portfolio strategy is important to seize business opportunities in the marketplace but also to focus and maximise your resources (people, time, Marketing budget)
• Is your brand proposition single minded or do you offer several products / services?
• If you have several offerings within your brand proposition, are you clear on which one is your core priority and why?
• If you are planning to expand your brand portfolio, are you clear on your strategic intent?
• Is the impact of a growing brand portfolio reflected in your business plan?
Finally, take the time to educate yourself on how brands grow, and the importance of driving customer penetration to build and scale up a business.
Having this essential knowledge will help you make more strategic choices when it comes to the 4 P’s of your brand Marketing Mix.
Working with a Marketing coach or business mentor can also help you acquire this knowledge and provide guidance to develop a comprehensive Marketing strategy for your business.
It is increasingly common for new and established entrepreneurs to seek professional support to navigate the complexities of building brands and growing businesses, no matter the size.
Conclusion
Growing a business is a journey that requires strategic planning, agile execution and continuous evaluation.
Stay focused on your business objectives, regularly review your progress, adjust your Marketing strategy as needed and maintain a flexible approach to adapt to market dynamics.
Remember to identify and regularly track Key Performance Indicators relevant to your business goals. This data-driven approach will help you assess the effectiveness of your Marketing strategy, tactics and investments so you adjust where necessary.
And don’t forget – take the time to celebrate your success milestones along the way!