The sales forecast is trending poorly, and the C-Suite wants solutions to reverse the outlook. Many of us had been in this scenario before and often plans that took months to develop and launch get violently shifted leading to desperation and knee-jerk decision making across the organization. There is, however, a better way that can avoid the outlined scenario and increase revenue without spending a penny from your marketing budget.
An internal look at your marketing approach can often yield better results in driving revenue growth faster than layering on additional marketing messages or discounting. Below are five ways you can empower yourself to help grow your business.
1. Process Problems
The process is a critical discipline within an organization, but that does not mean they have to be written in stone as the rule of law. If a marketing process is, so rigid chances are it is effectiveness might be holding the organization back. Small changes can lead to big results boosting morale, freeing up resources and allowing for future ideas to be delivered to market faster and with a higher degree of passion. If there is a collective sigh or discord when it comes to certain processes that is a red flag that improvement is needed. Setting aside the time to make incremental improvements in your processes will add up to greater savings in the long run and a build a better work environment.
2. Strive for Symbiotic Marketing
There is partner marketing where brands combine efforts to reach consumers, and there is symbiotic marketing where brands and consumers all benefit in the partnership. Identifying the unique spaces in your industry can bring to light symbiotic marketing opportunities beyond just teaming up, providing your customers an authentic interaction. Symbiotic Marketing is authentic, and authenticity goes a long way in building retention and incremental transactions with consumers. When customers feel the relationship between you and them is genuine, they are likely to recommend you within their network creating earned currency for your brand.
3. Ask Why
“Because that is just how we always do it.” Perennial programs can have a place for companies but programs that are continually reheated in the “marketing microwave” often have poor temperature balance, Undercooked on the outside and over baked on the inside. The result is a checked box for the organization with little benefit to the bottom line because consumers typically tune out reheated messages. Evaluate where incremental improvements can be made and be bold to propose the change. Chances are you will have advocates ready to help as the allure of fresh thought can be an inspiring force to inject new life into a tired program.
4. Uncover The Hidden Niche
Have you ever thought to yourself “That area could be an attractive fit for us.” When something peaks an interest, there can be magic in the discovery. I am sure you did not decide to be a marketing leader because you like being told when, where and how to do something. View your niche through a prism of opportunity rather than the carved space you currently serve and this will accomplish two crucial goals. 1. It will give you an outlet for new thinking and exploration that will energize your creative mind. 2. It can reveal a unserved segment that could benefit from your product or service because you committed the time to discover them. Discovery is the catalyst for great ideas because it requires human curiosity, something that big data by itself cannot provide.
5. Stand Face to Face With Your Customer
When marketing is treated purely as a metric or a vertical than the relationship with customers gets lost. We can discuss life cycle journeys, consumer segments, and sales funnels but ask yourself this question. Is that how you engage with your friends and family? Challenge yourself to view all your plans, approaches and campaigns as a consumer in the real world, not in budget silos or as a segment. Slash away all the marketing lingo and amusing consumer type names such as “Fred, 43, married with 2.3 kids and loves golf, sports and values his friends. His goal is for our product/service to understand him.” Your customers are involved and smart, go get face to face and engage with them. Practice this consistently and in time you will discover a revenue generating idea or solution from directly talking to your customers rather than polling or surveying them.
The Simplicity of Starting
What all of the above solutions have in common is that they require leadership and resolve to implement. The good news, however, is that committees, sign-offs, and budgets are not required to start the process. All that is required is effort and purpose from within to begin.