The B2B tech market is saturated with competition. No surprise there.
44% of B2B companies said more competition in the market is impacting their ability to generate revenue. (Ironpaper, 2021)
That number has only grown in the past year and will continue to rise this year. How can you outperform your competitors? Scale your business with a solid growth marketing plan.
Scaling is a buzzword that may need to be clarified. The truth is: Scaling is the best way to expand your business without sacrificing efficiency or effectiveness. For your business to do more than survive, it’s crucial to implement effective growth marketing strategies to achieve success and scale wisely.
Growth marketing is both the foundation to build on and the glue that will hold your scaling efforts together. Its primary focus is to increase the number of customers, revenue, and overall growth of a business while focusing on, and continuously optimizing, full-funnel activity.
Once you have a solid growth marketing plan in place, achieving your business goals, generating revenue, and standing out in the market is within reach.
A growth marketing strategy is the systematic approach you need to take to start. You’ll dive into identifying and exploiting new growth opportunities through strategic tests that aim to “Always Beat the Control” (for those who appreciate the “ABCs” of growth marketing—yet another acronym to add to your list.)
It involves continuously experimenting with various marketing tactics.
After experimentation, you’ll analyze the results and refine your approach to achieve the best results. The primary objective of a growth marketing strategy is to find the most effective and efficient ways to acquire and retain customers. It’s the blueprint for expansion. However, remember to continue with experimentation to keep refining that blueprint.
Creating Your Growth Marketing Blueprint for Scaling
A growth marketing blueprint is a visual representation of your growth marketing strategy. It outlines the various tactics and initiatives you plan to implement and the timeline for each. This blueprint helps you stay focused on your growth goals and track your progress along the way.
As you develop your growth marketing blueprint, it’s essential to consider the following steps:
1. Define your target audience.
Identifying your target audience is the place to start in your growth marketing blueprint. When you have a clear understanding of who your target persona is, you can create a more effective and efficient marketing strategy.
It’s important to consider the specific characteristics of the persona you want to target. For example, consider factors such as new technology, industry trends, company size, economic status, and position. In the B2B space, it can also be wise to incorporate group buying in your audience. The more specific and refined your target audience is, the more effective your marketing efforts will be. By avoiding meaningless traffic, you can focus on the people who are most likely to convert into customers and not waste money on useless clicks.
The best way to become an expert on your target audience is by creating buyer personas. A buyer persona is a fictional representation of your ideal customer or customer group based on market research and data about your existing customers. This information can help you understand your target audience’s motivations, behaviors, and pain points, allowing you to create more effective marketing campaigns that resonate with them. When you clearly understand your target audience, you can create messaging that speak directly to their needs and interests.
2. Analyze your current growth.
To map out where you are going, you need to know where you are. Conduct a thorough analysis of your current growth, including your customer acquisition and retention rates.
How is the performance on certain channels or specific campaigns? A/B test your current messaging and designs. Take account of all your assets and resources. If you haven’t planned for marketing expenditure, your growth marketing blueprint will fall flat before it gets off the ground.
During this audit, hiring a third party to analyze your current marketing efforts is often helpful. An objective perspective provides new insight and fresh ideas. If you’re looking for a complete marketing diagnostic, don’t hesitate to reach out.
3. Identify growth opportunities.
Identifying and maximizing growth opportunities is the next step. Leverage the insights you gained from finding your target audience and analyzing your current marketing efforts.
By taking a step back and critically examining your overall business goals and what the market offers, you can identify areas that will drive growth and success.
One common growth marketing opportunity is testing new markets with niche messaging. This can help you reach new customers and increase your customer base. When entering a new market, it’s important to research and understand the local demographics, industry trends, and buying habits. You should also consider partnering with an industry expert to help you navigate the market and reach new customers. By exploring new and niche markets, you can increase your reach and tap into new sources of growth and revenue.
4. Develop a plan.
This part is acting on all the information you have gathered so far. Creating a plan is essential in making sure your goals are achievable, and your resources are used efficiently. The plan can shift and scale as you grow, like the scaffolding on a building project. When developing your plan, consider the following steps:
- Define your objectives. This will help you determine the tactics you need to employ to reach your goals. Having clear and specific objectives also makes it easier to measure success. Implement the SMART goals criteria that include specific, measurable, realistic, and timely.
- Determine the resources you’ll need. This can include your budget, team, MarTech stack, and more. Understanding what resources you have at your disposal and what you’ll need to acquire can help you determine the feasibility of your plan.
- Develop a timeline. This includes setting deadlines, KPIs, and metrics that you need to reach. This can help you stay on track and adjust your plan if necessary.
Remember, a plan is just the starting point. As you put it into action, you will need to make adjustments. However, having a well-thought-out plan in place will help you drive the growth your business wants and needs.
5. Implement, test, and track.
Once you’ve developed your plan, it’s time to implement it. Track your progress and adjust your approach as needed. Don’t just “set it and forget it.” Take the time to investigate areas that need improvement and act on them.
Ready to begin with your growth marketing blueprint?
Scaling with growth marketing comes in many shapes and forms. Each plan has its strengths and weaknesses, so it’s essential to choose the right one for your business.
Whether you’re just starting or have been in business for years, a well-thought-out growth marketing strategy will help you achieve your goals.
If you’re interested in learning more about growth marketing, check out some of our other articles on newnorth.com, including “Mastering the Art of Growth Marketing: A Basic Guide” and “7 Growth Marketing Best Practices for B2B Companies.”
If you’re looking for a partner to help get results for your B2B company, learn more about what we can offer you here.