Efficient growth marketing for times of economic uncertainty

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Date: 22 June 2022

Tracking business growth
Driving growth is a key business concern even at the best of times, but it becomes a far bigger challenge and requires far more attention during periods of economic uncertainty. Consumer attention is still hard to attract and even harder to retain, and economists are growing increasingly nervous about the possibility of a global recession. 
 
Small businesses that survived the pandemic are now looking to build upon their achievements thus far. Survival was a challenging enough goal in 2020 and 2021, but now that we're in the post-Covid era, many small business owners are keen to ramp up marketing so they can drive growth and expand their bottom line. 
 
Digital tools are key to growth strategies, with recent research by Sage revealing that 92% of SMBs depend on technology for survival and 80% saying that it's key to achieving their business goals, but they’re still struggling to apply new digital tools in the most effective manner. Even committing to “go digital” isn’t a silver bullet; it’s all about how you apply it to pursue your business ambitions. 
 
It doesn't help that many businesses had to lay off employees during the pandemic and may still be training new hires or not yet have refilled those positions. Now more than ever, it's time to maximize your digital tools and channels in the most efficient way possible. 
 

Analyse time cost vs. business benefit

Get back to the basics and check whether your time is really being spent on tasks that drive business growth. Sometimes the most time-consuming tasks are less important and just take you away from investing in growth activities. 
 
For example, you might be managing attribution manually, instead of using more advanced marketing analytics that can trace attribution for you. Or perhaps it's time to field a chatbot powered by a platform like Drift, that can answer basic customer questions and direct them to more resources, instead of having employees respond every time. Maybe you need to batch together tasks, or deal with many repetitive tasks that could be automated. 
 
Data analysis can point you in the right direction.  
 
Even projects directly related to business growth can be misleading. For example, a new app could increase your revenue, but developing it in-house, instead of quickly knocking one together using an app development platform, might be a mistake. It's hard to be sure what to focus on unless you combine time tracking and financial data, analyse them both, and then plan strategically based on the results.
 

Convert the right leads at the right time

It's easy to think that a web page without a call-to-action (CTA) is a page wasted, but CTA overuse can annoy your visitors and push them away. You'll see better results by taking a holistic view of your website and placing CTAs accordingly. 
 
Each page should be part of the larger marketing funnel, not a conversion tool in and of itself. 
 
Tailor your content to each stage of the funnel. No matter where someone enters, they should be led on to the next stage until they reach a conversion-focused page, instead of encountering a CTA that attempts to convert them then and there.
 
Pages with a high conversion intent need the right sort of conversion tool. A traditional popup that captures lead details just won't cut it for conversion-oriented pages. It’s time to convert leads directly with an online scheduling widget like that offered by vcita, so prospects can schedule a demo or consultation and have it confirmed immediately. 
 
As well as converting leads more efficiently, online scheduling tools also save you the back-and-forth confirming a convenient time. What's more, vcita's conversion tools integrate with the platform's email and SMS automation engine, CRM and billing functionalities, so you’ll be in great shape to manage the end-to-end business relationship.

Understand your customers

Customers drive growth, so time spent understanding them is never time wasted. If you're not interacting with them and getting feedback, it’s easy to lose sight of what they want and be misdirected to cool-sounding business initiatives or cutting-edge tech. 
 
It's true that you're unlikely to have the time to chat with customers, but you can use social media listening tools and social analytics to understand what customers think of you and uncover what they really want from your vertical. If you use a help desk platform like Help Scout, you'll not only streamline resolution turnaround of support tickets, but you'll also gain deeper insights into who your customers are and what they care about most.
 
Good old surveys and social media polls give you the opportunity to ask your audience directly about their main concerns, needs, and preferences in our still-unsettled times, although you'll want to craft them carefully to keep them short but informative. 
 
Finally, plug in data from chatbots, emails, social media listening feeds and customer service team interactions to develop a fully rounded picture of customers and their needs.

Pay attention to reactivation

Many businesses overlook the potential of reactivation campaigns, remaining focused on acquiring new customers and driving down churn. 
 
While the latter are important, reactivation is a powerful growth lever. Because lapsed customers are already familiar with your product and value proposition, it's far easier to reactivate them than to convert new leads, and reactivated customers help counterbalance losses to churn. 
 
Email marketing tools like ActiveCampaign can automate email retargeting with triggered emails. The platform automatically detects lapsed customers, or you can create a retargeting sequence based on your own customized triggers and segmentation models. 
 
Pay attention to what happens after your retargeting email. Hopefully, it will bring people back to your business, but if not, that's not the end of the conversation. Ask departing customers why they are leaving and focus on the top two to three reasons. Then you can set up reactivation campaigns for the longer term which acknowledge and address the main churn factors.

Growth must be efficient to be effective

Entrepreneurs and business owners already know that growing your business successfully means working smarter, not just working harder, but it's still easy to find yourself acting against your own best interests. Using the right tools and analysis to understand what your customers really want, create a smooth and effective marketing and sales funnel, run reactivation
campaigns, and redirect your time to the areas that need it most enables you to grow your business more efficiently. 
 
Copyright 2022. Featured post made possible by Jeff Broth.

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