If you want to grow your firm in 2023, consider incorporating growth marketing strategies. There are several ways to do this. You can start by identifying opportunities with your current clients and creating a team strategy that aligns with their needs. Other growth marketing strategies include producing consistent and dynamic content and integrating your strategy with your overall marketing plan. Regardless of your firm's size, these trends can help you achieve your goals.
Start with Your Existing Clients
Many people focus their marketing on attracting new clients. But the best way to start with growth marketing trends is by starting with your existing clients. Your current clients know (and hopefully trust) your firm, so you don’t have to spend a lot of time and money explaining your firm, your services, and the value you offer.
In fact, a study from KeyBanc Capital Markets found that median new customer acquisition costs are almost double the cost of upselling an existing customer.
So consider what additional services you can offer, how you can package and price those services, and start having conversations about those new service offerings with your best existing customers.
Align your Business Development and Marketing Strategies
In very small firms, marketing and business development tend to go hand in hand. In fact, they might be the responsibility of a single person! But as a firm grows, it’s not uncommon for sales and marketing to be split into two different teams.
While allowing people to focus on their unique abilities is always a good idea, if these two departments fall out of sync, marketing teams develop content without a clear objective, and marketing leads never convert due to a lack of nurturing.
Get your marketing and business development teams back in alignment by sharing resources, creating streamlined processes, establishing pathways of communication and focusing on the larger goal of efficiently increasing revenue. When you do, you can cut the sales cycle, improve forecast accuracy and increase revenue.
That’s why a recent study by Wheelhouse Advisors found that companies that align marketing and sales can increase revenue by 208%!
Produce Consistent, Quality Content
One of the most important strategies for growth marketing is producing consistent, high-quality content. This is crucial for driving customer engagement and building a loyal audience. By consistently publishing good, valuable content, you can reach your target audience and convert them into paying customers.
To produce quality content, you must understand your target audience's motivations and needs. For example, if your target audience is looking for a solution to their problem, you can highlight the benefits of using your product or service. Always consider the end user's benefit when producing content.
Long Term Growth Plan
For long-term, lasting results, growth marketing should reflect several factors. Your strategy should include KPIs and metrics to ensure your growth plan reflects the firm's needs and objectives and aligns with the company's strategic plan.
To get started, conduct brainstorming sessions to generate ideas. The objectives should include measurable goals that can be easily achieved by implementing the marketing strategy.
Your strategies must focus on improving the client experience and generating client loyalty. The goal is to build a community and encourage clients to share their experiences. It should also focus on attracting new clients and engaging them at the top of the funnel. This way, the firm can maximize the value of every client and generate more revenue.
Keeping up with the latest growth marketing trends might seem impossible, but doing so allows you to remain relevant and gain an edge over the competition. If you’re unsure where to start or how these trends apply to your firm, consider seeking outside help. Marketing should never be a solitary activity; the right partner can help you incorporate the latest strategies to ensure your firm remains competitive.
Are you ready to stop wasting money on business development and marketing initiatives that don’t work?
Boomer Growth Consulting helps you create a clear marketing and business development roadmap that will help you reach more prospects and clients. Schedule a discovery call today and gain confidence that your firm’s marketing and business development dollars are being used effectively.
As the Marketing Manager for Boomer Consulting, Inc., Heather’s primary focus is on developing the firm’s marketing strategy and brand awareness to help drive business results. She manages and executes marketing and business development initiatives, with daily oversight of the website, social media, and thought leadership content. In addition, as a part of the Business Development team, she provides leadership and strategic planning on marketing and communication practices for the firm.