The goal of most small businesses is to eventually move toward growth and expand their revenue and clientele. Yet, this process is easier said than done. Oftentimes, the lavish business plans that people start out with fail to come to fruition. However, there are some effective strategies to improve growth and gradually increase your revenue stream, while avoiding some of the typical growing pains associated with scaling a business.
Growth Through Customer Segmentation and Targeting
If the goal is to successfully grow your revenue, then you need to see which aspects of business are driving profits. Start by segmenting customer data based on relevant trends and similar behaviors. If you run an auto shop, you may segment customers based on those interested primarily in maintenance versus those interested predominantly in repairs.
Segmenting data offers two advantages. Firstly, it enables you to analyze different customer groups alongside one another to see which types of customers are driving the most revenue and which are failing to produce the desired returns. It also simplifies the process of targeting, making targeting more accurate and efficient. After all of your customer data has been segmented, you can find your most lucrative customer segments to target your advertisements to.
Growth Through Customer-Centric Business Strategies
To identify profitable growth opportunities, you need to evaluate the overall performance of your business, and create benchmarks to track profitability. Business growth is driven largely by customer data, so you need to thoroughly analyze your customer data segments to help you discover lucrative growth opportunities.
Figure out who your core customers are, what their greatest needs are, and why they are choosing your company specifically. Then, maximize on these opportunities. If your core customers are predominantly middle-aged women, and they've sought you out due to geographic convenience, then you can strategically plan for growth based on these discoveries by planning future locations in areas convenient to your targeted core customers.
Growth Through Improved Data Quality and Management
Both a customer-centric growth strategy and effective targeting rely heavily on data quality. If the data you collect is of low quality or is largely inaccurate, there is little point in analyzing it at all. You need tools to help you improve the quality of data and ensure data remains up to date and relevant. A data appending software can help to automatically standardize data, ensuring it's accurate and complete.
Marketing Automation Software Accelerates Business Growth
To give your business the greatest chance at growth, you need sophisticated technologies to support your complex and time-consuming business processes. Marketing automation software is one of the ideal business growth tools. It offers a cost-effective platform for managing big data, and it simplifies the process of segmenting and targeting, so you can get the most from every advertisement. With marketing automation software, you'll improve your lead scoring abilities, so you can focus your energy on the most promising leads, thus increasing your rate of returns.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.