Marketing Tips for Business Growth
How Doing Business Has Evolved In Just 25 Years
The business
Startups in one corner of the world are
landscape has
another, thanks to the internet.
changed
disrupting established businesses in
Automation is vastly improving business efficiency.
dramatically
Ads are getting smarter. Advertisers are
in the past
control over who sees those ads, based
25 years.
targeting their audiences with granular on their location, age, income groups, interests, and even intent. Innovative solutions are making it easier for consumers to find precisely what they want, when they want it.
In other words, every aspect of how business is conducted is undergoing a paradigm shift at an accelerating pace. This rate of development has turned industry-defining companies like Blockbuster, Xerox, and Kodak into the biggest examples of why businesses need to keep changing with the times. Needless to say, to thrive in this everchanging, highly competitive landscape, modern businesses are compelled to rapidly evolve, or risk perishing.
Today’s Business Climate
The business climate never settles. It is constantly adjusting to new regulatory frameworks, disruption by technology, and ever-increasing competition.
New Technology A range of cutting-edge technologies is revolutionizing almost every industry around the globe. Artificial intelligence, IoT, 5G blockchain, automation,
Regulatory Framework
augmented reality, wearable tech, remote
Businesses the world over are
as small as mobile apps have brought a
experiencing a friendly political
tectonic shift in business operations and
climate. The intense focus on economic
customer experience.
development by governments has resulted in acquiring loans more easily, increasing tax breaks, business-friendly regulations, and the establishments of infrastructure conducive for business.
collaboration tools, and even something
Businesses that have leveraged one or more of these technologies have gained unprecedented benefits and a competitive edge in their industries.
Competition Companies are using a variety of different strategies to stay relevant in the current and future business environment. A local electronic store in Los Angeles is competing with a Chinese vendor on Alibaba. They have to stay competitive in pricing, convenience, quality, and service for their customers. Social media platforms, and eCommerce have greatly expanded the reach of businesses, and thereby, the competition they face.
This eBook Offers Actionable Steps You Can Use In this FREE DYL eBook, you’ll discover highly effective marketing strategies and tips that will help your business overcome the mounting competition and unlock rapid business growth. Regardless of what business you’re in.
Marketing Needs of Businesses at Different Stages
Every business is unique in terms of customer engagement, customer service, operations, resources, team size, and so on. It has a unique set of resources to brave the competition in its industry, carve out a niche for itself, and grow steadily. However, most businesses have similar marketing needs based on the size of their budget and industry.
Startups
Expansion
Startups are usually bootstrapped.
Rapidly growing businesses have more
They are low on equity and human
resources than startups and are more
resources. So, they have to get creative
or less stable. However, to ensure rapid
with their solutions. Their marketing
growth, they must rely on a small number
strategy is sharply targeted at early
of highly loyal customers, while innovating
adopters, and therefore, the messaging
to gain new customer bases. Building a loyal
must be crisp and clear.
customer base is critical for fast growth, and
A startup marketing plan needs to focus on brand recognition. They must invest
that starts with finding the right customers in the first place.
in social engagement, get customer
Growing businesses must attract the ‘right’
testimonials, and present a ‘different’
customers to fuel their growth.
view to attract customers. They usually do this using email marketing, regular social media posting and more.
Maturity Mature companies tend to have multiple product lines and several product variants. Their business sustainability strategy involves up-selling to existing customers, building a loyal customer base, and carving out a higher market share in the industry. However, their vast size does not allow them to engage each customer manually. They must rely on a powerful set of tools and technologies to attract customers, engage them, and deliver highly personalized brand experiences to them.
What’s At Stake
Businesses across the spectrum are under intense pressure to offer superior services, develop better products, generate more revenue, and achieve higher customer satisfaction, while simultaneously increasing their operational efficiency. Whether it’s a small, medium, or large enterprise, every business must achieve these objectives to stay competitive in their respective industry. The difference between those who don’t and those who do is staggering. Take a look:
75% of prospects conduct research online before buying. Here’s what they see: 95% of dissatisfied customers will make their displeasure known online with a bad review. One bad review could cost a
65% A company has a 15% chance of selling to a new customer, but a 65% chance of up-selling to an existing one.
company up to 22% in future sales and three bad reviews can cost a company a crippling 60% of new business. A happy customer will tell up to nine friends of their positive experience with
The result? $6 trillion in added annual sales from a simple conversation over a cup of coffee or dinner with friends.
a company. This form of advertising is
A company has a 15% chance of selling to a
responsible for five times more sales than a
new customer, but a 65% chance of up-selling
paid ad, due to the built-in trust that comes
to an existing one. And the cost of selling to a
with word-of-mouth promotion.
new customer is five times higher!
Define Your Sales Flywheel + Master It
Leads No matter what size your business is, a
Attract
loyal customer is the
spects Pro
Growth Delight
Engage
tomer s Cus
vocates d A
cornerstone of your success. In fact, it’s a well-established fact that just by increasing customer retention by 5%, business profits shoot up by as much as 95%.
Therefore, modern businesses must
The sales flywheel is realized in the three
continually follow-up with prospects,
stages described below:
reach out to new leads, retain existing clientele, and keep their customers engaged. This might sound like an uphill task, but it can be achieved with a triedand-tested strategy of the Sales Flywheel.
A flywheel is a mechanical device that stores kinetic energy. In marketing, a flywheel uses the happiness of your customers as a force to drive sales. It stands on three pillars – attract, engage, and delight.
Attract You attract customers with a pull strategy. There are several ways to attract the right customers. You can be at the right place, offer the right solution to their problem, run a promotion, or give them a better price than everybody else. In the digital era, the pull strategy also works through social posts, blogs, and other content that provides value to them. These are the topics that resonate with
them and may have the answers they have
encouraging feedback through polls
been looking for. For instance, if you offer an
and quizzes, even giving a free trial of
investment service for individuals, you can
your product are some effective ways of
create content like an Instagram video called
getting your audiences excited about your
“Investing on a Budget.” Instantly, you have
offering.
their attention.
Engage
Delight This is the most critical step in the growth
Once you have their attention, it’s time to get
journey of every business. You now have
their interest in your offering. In this phase,
a buying customer, and it’s time for
you tell them an exciting and captivating
you to delight them. Mere satisfaction
story about how your product or service
will not do. You must meet their
solves their problems and why it’s the best
expectations in every way and exceed
way to address their pain points. Listing
them wherever possible. Responsiveness,
product benefits on the company website,
prompt customer service, after-sales
So how do these stages apply to you? Well,
service, warranty fulfillment and other
depending on what stage of growth you’re
aspects offer several touch points with the
business is in, ask yourself the following
customer to elevate their experience.
questions:
Successful companies personalize these
Small Businesses: How do I offer outstanding
experiences. Birthday wishes, anniversary
customer service with minimal resources?
wishes, holiday discounts for related products, and so on, inspire better brand-customer relationship. This is what compels them to try your other products, higher packages, longer subscriptions, and so on, ultimately transforming them into a loyal customer.
Growing Businesses: How do I keep existing customers happy, while finding new ones at scale?
Mature Businesses: How do I offer personalized services to a vast set of customers and maximize customer retention?
Automation is Vital to Achieving Business Growth
The answer to all these questions is the same – Marketing Automation! Marketing automation enables businesses of all sizes to maximize their productivity, achieve rapid growth, and drastically bring down their costs, besides offering other benefits. Here’s how:
Contextual Communication At any given time, a business’s customers – existing and potential – are at various stages of their purchase journey. Some are evaluating the product, some are considering the price, some are ready for the up-sell, and so on. To convert them effectively, businesses must send them emails and personalized text messages relevant to the customer’s current state of mind. Generic messaging can’t do that.
Email and text messaging automation allow businesses to automate single-channel and multi-channel communication, so customers receive customized messages based on their position in the purchase journey. Whether it’s discount coupons, birthday wishes, subscription renewal reminders, or other messages, they can all be automated.
Re-engagement
Tracking Customer
You cannot keep 100% of your
Satisfaction
customers happy. Some will leave you. However, win-back programs are an excellent way to reignite interest in
How do you know whether your customers are happy or not? Ask them!
your products and services. A simple
Several online survey tools make it
“Your next order is on us,” email or a
phenomenally effortless to gather useful
“Save 50% on your next order” text
information from customers. You’d be
message can often turn a disgruntled
surprised how many customers respond
customer into a reengaged one, now
to feedback emails. You can automate the
ready to give you a second chance.
sending of emails with survey requests after every interaction between your company and customer. It shows you care about them, and they’ll love you for it.
Abandoned Shopping
Re-marketing
Cart Emails
PPC advertisements can be set to
If you are an eCommerce business, then you are likely dealing with a case of abandoned carts. That’s normal in this industry. Thankfully, there’s something you can do about it. The next time you notice an abandoned cart, you can send a quick email to the customer reminding them of it. If you’d like, you can even add a nice little discount or offer to go with the purchase. There are several powerful tools available to automate all of your communications.
retarget existing customers, and potential customers who have visited your website before. You don’t even have to know these audiences. Services like Google Ads can do it all on their own, automatically. In fact, they are so advanced they can give your re-marketed audiences contextual ads based on what they’ve seen before on your website. Suppose they checked a particular product on your site. Google can show them ads of that particular product, or a related one.
Future of Marketing Automation The applications of marketing automation are extensive – onboarding customers, A/B testing of campaigns, tracking referrals, time-based marketing campaign, transaction messages and emails, and even tracking the performance of marketing campaigns. With the advancements in big data, machine learning, and artificial intelligence, automation is gradually moving towards “intelligent decision-making”. Businesses would be able to muster “smart” and highly effective marketing efforts at the click of a button.
To simplify everything we’ve talked about today, look for a software and service with automation at its core. An easy-to-use platform like DYL combines a phone system and sales CRM to create a virtual office with all the tools you need at your fingertips:
What’s Next For You?
Sequential Dialer - Make over 100 calls per hour per user without ever hanging up the phone. Our automated call center tools do the dialing for you. Hotlist - When prospects are ready, your sales team has a hot list on their dashboard with intelligent notes they can use to close the deal.
Advanced workflows - Pre-scheduled
Bulk Text Messaging - Broadcast custom
email drips, texts and calls crafted well in
messaging directly from your desktop to
advance can be sent to prospects as they
your entire staff, prospects or customers,
enter the system to begin the nurturing
complete with attached PDFs containing
process. Timing your communication
articles and photos for enriched
schedule ahead of time is far more
storytelling.
effective than trying to do things in real-time. And automating post-sales engagement ensures every buyer gets a ‘thank you.’
Auto Attendant / Virtual Receptionist: Customize greetings with updates of upcoming events or sales, create settings for business hours and after hours, create
Campaigns - Group your customers, so
voice messages for frequently asked
you can customize your messages and
questions, or simply route calls to the
send in bulk.
right individual.
Call Recording / Call Monitoring Access previous conversations for vital information that could serve as a relationship builder. Train new staff by Instant Lead Responder - Reach out
letting them listen in on live calls to
to potential customers who have
ensure consistent messaging.
expressed interest through a web form or advertisement instantly.
Conference Bridge - Keep clients and staff in the loop by including up to 30
Stored History & Notes - Keep track of
people in virtual meetings, regardless of
all past communications with prospects
where they are.
and customers to avoid over-soliciting or miscommunication. Access to stored notes history helps your team with standardized processes, accelerating upsell and cross-sell opportunities.
Far from exhaustive, this list gives you a sneak peek into how DYL can impact your business immediately. Here are just a few more reasons:
Serving Your Needs from Beginning to End DYL, In a Nutshell
Security - Keep your information and data safe. Reliability - Live support and 24-hour maintenance to ensure optimum performance.
All-inclusive Pricing - Two plans to choose from to fit within your budget. Ease of Use - Easy DIY set up with a support team just a chat or phone call away to guide you through. Flexibility - Customize your virtual workspace to fit your needs. Collaboration - Communicate with your team members in real time, even when on a call.
Explore Your Possibilities Sign up for a free 1-on-1 demo, click here. Or call (855) 357-9249 to speak with a DYL professional. Visit www.dyl.com to learn how DYL can help your business grow.