Growth Marketing Strategies
Kevin and Graham apply more growth marketing strategies to the 7 Levers of Business Growth model. You may be interested in listening to Episode 111 where we applied 10 other top growth marketing strategies to the 7 levers of business growth.



First up then is a quick recap about the 7 levers. Here is a diagram of the levers that will help you understand them.



The inspiration for the 7 Levers comes from Pete Williams. Hear his episode here

Kevin and Graham ran through the 7 levers of business growth that we are applying marketing strategies to:

Suspects - browsing, but not yet buying
Prospects - they've signalled to you whatever it is you are selling.
Conversions - getting prospects to being customers
Average item price - sell more expensive products (can you raise your average price by 10%)
Average items per sale (do you want chips with that?)
Transactions per customer - can you get your clients to buy more frequently?
Margins - what can you do to improve your margins by 10%? Check out Jo Summers Effective Procurement episode.


GROWTH MARKETING STRATEGIES
#1 Segment Your List
If someone is on your list, there is a fair chance they already know you. But do they like and trust you? How do you convert them into customers? So we think this marketing strategy is all about conversion. You can increase the chances of getting a sale.

On your list you will have people who have joined you at different times. Customers and prospects. Can you segment customers base on their transaction? Make your list aware of the next step by selling other products or more of the same product. Think about their buying frequency and purchase cycle and purchase topics.

Does segmentation actually feed most of the levers?

Do you have a MESSAGE TO MARKET match? Are you tailoring your message that is relevant to them?

http://thenext100days.org/wp-content/uploads/2018/07/Segmentation.mp4
#2 Spend More on Leads Than Your Competitors
Here you are attracting people to your business. As a nascent business, one of the very best growth marketing strategies you can follow is to ensure your pricing policies enable you to spend more on marketing than your competitors to DOMINATE your market.

Graham mentioned Mark Taylor and eSalesHub who explain that rarely do people attract leads from every UK conurbation.

This is a question YOU SHOULD BE WARY OF ASKING....
"What is the cheapest thing we can do to get customers?"
http://thenext100days.org/wp-content/uploads/2018/07/Outspend-Your-Competitors.mp4

This is as much about a mindset.

You will never have the ability to outspend if you have the cheap mindset. Really successful businesses figure out a way to outspend their competitors. That starts when you consider marketing strategies like pricing for example. If you have too little in the kitty to outspend your market, it is highly unlikely you'll dominate your market, local or otherwise.
Buying Effectively or Having the Ability to Outspend?
Kevin and Graham discussed the logic for spending effectively or having the ability to outspend.

http://thenext100days.org/wp-content/uploads/2018/07/Ability-to-Outspend-to-Dominate-v2.mp4
#3 Create a "Category of One" in Your Market
This is one of the best growth marketing strategies you can follow if you are small business. Don't be vanilla.

From the 7 Levers we are focusing on suspects and prospects. Why should they choose you versus every other option available to them, including doing nothing?

Kevin mentioned our episode with Duncan Wardle and how he approached innovation by listing the rules of a market and taking away one of those rules to see what difference it would make to the way you distinguish yourself from others.

Listen also to the episode with Tania Angelis - would you say that channelling angels sets her apart? Is she in a category of one? Yes, I'd say so.

http://thenext100days.

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