The 5 actions of successful scale ups
Many businesses aspire to have exceptional growth yet very few achieve it. That’s because the thinking that got your business to where it is today isn’t the thinking that it going to get it to scale up tomorrow.
Things have changed. In just about every industry I can think of the pace of change is rapid and gaining acceleration. The customers will have inventible changed, the use of technology will have changed, the market will have changed and the competitors will have changed. Even your business will have changed, it is now larger and more complicated than in the early days.
There are 5 marketing activities that successful scale ups all have in common.
They collect insights
Insights are valuable pieces of information that allow you to better understand the customers functional and most importantly emotional needs, the market and the competition better than anyone else. This information can come from research, internal data, external reports, speaking with customers, speaking with staff, speaking with suppliers and the founders vision.
They segment their market
Insights are used to break the customers down into viable groups with common needs.
They prioritise which segments to target
There will most likely be lots of viable segments, also called opportunities. There will also be many potential threats to your business. All businesses have limited resources of time and money and therefore cannot effectively manage every opportunity and threat. If you did you would spread your resources too thinly and not be very effective at anything. If the customer doesn’t believe you are the best solution for their problem, they will not buy. You must decide where you are going to focus your efforts and spend your limited resources in order to gain the best possible return. In other words, you have to prioritise.
The output from any robust, actionable marketing strategy for scale ups is a one year operational marketing calendar showing what you are going to do and when. In other words, which tactics you are going to choose in order to capitalise on your priorities? Key to success will be a willingness to experiment. What to test and experiment with, will also be governed by your prioritisation.
They measure and learn
Outcomes of all marketing should be predicted and then measured so that when the opportunity to do something similar in the future occurs, improvements can be made. Also understanding why things are working or not, through the eyes of the customer, allows you to gain better insights. This in turn means that you will be able to make better informed decisions and better meet customer needs than the competition both now and in the future.
Using this approach to marketing works just like compound interest and will in itself become one of your competitive advantages, as well as a driver for exceptional growth.