For many business owners, the holidays are a time for a relaxed working schedule, to catch up on things that may have been ignored over the past few weeks, and to think about the possibilities of the year ahead. While we’d all like to grow our businesses year after year, actually achieving growth usually requires some careful planning and effective execution. If you’re looking to grow your business in 2020, here are a few things 2019 can teach you to help you create that 2020 marketing strategy for business growth.
Review Your 2019 Ideal Buyer
Your ideal buyer is the person most likely to buy from your business. Many business owners think that could be anyone and they’re right: at any time, anyone could buy the products and services you sell.
However, there is a distinct group of prospective buyers out there that are more likely to buy from you. These are the people your marketing should target. Sure, these people will want or need the product or services that you sell. But there is something about your brand that resonates with them which will inspire them to purchase from you over your competition.
If possible, review your sales records to see if you can identify any similarities between your top customers. Are they predominantly male or female? Young or old? Are they buying to create pleasure or to ease a pain point?
If you’re a B2B company, what is the title or position of your top buyer? Are there any similarities between the types of businesses that buy from you?
If you can identify trends in the types of people or businesses that are most likely to buy from you, target more of these types of buyers in your 2020 marketing strategy.
Review Your 2019 Sales Process
Like with your ideal buyer, there will be commonalities in the stages that buyers go through in order to buy from you. In the spirit of the 80-20 rule, 80% of your buyers will encounter just 20% of your marketing platform. Focusing on that key 20% can really help produce significant sales growth without doing significantly more work.
What does a typical sales process look like? It varies widely depending on the type of business you manage. Your sales process might include Google Ads that drive traffic to your website, social media interactions to create brand awareness, neighborhood billboards and signage, cold calls or a referral program.
Understanding the different stops along your sales process and supporting them with the right type of marketing to effectively nurture your prospects through your sales process can be key to a more productive 2020 marketing strategy.
Review Your 2019 Sales Mix
Do you know which products and services you sell the most?
Okay, now really: do you know which products and services you sell most?
Most business owners have an intuitive feel for where their sales come from. They make their business planning decisions based on this gut instinct.
But what if their gut feel is off just a little bit? What if the market has shifted and people aren’t buying the same things they used to? What if the marketplace has changed and prospective buyers are using new and different products and services than they used to?
Look into your accounting or POS systems and see what amounts of different products and services you sold in 2019. This is how the market tells you what appeals to them, and while you could market some of the less popular offerings, it makes so much more sense to make those products and services that are most likely to sell the core of your 2020 marketing strategy.
Review Your 2019 Profit Margins
Would you like to make more money by doing less work? I think it’s safe to say that we all would.
How can your marketing help you do that?
There’s going to be a mix of profit margins (the amount of money you make after you’ve bought something, added value, covered overhead costs, and sold it) in the different products and services that you sell.
If you want to make more money, sell more of the products and services that make you more money.
However simple that sounds, sometimes it isn’t that simple to do. If your business is well known for a product or service, you might have to sell those lower profit margin items as part of running your business. But if you know which products or services make you the best money, focus your 2020 marketing strategy on sales that make you more money. If you must sell the lower margin items, focus your marketing on upselling customers to those higher margin products and services.
Intentionally Good Marketing in a Minute
If you have some downtime in your business during the holiday season, take some time to reflect on your past year of sales and marketing to help create a marketing strategy to grow your business in 2020.
Think about who your ideal buyer was and how you can focus your marketing on attracting, nurturing and converting them. Think about the process buyers go through to buy from you and focus your marketing on pushing them through that process more effectively. Find out what you sold in 2019 and make sure you’re marketing the stuff that people are most likely to buy and understand each sale’s profitability so you can make more money by selling higher profit margin products and services.
Do these things and you’ll be on your way to growing your business through intentionally good marketing in 2020. Need some help putting together a marketing strategy? Get in touch, we’d love to collaborate with you to create and action a 2020 marketing strategy to help you grow your business!