In recent times, we have seen many B2B
companies use similar strategies used by B2C companies. Due to the difference in the dynamics of each industry, these strategies are likely to not provide the desired outcome.
If you are a B2B entrepreneur trying looking for growth in your business, here are some tips is for you:
- Describe the growth stages that you can use to define your company’s status
- Use different Tactics for each stage with along with some specific examples
- Find out which advertising networks will work best
- Optimize your ad copy to make the most of CTR and conversions
- Optimize your sales channel
- Measure the ROI of your spending limit on advertising
Do You Know Your Company’s Growth Stage?
One of the best growth strategies for your company is identifying which growth stage you are in, i.e. development, reiteration, or scale stage.
The most common mistake made is when you feel that your company is in the scale stage when they are just in the reiteration stage.
As a result, you end up implementing ineffective growth strategies. These lead to excessive monthly ads expenditure and an extra amount of acquisition of channels. Furthermore, you also hire and gradually fire an ineffective team and its members.
Often there is an extreme pressure to grow, but that’s only possible when you are aware of where you currently are, and where you need to be. Failure to comply can kill early-stage ventures.
Following is a breakdown of each stage:
Development: This stage is when you are building your product. This needs to be done in a careful partnership with prospective customers to make sure that you are resolving an actual problem with a realistic solution. The endpoint of this stage is a working product.
Reiteration: This is when your customers are using your product and you are promptly improvising the product, based on their feedback. Achievement at this stage is established in customer visions, both in quality and quantity. The endpoint of the reiteration stage is an improved product or market fit.
Scale: This stage is when you have a product or market fit and are attempting to grow your consumer base. The main aim of this stage is to create a collection of strategies that increase market penetration with minimum or least profitable cost. Success at this stage is growing a lifetime worth through preservation and expanding direct conversion to effectively convert leads to consumers. The endpoint of this stage is market saturation, which then leads to the development and reiteration of new features, consumer sections, and layouts.
SEE ALSO: BlockFi raises $18.3 million led by Valar Ventures
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