As the year comes to an end and marketing budgets are put in place, businesses start looking at the best practices to manage growth for the upcoming year. There’s no better feeling than nabbing a new client. It’s always satisfying to close that big sale, but then the onus falls on the marketers to follow through with the promises of the sales rep. Marketers are now in the best position to help their companies grow existing business. The new CMO survey has given insights into the best ways marketers can grow their business with new and current clients.
Behaviors related to managing growth
CMO’s survey looked at a variety of behavioral factors for how marketers are looking to manage their revenue growth in the coming year.
“Marketing leaders overwhelmingly agree that having the right talent is the most important driver of [managing growth],” wrote CMO. This is a great opportunity to sell your services to help marketers develop a growth plan and advertise to new prospects.
When pursuing growth, a wide variety of behaviors take place, but more than 70% of marketers agree that the following actions help:
- Connecting growth opportunities back to the company’s position and strategy
- Using an integrated marketing team in which digital and nondigital groups work together
- Building a business case for the growth strategy
In terms of areas of improvement, marketing leaders are less likely to use the following behaviors:
- Using an integrated team in which marketing and finance experts work together
- Examining other industries for growth inspiration
- Moving their companies into adjacent digital opportunities
Where do companies excel and go wrong managing growth?
In CMO’s survey, they asked where companies excel, can improve and struggle when it came to their marketing strategies.
They exceled at:
- 80.3% — Marketing articulates how the growth opportunity connects to the company position and strategy
- 76.9% — Using an integrated marketing team in which digital and nondigital work together
- 72.8% — Marketing builds a business case for the growth strategy
They felt they could improve:
- 67.9% — Marketing offers a strong interpretation of customer insights important to the growth opportunity
- 67.0% — Marketing is able to connect the growth strategy to relevant customer metrics
- 62.1% — Effectively leveraging technology to pursue growth opportunities
- 61.4% — Using data insights across channels
They struggled at:
- 50.3% — Examining other industries for actions that might inspire company growth opportunities
- 44.4% — Identifying how to move the business from core strengths into adjacent digital opportunities
- 35.0% — Using an integrated marketing team in which marketing and finance experts work together
You can find opportunities to help prospects and clients who are struggling or know they need to make improvements. If your client acknowledges they should learn from other industries, start sending them copies of reports containing data and success stories about how businesses have grown. Then open a discussion about how they can advertise to a new audience to expand their footprint in the marketplace.
Where is the growth spending?
CMO asked its respondents where their companies focused their spending to best manage growth.
- 55.4% — Market Penetration
- 20.9% — Product/Service Development
- 16.1% — Market Development
- 7.6% — Diversification
“Internet sales decreased from the height of the pandemic, 19.4% of sales to 17%, but remain significantly higher than pre-pandemic figures,” wrote CMO. “B2C Product and Service companies report the highest levels, 31.6% and 20.5%, respectively, as do smaller companies. Budgets and sales for domestic markets varied little from February 2021 and remain lower than pre-pandemic levels.”
A way to assist in your efforts is AdMall, powered by SalesFuel. AdMall’s Digital Audit is a tool that can measure an advertiser’s internet presence and help you determine how they can further develop their market and diversify. 2022 is going to be a huge year for advertising, with sales and revenue set to reach pre-pandemic levels.
Photo by Nataliya Vaitkevich from Pexels