Is Your Business Stuck? Here’s How to Move Forward.
In today’s competitive landscape, businesses must go beyond just breaking even; they must aim for sustainable, scalable growth. Each industry defines growth differently—some prioritize acquiring new customers, others focus on increasing market share, and some aim to maximize purchase value. Unfortunately, many businesses fall into the trap of short-term strategies, ignoring their long-term impact. For example, constant promotions may drive short-term sales but risk diluting your brand’s value in the long run. Worse still, when metrics like Return on Ads Spending (ROAS) and Return on Marketing Investment (ROMI) plateau, simply increasing marketing budgets often fails to generate further growth. So, what can be done?
At MarkPlus, Inc., we leverage tailored approaches designed to align with the unique characteristics of each industry. However, there are foundational strategies that can be applied universally to jumpstart growth. These revolve around answering three critical questions:
- Is the market still growing?
- Does your product achieve product-market fit and outperform competitors?
- Are your communication efforts reaching the right audience?
These three simple yet powerful questions can reshape your strategic approach. Each requires a binary answer—yes or no. Let’s explore them in more detail.
Is the Market Still Growing?
If the answer is no, it’s time to consider retargeting your market. Start by analyzing your existing segmentation to identify which segments still hold growth potential. Segmentation can be based on geography, demographics, behavior, psychographics, or other factors. If the answer is yes, then your next step is to evaluate your business processes by addressing the second question.
Does Your Product Achieve Product-Market Fit and Outperform Competitors?
This question actually encompasses two interconnected elements. For a product to succeed and compete effectively, it must meet both criteria.
The simplest way to answer this is by conducting a Focus Group Discussion (FGD) with your customers. Compare your product against competitors using the 4Ps framework—Product, Price, Place, and Promotion—to evaluate its market fit. If the answer is no, revisit and refine these 4Ps within your business. If yes, proceed to address the third question.
Are Your Communication Efforts Reaching the Right Audience?
Before diving into which channels your customers use, reflect on the type of buyer behavior in your industry. Are your customers indifferent to brands? Do they avoid in-depth research before purchasing? If so, you’re likely in a low-engagement industry (e.g., bottled water, courier services, or over-the-counter medicine). Conversely, if customers care about brands and conduct thorough research, you’re in a high-engagement industry (e.g., automotive, banking, or skincare).
For low-engagement industries, allocate 70% of your marketing efforts to push activities (ensuring product availability) and 30% to pull activities (creating brand attraction). For high-engagement industries, reverse the focus: 70% on pull activities and 30% on push activities. Are you following these guidelines?
Answering these three key questions with honesty and detail will provide you with valuable insights to develop a more effective growth strategy. Always measure and evaluate the outcomes of each strategy you implement, and remain flexible enough to make adjustments when necessary.
By addressing these fundamental areas, you can break through stagnation and unlock new opportunities for long-term growth. Let MarkPlus, Inc. help you take the first step.
