All companies want to grow. For many companies this growth often comes in the form of new product launches, brand extensions or acquisitions. The issue, however, is that there are only so many products or lines that can be introduced before your company hits a growth wall due to stagnant market conditions.
Finding new ways to grow your company in a flat market is becoming increasingly important, especially as markets are reportedly going to remain flat for the remainder of the year.
One of the best ways to continue to grow your business is to take advantage of the digital space and all of the features it has to offer. This could mean investing in a digital marketing strategy or figuring out how to utilize digital to connect your business with the next generation of buyers.
When looking to take full advantage of digital in your business, a good place to start is your marketing plan. When analyzing your marketing strategy it is critical that you shift your thinking to a "why" mentality--why aren't you meeting your marketing agenda? Why aren't your customers interacting with you? Why isn't your business relevant with millennials?
Some companies will be able to answer these questions by evaluating and adjusting their websites. A seamless online experience is essential to not only gain new, younger customers but to also retain your existing customers. When it comes to websites in particular, millennials want interactive experiences that are user-friendly, efficient and engaging. It is also important that your website reflects your brand and communicates your brand's story with every visitor.
Making these adjustments and additions to your company's website will place your business in a better position to utilize digital channels, expand your customer base and build lasting customer relationships through your engaging digital experience.
Another area of your marketing plan to evaluate when looking to capitalize on your digital presence is your online content. Creating engaging, useful content for your customers through a company blog has become increasingly important, with one report indicating that marketers who utilize blogging are thirteen times more likely to enjoy positive ROI.
In addition to ROI, blogging can have other benefits for companies looking to grow in a flat market, like establishing your brand as an industry leader, strengthening your connection to your existing customers and attracting new customers who are interested in your content.
One company that has successfully utilized these digital techniques in order to grow their business is Tru Vue, a specialty glass and acrylic manufacturer that distributes its products to custom framing retailers and museums internationally.
The company knew a key to achieving its growth goals would be helping its customers grow their businesses as well. A large focus of this strategy was to help custom framing retailers become more relevant to the millennial consumer group.
To do this, Tru Vue first needed to make adjustments to its digital marketing strategy. For Tru Vue, this meant adjusting its website to ensure it communicated the brand's story and mission. It also meant introducing content on the website that focused on sharing valuable knowledge with their customers to help them find new ways to grow their business, reach new consumers and stay relevant in the digital age. This strategy has had a twofold benefit. Their customers are embracing the content and are becoming stronger businesses as a result. And Tru Vue is developing a stronger connection with its customers.
Jen Gramm, Director of Marketing at Tru Vue commented "We are only as strong as our customers and as a leader in our industry we believe we have an obligation to help these retailers grow and remain relevant to the future generation of consumers. Our digital marketing is a key component to getting us there."
Digital provides so many opportunities for your company to grow and build strong relationships with your consumers. With markets flatlining around the globe, it is more important now than ever to think of new ways your company can utilize a digital strategy to meet your growth goals. Focusing on how your business can best incorporate digital components into its marketing strategy will not only set you apart from your competition but will ensure that your business stays afloat while waiting for the market to rise.