This will help you focus on the smaller things that need to be implemented to help you achieve the big picture.
Here are your essential steps to develop a growth strategy and execute it to achieve business success.
It’s one thing to know that your business needs to grow in 2020, but it’s crucial to define exactly what success looks like.
Creative ideas and blue sky thinking are great at this stage. However, you’ll need to dig into the data to determine what is realistic growth for your individual business.
Analyse your sales data to understand which customers are of the most value. Dig into your reports from your digital display campaigns to define your current customer demographics and how they engage with your advertising. Evaluate the areas that you would like your business to grow into and understand those that could be the most profitable in the short and long-term.
Taking things back to basics by focusing on your current positioning, ideal customer and potential areas for growth will help you begin to build an appropriate growth strategy that fits your business.
This can either be conceptual or more focused on key targets for example. You might want to be the biggest business in your sector for your specific region, or you may simply wish to increase your digital sales. The profitability of your offline locations or ways of enhancing the omni-channel experience you give to customers could be high on your list. It will all depend on what you’re setting out to achieve.
Whatever your vision is for 2020, once you define it, it should be at the centre of all your business decisions moving forward.
Your vision needs key goals that must be attained for it to become reality. Once these goals are identified, the next step is to discover the smallest possible steps to achieve them. Begin by working from the bottom up to lay the foundations for success.
This will enable you to understand how you are best to spend your budget without any wastage, detailing which areas need the most attention and require funds.
Look critically at your current business and evaluate what needs to change to assist growth rather than hinder it. Are you an ecommerce retailer that has moved from Magento 1 to Magento 2? Are you looking for an advertising solution that works with Magento and can be integrated seamlessly?
Is your business running as efficiently as it could? Would you benefit from bringing essential automation into your digital advertising approach?
Do you need an ad-tech provider that can solve your biggest business challenges and help you trim budget where necessary?
The right changes to inefficient internal processes, the introduction of cost-effective and high-performing ad-tech, or new tactics to reach your customers will all help to provide the foundation for business growth.
Digital advertising is essential for business growth.
To scale and build your business without wasting budget, you need a strategic approach to digital advertising. Whatever issues and problems you may have faced in 2019, it’s crucial to plug these gaps with the right digital advertising techniques and tactics. Consider the following:
By taking a precise approach to Retargeting through product Remarketing, you will ensure that users are served with ads featuring the exact product they viewed on your site or left abandoned in their basket.
Offering tailored and personalised ads in this manner means that you’re creating the opportunity to guide customers through their purchase journey right the way through to conversion. When done well, Retargeting campaigns can outperform standard digital display advertising by as much as 10 times.
Your business solution: Product Retargeting
It’s never been more important to serve your users with ad creative that is engaging, on-brand, and that cuts through the online noise.
However, always using a creative agency to build your ads is costly and will reduce your budget significantly. The right solution to build beautiful, award-winning digital display ads quickly, at scale, and cost-effectively will ensure this budget can be re-allocated towards campaign spend to enhance the performance of your campaigns.
Your business solution: The Fluid Ads Ad Builder
If a key driver for your business growth is to enter new markets, or improve performance in existing foreign territories, it’s crucial to ensure that you serve the right users with the right ads at the right time.
This includes making sure that every single ad is in the right language for the end user.
Your business solution: Dynamic Advertising
Footfall may be down, and offline sales may be struggling, despite your website performing well. Digital advertising techniques that help you to connect with users while they’re on the go, such as Geofencing, will create the opportunity to boost footfall into your locations.
Engaging and customer-centric ads with the right messages is what will encourage those users to change their plans and visit you in store.
Your business solution: Geofencing
While the likes of local SEO may underpin your approach to local advertising, to boost performance in local markets, it’s important to tailor your digital display advertising to reach these local audiences, and only those audiences.
Geotargeting does exactly that, targeting your ads to reach only your target demographic in a defined geographic area.
Your business solution: Geotargeting
Fluid Ads provides the complete solution for all your digital display advertising needs to underpin your business growth in 2020.
With all that’s going on in the world right now, it’s both a good and bad time to be an ecommerce business. Read our article to see the impact of Coronavirus on eccomerce.
With data being a fundamental role in your digital advertising strategy Fluid Ads looks at the best marketing strategies to get the best out of your data.
Read how we can help you set the right budget and make the right decisions for your marketing campaigns.