Partner Content
Being a marketer in 2021 “ain’t easy” as they say. As we observe our own marketing team, navigating the ongoing pandemic while shifting from in-person events to virtual wine tastings has been nothing short of miraculous. But, we’ve seen some great success stories in this shift to digital over the past 18 months. While there is still some uncertainty – one thing is clear: small and medium-sized businesses have no choice but to turn to smart growth in order to minimize risk in their company growth strategy.
In short, smart growth is the process of doubling down on efficient growth strategies in order to preserve small business profits and/or cash reserves during uncertain times. Growing efficiently means you don’t require as much capital investment to add a new customer as you did before. Smart growth is as targeted as possible. Some might even call it “back to basics”. Figuring out what’s working well in the business and doing more of it. For some, this might look like performing a cohort analysis of your customers in order to understand which ones get the most value and satisfaction from your product. Once you know who your most valuable customers are, teams can focus and prioritize those types of businesses in sales and marketing. Speaking of customers, don’t forget that smart growth is full-funnel. What this means is that investing in the retention of your current customers is an important way to scale a small or medium company. Happy customers stay longer and improve Customer Lifetime Value. They spread the word about your company and help generate new customers too.