Every small business needs to grow, and every business owner makes the same fated mistake – assuming a new sales leader or sales strategy will singlehandedly change the company’s growth trajectory.
The key to small business growth isn’t more sales. Period.
Let’s be real: Any business can be successful when their product is in demand. Conversely, even the best companies won’t achieve goals if there is no demand for what they are selling.
Small business growth is the byproduct of 3 things:
- Having a great product/service (which takes time)
- Understanding how to differentiate your brand in a crowded marketplace
- Implementing a consistent demand generation engine
As an entrepreneur, maintaining the commitment to building a great product and differentiating your brand in a crowded marketplace takes time, patience and persistence. These are not easily accomplished. Fortunately, implementing a consistent demand generation engine that can accelerate growth, even when a brand’s product has not achieved “great” status or the company hasn’t figured out how to differentiate itself in a crowded marketplace, will propel an organization forward quickly. A bonus is that building a consistent demand generation engine is easy to implement – if you know the appropriate steps to take.
So, if it is so easy, why isn’t every small business doing it? Simple: impatient CEO’s tend to overlook two simple words: Consistent and Engine.
- Consistent: We’re not talking about a tradeshow spree, an advertising campaign, or even a standard lead generation program. Generating demand requires consistency, and that means it’s a program that never stops. It’s always creating demand.
- Engine: A demand generation engine POWERS growth. It fuels the top line. It’s not a program. It’s an engine.
The best founders know that their success has as much to do with the demand equation as their own ability. That’s why they are careful to build products and solutions that solve real problems for their target market.
Conversely, even average products can be successful when demand is high. Selling is a lot easier when leads are coming in on a consistent basis. There is nothing that ignites company performance faster than having leads consistently flowing in.
So, how do you create a consistent demand generation engine? We recommend three steps:
- Grow awareness by dramatically increasing website traffic. Statistically, only ~2% of those who visit your website are likely to purchase. No one will buy from you if they are not aware that you exist. So, if you want to increase sales by 10%, you need to increase web traffic by 200%.
- Generate interest by authentically promoting your value rather than trying to sell your product’s features. Focus on their problems, and then position how your product adds value or solves problems, rather than trying to sell something.
- Drive conversion by cultivating a relationship with prospective customers. Studies show that it takes >12 interactions with a brand before a purchase is made. Increase the number of interactions by cultivating the relationship. Some effective techniques are:
- Give away something of value.
- Prepare useful content to share your ideas and value.
- Willingly share information with them through insightful DRIP campaigns.
Can You Afford It?
The challenge most entrepreneurs have with implementing a solid demand generation system is cash flow. It’s simply too costly to do so.
This is why we launched a Pay-for-Performance Program that keeps the cost low UNTIL we’re bringing in profitable revenue for clients, at which time we share in the profits through a series of performance bonuses. We do this for one reason: We are highly motivated to work with entrepreneurs and understand the challenges associated with scaling a business. Win-win partnerships are the best way to grow together.
Stop Selling – Start Generating Demand
Is your company not growing the way you’d like? Then maybe it’s time to reevaluate your demand generation strategy. Let’s talk and see if there’s a way to win together.
IGNITE On Purpose specializes in implementing demand generation programs for small businesses. We are skilled at authentic marketing techniques that generate awareness, build interest and drive conversion.
Experiencing business growth doesn’t have to be challenging. To evaluate where your business stands and discover how to experience consistent and profitable business growth, take our free assessment.