Last time, we discussed the importance of recognizing when poor growth is linked to marketing and why you should consider marketing consulting services to help kick things into a new gear. Catch up here if you missed part one…we’ll wait.
Without further ado, let’s dive back into our list.
More Common Marketing Pitfalls a Marketing Consulting Service Can Solve
You’re Struggling with Client Retention
Current customers are just as important to your company’s growth as new customers. New customer acquisition is 5 times more costly, and maintaining and upselling current customers allows for predictable growth.
The focus on customer retention and customer success is broadening the definition of marketing. In the subscription era, marketing is partly responsible for keeping current customers around. It’s a different way of marketing, one that requires new campaigns and new metrics. A fractional marketing management team can help put this initiative in place (or refine it further) so that your in-house marketers can keep their focus on new acquisitions.
You Can’t Make Sense of Your Marketing Metrics
These days, everything your customers do in stores and in the digital world gets tracked and turned into data to inform marketing efforts. With so much info at hand, vanity metrics and KPIs can create a misleading sense of what marketing contributes to the bottom line. What good are high monthly page views if conversions are in the single digits?
Getting a clear picture of marketing’s ROI is tricky—and a full-time job to set up. With a marketing consulting service, you have access to experienced SMEs who know what metrics matter for your company.
Your Last Product Launch Was a Disaster
Launching a new product means new growth opportunities. When a product launch goes wrong, it’s often because your marketing department lacked the time and resources to get it right.
Consider how much goes into a new product launch: filling a need, market research, pricing, positioning, timing, beta-testing, and customer feedback. Marketing has a hand in all of these things. Looming deadlines and a desire to get out of the red can lead executives to stretch even the largest team.
Product launches are a perfect time to call in project management help to ensure it gets done right—and that your other marketing activities don’t fall off in the meantime.
You’re Stuck in the Same Markets
Even when you don’t have a new product, you shouldn’t limit your current products to a single market. Whether you branch out into other industries or foreign markets, executives should always be encouraging marketing to explore new ways to sell.
Discovering these opportunities takes special expertise—different industries, different customer values, and foreign markets require new knowledge that may be lacking in your current department. Marketing consulting services bring the expertise you may be missing to tackle these new opportunities.
No Growth Means New Opportunities
No growth is a scary time for any company. But when you’re able to identify the issues that are to blame for the slowdown, they can point to new opportunities.
If marketing is slowing your company down, shake things up today by contacting JABR Marketing. With 20 years of experience and a huge network of SMEs, we can help you turn slow growth into new business in no time.