Promoting a Growth Stage Business

by Don Kyle

In my last article, I discussed the areas on which a Start-Up company should focus to promote and grow its business.  This month, I  focus on promotional strategies for Growth stage businesses.

During the Start-up stage, your main focus is to create name recognition for your business by getting your name out to your target market.  As you transition into the Growth stage, your challenge is to gain market share.  So what are some of the most effective ways to do this?  I have listed several ways you should to consider.

1.    Get entrenched in your community through various community involvement activities.  There are many ways you can do this, depending on the nature of your business, including participation with local business associations, schools, religious organizations, civic and charitable groups, other businesses, sports leagues and groups, etc.  Cultivate affiliate and referral relationships with those that are most likely to help you generate more customers.

2.    Continue to cultivate a social media and web presence and disseminate your message to your market, emphasizing competitive advantages.  Testimonials and affiliate relationships are great ways to capitalize on the power of the internet and social media.  Ask your customers to give you good reviews on Yelp!, Kudzu, and other review sites.

3.    Continue ongoing press releases to all media outlets in your market, including social media channels.  It is imperative to note that information providers want to print or post information that is interesting and beneficial for their audiences.  Therefore, focus your press releases on how your business has or will provide beneficial services or products to your market.  These are also opportunities to announce any upcoming special events and/or promotions.

4.    Analyze the effectiveness of your advertising strategy and make adjustments as required.  Only advertise in those channels that are generating great returns on your expenditures and eliminate those that are not.  Keep in mind that advertising normally does not generate instant returns, so give yourself enough time (generally at least three months) to analyze the effectiveness of your choices.

Taking these steps should help you gain market share as your business transitions into the Growth stage.

Don Kyle works with business owners who want more customers and higher profits.  He offers a free consultation to business owners who are serious about improving their bottom line and quality of life.

(404) 580-6331, dkyle@smallbizzmbz.com