Beyond your Engine of Growth, the following are some specific initiatives to explore:
Target Market
Expand to a new region: Are there any other areas that are easy to serve because they share the same time zone? Have opposing seasons that can offset your slow seasons? Or share similar culture or market characteristics?
or
Service a different customer type: For instance, if you have scheduling software for doctors, consider expanding to serve dentists as well.
ASSIGNMENT
What are some strategic regions worth exploring? Are there other customer archetypes you could also serve?
Channels
Are where you find your customers. Here’s a sample of examples, grouped by type:
| Physical Presence: | Retail, Wholesale, Trade shows, Magazines |
| Online Platforms: | E-commerce, Facebook, LinkedIn, Google |
| Direct Outreach: | Cold calling, Email drip campaigns |
| Educational Platforms: | Webinars, Workshops, Info sessions |
| Digital Content: | Landing pages, Podcasts, Video series, Blogs |
| Public Engagements: | Speaking engagements |
Perhaps you’re not reaching your customers in the right places. Test new/different channels for better quality leads. Some channels might:
Serve different purposes more effectively
Prospects at different stages of their decision-making process prefer various mediums for getting their questions answered. For example, a blog or YouTube is excellent for basic education, while workshops or customized consultation calls are more effective for capturing prospects who are intent and ready to take action.
Have better conversion
You might find that only 2 of 10 people who viewed your ad on one channel visit your website, yet on another, 4 of 10 do.
Cost less
Advertising on LinkedIn is more expensive relative to Facebook (but it might be worth it IF the quality of leads justifies the cost).
Require less effort
A lead at the right stage of their decision-making process will require less convincing.
Lead to faster sales
Related to better conversion and less effort, but different. Prospects may be more active on certain channels when they’re more ready to buy. For example, if you’re a restaurant, prospects browsing on Google may only be looking for potential dining ideas vs. prospects browsing on Google Maps are more likely to already be in their car and looking for a place to eat nearby.
Be a better fit for your solution
Certain customer personas or communities are more active on specific channels.
Lead to more loyal customers
For example, customers who convert from a forum are often more analytical. They may also exhibit higher loyalty because they have already evaluated alternative options. As a result, they are less likely to experience buyer remorse or consider switching in the future, as they are already aware of the limitations of other alternatives.
You don’t have to be on every channel. Instead, focus on the ones most effective for reaching your customers and meeting your objectives. Different channels serve different purposes; for instance, LinkedIn is great for thought leadership, while Google Pay-Per-Click (PPC) ads excel at attracting prospects actively searching for a solution. Not every business needs to be on social media, and some get by fine even without a website. The most important point is to be where your prospects are looking.
Related side note: Be cautious of marketing agencies that propose applying a generic setup framework, such as creating all your social accounts and websites. Of course, they’ll want to do it all; they have a monetary interest in more work.
Focus on your primary channel while you experiment with other channels. To simplify how to identify the efficacy of a channel, you can focus on Customer Acquisition Cost (CAC) as a metric. Measure CAC separately for your different channels and find the lowest one.
The formula for calculating CAC is as follows:
CAC = Total Marketing and Sales Expenses / Number of New Customers Acquired
An oversimplified example, but assuming all other factors are equal: If you spend $50 on Facebook and the same amount on LinkedIn simultaneously, and Facebook yields you 2 customers while LinkedIn yields you 10, the CAC calculations would be as follows:
FB CAC = $25
LI CAC = $5 (WINNER!)
ASSIGNMENT
- What channels are you currently utilizing?
- If you aren’t already, how can you measure the effectiveness of your channels?
- What other channels are worth exploring?
Referrals
Refer back to Growth Engines: STICKY for tips to improve WoM. Recall STEPPS for more ideas.
Thought Leadership
If you’re not already doing so, increase inbound leads by establishing yourself as a leader in your industry. Explore potential topics to address and mediums to use, such as podcasting, webinars, videos, blogging, or even writing a book. Additionally, explore guest speaking opportunities or consider participating as a subject matter expert at conferences. Exploring the above may also open up new acquisition channels for your business. Besides sharing your knowledge on the topic, are there any frameworks, models, templates, or guidelines you can pioneer?
Facilitate Regulatory Compliance
Not possible for everyone, but if you have an offering that benefits from specific regulatory changes or policies, consider how you can encourage or play a role in accelerating it, as it will lead to greater market penetration and expedite adoption. Here are a few real-world examples:
- Priopta, a consultancy specializing in Life Cycle Assessment (LCA) for green buildings, offers a unique perspective. While current industry standards only account for operational carbon (carbon emissions during a building’s use), Priopta advocates accounting for “embodied carbon” in local regulations. This concept factors in the environmental footprint associated with the production and procurement of materials like concrete, steel, wood, glass, and insulation used in construction before a building’s completion. Anthony, the founder of Priopta is also the founder of the Carbon Leadership Forum (CLF) British Columbia, a collaborative community and resource hub focused on addressing embodied carbon emissions in the construction and building industry. Anthony’s significant contributions to this field have established him as one of the foremost experts on the subject, leading to frequent invitations to speak at universities and conferences, which, in turn, contribute to client acquisition as they naturally look to him as a trusted provider for a solution.
- A mentor I know of (who sold call recording hardware) shared how his business exploded after the government mandated that bank call centers record their customer service calls. I don’t recall if he was directly involved in advocating for that mandate, but the point is to proactively create the right opportunities instead of passively hoping for the right timing.
- During my work visit to Vietnam in 2019, the Vietnamese government was implementing a ban on plastic take-out packaging in restaurants. Concurrently, AC-COOL, a company nurtured within the Foreign Trade University Innovation and Incubation Space (FIIS), was pioneering the development of bioplastics derived from agricultural waste. Positioned as one of the few bioplastics companies in Vietnam, they were primed to cater to the market once the regulations were enforced. Unfortunately, AC-COOL has since discontinued operations due to operational challenges brought about by COVID-19.