19.02.2018 at 09:25 h / Edited 06.07.2018 at 16:52 h
Francisco Commercial Director at LOVESPACE
What to do when faced with stagnant growth? How to improve a company's marketing mix in order to drive higher conversion or to discover new segments.
George George Lellis✔CIM Chartered Marketer for profitable brand and business growth ►Food & Drink | FMCG & OTC | Consumer Tech
Stagnant growth is solely the result of the company's marketing mix or not?
And stagnant against whom? The market? Your competitors? your company's business performance?
What I suggest here is to assess first because the solution is already in your hands.
If there is a gap between where you want to go and where you are, can you fill that in? If not, find ways to become stronger on what you do currently.
The conversion rate is something much later and further down the line.
New segments can be tapped according to the snapshot you will have of the company's performance.
Not always new segments or higher conversion are drivers of sustainable business growth.
Before getting into the marketing mix, I would like to point out there could be several reasons for the stagnant growth of a company. The first step is to analyse the underlying cause of limited growth.
Now, let's imagine the revenue of the company is not growing or growth is stagnant. At this point, one should refer to the business and financial model which should point out the timeline for customer acquisition for a product or service.
I will assume that you are unable to get a customer as expected from your business model. A great way to analyze this is by doing customer/market research. You can map the customer journey and find out pain points in the customer's path to purchase. You can perform primary and secondary research to analyze the factor affecting the customer to buy your product.
Now, at this point, you can use the marketing mix to improve certain aspects of the customer decision-making process.
I would recommend you to read the following article which describes the marketing communication plan for customers.
Batra, R., & Keller, K. (2016). Integrating Marketing Communications: New Findings, New Lessons, and New Ideas. Journal Of Marketing, 80(6), 122-145. doi: 10.1509/jm.15.0419
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