Step 4: Develop a Marketing Strategy for Short and Long-term Growth
If you need growth that will last, the first thing you should do is to hire an experienced marketing leader who understands how to balance immediate needs and future growth goals.
Unless company principals don’t plan on having staying power, they should never restrict their organization’s marketing to lead generation activities alone even if the leads are cheaper and the return on investment seems quicker.
Without ongoing brand-building campaigns, you will stop attracting audiences who are just beginning to consider the types of products or services your organization offers. You will also miss out on drawing in new audiences by creating the desire to learn more about what you have to offer. Plus, if your category is crowded, even those closer to making a decision will have trouble remembering your brand or anything about it because there will be virtually no brand-awareness.
In other words, you will stop filling the top of your marketing funnel and growth will eventually slow as competitors with stronger brand awareness surge ahead.
On the other hand, increasing brand awareness takes time and usually requires a higher monetary investment so non-branded lead-generation campaigns are needed to supplement branding to ensure there will always be a constant flow of new leads.
The Most Effective Marketing Programs Drive Immediate Action and Build Brand At The Same Time
Highly targeted, branded campaigns that also have promotional elements and a call to action can attract both top and bottom of funnel prospects depending upon your targeting. If your budget is limited, you must refine your targeting to your best audiences’ specific demographic and psychographic characteristics, hit them where they live and appeal to them on a deeper level beyond cost savings or features.
The bottom line is that in order to ensure sustainable growth, developing and executing an integrated, brand-building marketing strategy that attracts both top and bottom of funnel decision makers is essential. The funnel needs to be filled constantly to achieve long-term, sustainable growth.