Imagine the growth of your business being primarily driven by what your customers experience and share rather than by the size of a marketing budget.

As social networks and online communities continue to grow in popularity, size, and impact, they are fast becoming the new commerce.  These non-traditional influencers are shaping the future of buying behavior as more and more consumers turn to trusted friends and networking contacts to validate their purchase decisions.

In 2011 and beyond, businesses will continue to wean themselves off just using traditional marketing channels and become more dependent on customer feedback and experience sharing.  This trend will gain momentum as consumers find they’re better informed after tapping into their social networks rather than relying on what companies convey in advertising campaigns.

In order to grow and thrive in the coming decade, brands must excel at the fundamentals of good business and embrace social networking as the preferred marketing channel.   Great products backed by exceptional customer service will be the norm for those businesses that top consumers’ raves and faves list.  Yes, it’s a return to business basics and a departure from perception is reality.  Consumers will base their brand loyalty on what they actually experience and learn from those in their social network, and businesses will find it increasingly difficult to persuade buyers based solely on their marketing messaging.

The future of marketing as a social network driven phenomenon is here to stay.  It’s an exciting time and perhaps a bit scary for those businesses that don’t have a clear understanding and plan in place for competing and succeeding in the new commerce.   You’d be well served to find a knowledgeable and trusted business coach that can provide the necessary insights and guidance in 2011 and beyond.

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The race is on. Now that the economy is showing signs of recovery, more businesses are turning their attention to growing again. But do you remember what it takes to grow your business?

Given the length and depth of the recent recession, most companies have been in survival mode for so long they’ve lost sight of what drives business growth. Along with the uncertain economy, new technologies and increased competition have combined to further complicate the buying and selling dynamics. And now you find yourself faced with getting your business back on the fast track and wondering where, when and how to start.

The Growth Curve

In the initial phase of the three-phase business growth curve, most businesses start growing by discovering a pattern of success as they focus on their startup initiatives and product development. After identifying the growth curve pattern of success that applies to your business, the next step is to fully focusing your sights and resources on what works and downplay what doesn’t. All too often, businesses are so intent on fixing what’s broken and overcoming their weaknesses that their strengths are compromised and their efforts are divided.

So how do you know for sure what’s working for your business and what’s not? The sure-fire way is to apply market research and analytics to assessing, testing and building on the best of what you do. Know all you can about your most loyal customers and biggest spenders. Evaluate your products and services and showcase your best sellers and drop the duds. Finally, carefully plan and prioritize your marketing initiatives and be sure to leverage the efficiencies and effectiveness of online marketing.

Ready, set, grow!

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Just like people are more productive when they discover their personal niche, businesses are more successful once they find their market niche.

In today’s fiercely competitive marketplace, defining your market niche is essential. Many business owners are still reluctant to identify a niche because they fear they will turn away potential customers.  But it’s becoming nearly impossible for a business to be everything to everybody when competitors with tightly defined niches can more effectively target, serve and satisfy a specific customer segment.

So how do you go about defining your market niche?  It starts with identifying a specific need for which you have a product or service that would appeal to a segment of customers that share common preferences and profiles. At growth marketing, our niche is helping small businesses grow. We know there are plenty of small businesses who want to grow but need guidance on the best course of action. At the same time, we’ve found that creating a niche helps reduce wasted marketing dollars by targeting the message to a particular audience using cost efficient marketing techniques.

If you haven’t done so already, scratch your niche and lay claim to your share of customers.  Explore what types of customers are underserved, what it would take to win their business and how to reach them with relatable and timely marketing messages.  It’s time to stick your flag in the hill you want to own and defend at any cost to grow your business.

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