We recently had the pleasure of speaking with the RBC Liberty Village small business community about this very topic and I wanted to share it with a wider audience.
The topic of being a bigger business, while doing better business is at the core of Brandalytics fundamentals. It is our belief, that in order to achieve sustainable growth patterns not only does a company need to succeed at being a “bigger business”, they to also need to succeed fundamentally at being a “better business”.
When I speak of being a better business, I’m not speaking ethically. I’m talking about being a better business operationally.
To provide more clarity: Being a bigger business, is your marketing department. Being a better business, relies on your operational department. In advising with companies over many years, what we have found to be one of the largest impediments to growth is a disconnect between these two departments – a lack of visibility into how interconnected a business is, which produces significant failures at specific parts of the funnel.
This disconnect can be the reason that many organization fail and/or succeed.
Here is a one-thousand foot view of what it looks like to be a bigger business, and a better business at the same time.
How To Be A Bigger Business
- Leverage best in class media channels
- Organic channels
- Paid channels
- Digital channels
- Non-digital channels
- Create best in class user experiences
- Work with established advertising providers to achieve attainable results
- Surface your product in front of interested targets
- Create compelling consumer offerings to attract conversion
How To Do Better Business
- Create a ‘safety net’ around your business experiments leveraging analytics as your backbone to cater toward best performing company segments
- Place a codified process around growth to remove department and individual bias
- Use technology to create clear communication patterns between marketing-sales-operations teams to ensure minimal overlap on learnings
- Create a culture around growth (This does not mean ping pong tables and beer, but rather incentives around growth related activities)
- Dedicate to achieving long term company goals not short term wins
Choosing to keep this at the one-thousand foot level because we can dive very deep into each one of these points, and we likely will in future blog postings.
The fundamental principle behind doing better business is catering to your customers at every step of the way and being able to immediately pivot on actions that are detrimental to your company actions. Without the tools and trained human resources in place to understand and effect these pivots your business could be left dead in the water while competitors leveraging these capabilities begin to excel.