If you’re the owner of a business and want it to be successful, your sole focus should be on growth.
After all, nobody wants to get into business to shrink their firm. The question is: How will you drive your business growth?
There are two kinds of growth— inorganic and organic. The latter is built on a complex blend of expertise, reputation, capability, experience, and visibility. The former is a little more straightforward and based on liabilities, cash, and assets.
Organic growth is, indeed, the “Holy Grail” of professional services marketing. Strategies to drive that growth are elusive and counter-intuitive. In this post, we will reveal the top research-based strategies that have been proven in real-world, high-growth firms.
Organic growth is created by adding clients or more business from existing clients. It is particularly essential in expanding your business by using the resources you have, including skills, experience, relationships, knowledge, and other tools. With that said, let’s focus on organic growth and cast a glance at five proven strategies for generating it.
1. Research your target clients
It’s a fact that not many professional services firms develop a clear picture of their ideal target client.
If you study the relationship between profitability and growth, you will find that professional services firms that take on regular research on their target audience grow almost 70% faster and are 50% more profitable than firms that don’t.
2. Focus on a well-defined niche
With well-researched results in hand, you’re in a sound position to focus on a specific niche. Some may say it is counter-productive to narrow your focus, but there are significant benefits to doing so.
Focusing on a well-defined niche enables you to decrease marketing costs and competition while surging market share, fees, and profits.
3. Develop strong differentiators
If your firm is highly positioned in a well-defined niche, you’ve got a built-in differentiator.
It’s a feature that sets you apart from the competition.
4. Balance traditional and digital marketing
The fastest-growing firms take a balanced approach to marketing – amalgamating digital with traditional.
It all starts by ensuring marketing techniques fit the target audience.
5. Make your expertise visible
As a services firm, the only product that you have to sell is your collective expertise. In a study on buyer behaviour, it was found that across professional services, expertise was the only selection criteria next to talented staff.