6 Steps To Grow Your Business With Little Marketing Budget
Apr
Your business can actually grow organically WITHOUT relying on venture capital.
Yes, you read that right! You might say, “But, Steve, that sounds impossible!” Well, let go of that mindset.
Remember that in every business, whether big or small, owners need to learn how to grow their organization without depending on investor funding. This is crucial because this measures how well you can do on your own.
But, how can you NOT depend on your investors?
Learn how to leverage LinkedIn and email marketing strategies.
Vitalii Romanchenko, CEO and co-founder of Elai.io, a company that generates video content with human narrators from just text, understands the struggle of scaling a business. He pushed his business to the top with a limited marketing budget because “losing was not an option.” So, let’s get started and make your business self-sustaining through LinkedIn and email marketing.
Follow these 6 steps thoroughly, okay?
Step 1. Define Your Ideal Customer Profile
The first step is always to define your Ideal Customer Profile (ICP): who are your target customers and what do they need that you can offer? The ICP is basically a detailed description of the people who would benefit from your product or service. They are your dream customers, the ones you need to target when marketing. Defining your ICP allows you to tailor your offerings to them and direct your marketing efforts to their specific needs.
Step 2. Define Your Channel
So, what’s next after identifying your ICP? Decide on what channels you will use to reach them. There are various channels you can utilize but the best strategy for every startup is to find ONE scalable channel to grow. Instead of putting the same 100% effort on different channels, put 100% on one channel. You want to focus on the channel where you can convert to sales.
But, remember, this does not mean that you abandon experimenting with other channels. Once you have established a great strategy on the first channel, start adding other channels. For B2B companies, LinkedIn and cold email outreach is particularly effective, especially if you want to increase your chances of making a sale.
Why?
Because you reach out to potential customers rather than waiting for them to come to you.
Step 3. Measure Your Metrics
Step 3 is to find out if your strategy is working, because you cannot scale without knowing. In order to do that, you need to work on metrics. By tracking data such as customer acquisition cost (CAC), you can gain insights into the effectiveness of your strategy.
If, for example, you find that your CAC is lower than the revenue you’re generating from each customer, this is likely a good sign that your strategy is working.
Step 4. Avoid Spamming
One important thing that you need to avoid at all costs is spamming. Nowadays, if you send too many emails, your content will either end up in spam folders or be ignored by your receivers because they receive tons of emails daily. So, how do you avoid spamming when marketing?
Before you start sending out emails, ensure that the addresses you’ve collected are valid and use tools to help warm up your email domain. What is warming up your email domain? It involves gradually increasing the volume of emails sent from a new email address to build its reputation. This way, you avoid being flagged as spam.
Use tools like Folderly to analyze your email content and determine if it’s likely to be marked as spam by Google. If your content is detected to be spammy, your emails may not reach their intended recipients, leading to low email deliverability Another thing to take note of is to make sure that your messages are relevant and valuable to the recipient. Otherwise, no one cares about your content.
Step 5. Personalize Your Approach
Addressing your recipients by their first name is not personalized enough. To add a personal value to your customers, you could reach out to them on LinkedIn referencing the email you sent. This approach not only shows that a real person is behind the message but also helps build trust and establish relationships.
Step 6. Validate Feedback Received
Everything mentioned is just the beginning. Once you start receiving feedback or results, it’s essential to validate this information and adjust your strategy accordingly. This process of validation and iteration is ongoing and should be data-driven. It’s crucial to remember that even if a campaign is successful today, it might not be in six months due to changes in algorithms or user behavior. Thus, constant evaluation, innovation, and iteration of your marketing strategy is very important if you want to succeed.
Conclusion:
Vitalii Romanchenko’s approach to outbound marketing focuses on understanding your customer, personalizing your approach, and constantly iterating.
By defining your Ideal Customer Profile, choosing effective channels like LinkedIn and email, tracking key metrics, avoiding spam-like behavior, and validating feedback, you can create a sustainable business model that adapts to the ever-changing digital landscape.
Remember, the key to success in outbound is not a one-size-fits-all strategy, but a continual process of learning, adapting, and innovating.
