The Truth: Why Brands Hit a Brick Wall With Growth
May 17, 2024
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Learn why brands face growth barriers and how to overcome them by aligning finance and marketing teams. Discover the importance of a flexible tech stack, diversifying marketing channels, and meeting customer needs. Tips on evolving business, running effective tests, and adapting to changing consumer behavior for sustainable growth.
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Quick takeaways
Prioritize testing and creativity over rigid financial forecasts for business growth.
Strategically adapt tech stacks to avoid barriers in brand growth and disruption.
Balance marketing channels to enhance customer engagement and brand stability.
Deep dives
Financial Team and Marketing Alignment
Businesses often face growth barriers when the finance team takes the lead over marketing decisions. Challenges arise when finance demands guarantees for spending before testing, hindering creative solutions. Successful businesses, notably in their early stages, prioritize testing and risk-taking over rigid financial forecasts or proofs.
Tech Stack Optimization
Overreliance on specific technology can impede brand growth. Adapting tech stacks strategically with business growth is crucial. Analyzing integration capabilities, considering platforms like Shopify, and planning system migrations with caution are vital to avoid disruptive tech changes.
Diversifying Marketing Channels
Relying heavily on a single marketing channel, like Google Ads, can cause vulnerability to fluctuations and limited revenue sources. Balancing various channels ensures resilience and customer engagement beyond a single platform. Prioritizing repeat orders, lifetime value, and spreading marketing efforts across diverse channels enhance brand stability and growth.
Understanding Customer Needs
Marketing success lies in understanding and evolving with customer preferences. Engaging with customers to learn how they use products offers insights for tailored marketing strategies. Encouraging customer feedback, conducting surveys, and adapting marketing messages to align with actual product usage drive effective customer connections.
Evolving Marketing Strategy
Innovative marketing strategies require continuous evolution and creativity. Seeking inspiration from the e-commerce industry, engaging in webinars, podcasts, and online platforms can spark fresh marketing ideas. Experimenting with unique campaigns, engaging with the audience, and exploring new content angles invigorate marketing initiatives.
Continuous Testing and Optimization
To overcome stagnation and boost growth, businesses must prioritize testing various strategies. Embracing a culture of experimentation, learning from failures, and adapting marketing approaches drive continuous improvement. Regular testing, optimization, and data-driven decision-making ensure ongoing relevance and success in dynamic markets.
Join Nick this week as he uncovers why brands are hitting a brick wall and the 7 things you can do to overcome them!
Nick shares the truth behind successful business operations and how to find synergy between the marketing and finance teams.
We'll discuss strategies for moving and improving tech stacks to stay ahead in the digital age, and discover how to diversify your marketing approach and double down on meeting your customers' needs!
Key takeaways: 0:00 Introduction 0:39 Our Roundtable Event 2:04 Why Brands Are Hitting A Brick Wall 3:18 The Role Of Finance In Business Planning 6:09 How To Get The Finance Team and marketing team aligned 7:14 Knowing How To Move & Improve Tech Stacks 11:47 Over-Reliance On A Single Channel 15:20 Doubling Down on Marketing to Your Customers Needs 18:08 How to Market to the Right People 19:34 How to Evolve your Business 24:13 Running Out Of Creativity? 28:30 Testing: Don't Do the Same Thing Over and Over 32:16 How To Run Tests 34:44 What’s next!