After many years in business, you may enter the maturity phase of the business cycle where you face tough competition and an ever-changing market. Having strong brand recognition and a solid customer base may not be enough to keep your business successful – but never fear, as your trusted partner in communications, we have some tips on how to use strategic communications to continue to achieve your business goals.
In the maturity phase of business, staying ahead of the competition requires continued innovation and adaptation. Effective marketing can help businesses differentiate themselves, stay top-of-mind, stay relevant and maintain and grow your customer base. Prioritizing tactics such as brand reinforcing, market research and customer loyalty will allow your business to continue to thrive.
Some ways you can support business goals during the maturity phase include:
Build Brand Loyalty.
Keeping existing customers happy is less expensive, simpler and supports a stable revenue stream. Similar to internal marketing tactics, continuing to build a relationship with your clients will create a community of loyal customers and brand advocates who are likely to refer others to you. You might consider implementing client recognition programs, referral bonuses, or incentivized client feedback surveys.
Communicate Your Value Proposition.
Set your business apart from the competition with comparison marketing tactics to highlight your benefits and differentiators from your competitors. This is where you want to give your clients all the nitty gritty information, this could be in the form of a FAQ page or a one-page sales collateral showcasing your key benefits versus the competitors.
Reach New Audiences.
Adjusting your marketing tactics to connect with new audiences will expand your market reach and revenue potential. Begin with reviewing the results of your current marketing efforts, and audience targets to determine what has been effective and what has not. Some new tactics may include unique paid advertising options like Reddit display ads or traditional print ads.
Want to discuss which strategies and tactics are best suited for your business in the maturity phase? Let’s chat!
Check out our previous blog on communications strategies for the growth stage.
Coming up in our series, watch for our thoughts on the next phase in the cycle.