1. Change your pricing.
2. Revamp your marketing.
2. Rework your marketing plan and/or roadmap.
3. Identify the need for a new product and launch it.
3. Survey and analyze your customers and target audience to identify the need for a new product (or feature). Then, create that product and sell it.
44 Update or change your product (or a specific feature of your product).
5. Grow business in new territories and offer franchise opportunities.
5. Identify new territories in which you can expand and grow your business. Ask yourself: Which new areas can we open our stores or prospect? You might also begin offering franchise opportunities to expand your brick-and-mortar business.
6. Identify a business partner to work with.
6. Partner or merge with another business in a mutually beneficial way (e.g. run a co-marketing campaign).
7. Purchase a small business or competitor in your industry.
7. If you have the resources, consider acquiring a small business or competitor in your industry to broaden your base of customers and your offerings/ capabilities. (HubSpot did this a while ago.)
8. Offer a promotional program to boost loyalty.
8. Give customers an opportunity to sign up for a loyalty program that provides them with perks in return for giving you their contact information (e.g. discounts, birthday gifts, inside information, etc.).
9. Develop a new marketing campaign.
9. Create and launch a marketing campaign or initiative to promote your product line in a unique and new way that your customers haven’t seen before. Analyze your campaign’s success so you can refer to it in the future.
10. Boost sales rep activity.
10. Encourage sales reps to increase the number of interactions they have with qualified prospects (e.g. focus on social selling and meeting prospects where they are).
Segmentation, Targeting, and Positioning
STP marketing stands for segmentation, targeting, and positioning. This is a three-step model that helps you to examine your products or services and how you communicate them to your market. Step one is to divide your market into segments. Step two is to target each segment with tailored marketing campaigns. Step three is to position your business and marketing in a way that will appeal the most to each segment.