When is the Right Time to Scale Your Marketing Business?
There is no magic formula to identify exactly when is the right time to scale your marketing business. However, there are many things you should have figured out before you decide to take that step.
Scaling is all about using rapid growth strategies to add new customers and grow your revenues. Scaling a marketing business mainly depends on two factors: capability and capacity. Ask yourself:
- is your business capable enough to grow?
- does it have the capacity to accommodate growth?
In the context of business, scalability describes the ability of the business to grow without being hampered by limited resources when production increases.
Technology is an important component of the equation, and we’ll talk extensively about it in this book. You need to assess your current technological capacity and technological needs in the future as you scale.
Technology has facilitated scalability in recent years as it has made acquiring customers and expanding markets much easier, opening up unprecedented opportunities for businesses to go global. The latest user-friendly apps and tech tools have changed how people used to think about interacting or purchasing with a business. Today, you can link to and purchase from businesses all over the world, just by viewing an Instagram ad. With any web search, ads trigger you to buy the things you are searching for.
Entrepreneurs work long hours and dedicate their lives to their ventures. When success finally comes, it is certainly a cause for celebration, but it also brings new challenges! After all, if the marketing business starts to scale without truly understanding who the customer is or whether the demand is sustainable, growth can derail quickly.
Other main indications that will help you figure out when it’s time to scale and take that next step include:
- employees are unable to handle the workload.
- long-term marketing goals are unachievable.
- leads continue to increase.
- your numbers say you’re good to go—specifically, when your income shows steady growth rather than extreme fluctuations or no growth at all
- you have a steadily growing income stream, not going up and down every month.
Other than that, you should also ask yourself these questions:
- Do you know your plan to move forward? What is your end-of-year goal? Which are the main KPIs you will use to determine that the year was successful? What does success look like two years from now? Determine them with our DashIQ
- Do you have any marketing processes in place, and are they the right ones? Marketing processes take many different forms. It is essential that no matter how you plan on scaling your marketing business, you have documented systems in place to accommodate your marketing’s structure. Work with a playbook. Do your sales team know what to do when a lead comes in? Explain to salespeople where the lead comes from and what you expect from the sales team.
- Does your business have the right technology in place? Both technology and connectivity play key roles in the growth of your marketing business. You’ll need to have a clear vision of what your marketing business needs before scaling it forward, both in terms of functionality and cost. Know where you want to go on the longer term. Check out the great Tools already exist.
- Do you have the right team in place? Rarely can marketing businesses scale up without hiring talent in some capacity. You will likely need to let go of some employees while hiring new people to support you as you grow. Your team must be open to do new things and experiment! Scaling your marketing is an ongoing change process. Read more about how to assemble a scalable “A-team.”
- Your business have enough demand? Just because your marketing business may be booming now doesn’t mean it will be sustainable moving forward. One of the biggest challenges marketers faces when scaling up is being able to attract enough customers and clients to support their growth. Before you scale, you need to understand your market trends and forecasts by undertaking a rigorous analysis. Don’t just base your direction off of emotions or assumptions.
- Are your finances in order? Uncertainty comes with change, and having a financial plan in place to accommodate the immediate “what ifs” that may occur mitigates the unknown. Put together some projections and simply see if your marketing budget can pay for business essentials moving forward. Make a blueprint outlining what your company has and what the roadmap would be. Your budget must be made on the must haves but can include some nice to haves for experimentation.
- Do you know your customers’ expectations? When considering expansion, it is imperative that you keep your customers and their expectations at the forefront. Your marketing tactics should revolve around their wants and needs—not yours. Spend less time worrying about day-to-day logistics and more time on connecting and innovating with your customers. Involve your customers in what you are doing: ask them questions, make a dedicated survey for them, and remember to reward them for their loyalty and feedback.
By scrutinizing all these aspects of your business and answering these questions candidly, you’ll be ready to scale your marketing business successfully on time and set yourself up for the growth you’ve been looking for. At the same time, you’ll be highlighting weak areas need to be developed before undertaking the mission. Scaling your marketing business means creating a foundation that can serve more customers with the same resources. It’s not something you do once. It’s something you’ll do regularly throughout the life of your business.
Become a Successful Scaleur
I hope this blog will prove to be helpful in your endeavor. After all, Scaling is a strategy that can only be mastered by a scaleur who is an ardent learner and considers real-time business priorities.
Marketing Scaleurs is a scaling company helping entrepreneurs scale their marketing efforts. To accomplish this, we help businesses strive and succeed with growth marketing, product development, at the right time to scale. How do we do it? We create custom growth plans for startups, entrepreneurs, and scaleurs in order to help them gain traffic, generate leads, and increase their revenue. If you want traffic, leads and sales, send an email to Marketing Scaleurs today, and you will start getting results in no time