A new report on the effect of the Covid-19 pandemic on the UK’s high-growth ecosystem shows that many companies are starting to see a path to the other side.
Just under a third of high growth businesses are now at risk from the pandemic, down from 53% in April, according to researchers Beauhurst. Larger companies are faring better, in general, but agile scale-ups and start-ups are finding the ways to pivot through the crisis.
The sectors that are most likely to see positive impacts to business are – not surprisingly – eHealth, digital security and technology. The report wisely calls for the right funding support from government for SMEs in two areas: economic stability and innovation.
Invest in marketing
Unmentioned is the critical area of marketing innovation and investment that, in my view, companies must adopt to succeed against the ongoing challenges of this disrupted world.
It is no longer enough to have a great product, even if it is world-beating or revolutionary. It is not enough to grow your business through word-of-mouth recommendations, as it has been for so many SMEs in the past.
Anyone who has spent time on their laptops during these endless remote working days will provide testament that the amount of salespeople reaching them through LinkedIn or email has gone through the roof.
If you don’t, as an ambitious company, make the leap to using quality marketing to drive qualified leads for your sales people to go nurture and – hopefully – close, then there are a host of others out there who will do so.
The old tried and trusted networking method of meeting like-minded potential customers at events and exhibitions is dead for now. Digital marketing is the only game in town.
I am seeing a host of new companies springing up as well. Often led by entrepreneurs who have lost or left their old jobs or were furloughed are now taking on the dream challenge of successfully building their own enterprise.
They know their market. They can build a top product effectively and efficiently. But they rarely get laser focus on their target audience.
Go To Market strategy
And they often tragically adopt a “build it and they will come” approach rather than a structured Go To Market strategy.
Marketing is rarely easy. Connecting it to a smart sales organization is difficult. But it is the path to growth for in these difficult times.
To download Make Marketing Magic’s seven smart steps on how to grow your business, click here.
And Microsoft partners can join our webinar on how to get information qualified leads here.