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Iconixx Insights Blog

How Do You Grow Your Business?

By January 27, 2021June 18th, 2024No Comments

Congrats, you’ve survived 2020!

Now, what can you do to prosper and even GROW in 2021?

Here are some thoughts on the subject that you can leverage for your new business strategy (you have a new business strategy, right?)

1. Focus on building life-long relationships. This is my favorite because this is what Iconixx is into.  Our customers are our partners in business so we’re always working towards the win-win.  If you’re a service-based business, then you’ll be able to give more value to your clients as you expand your services.

When it comes to your staff, you should be thinking in the same terms. Studies show that employees who build a meaningful relationship at work have 50% increased job satisfaction, as well as greater commitment to their jobs and a stronger sense of social impact. When an employee feels valued, they will feel more invested, and this can translate significantly for your customer relationships.

2. Define your core customer and plan accordingly.

It’s more crucial than ever to connect to customers who will have a genuine interest in your products or services. It’s crucial that you identify your core demographic and focus your marketing strategy (and cost) directly on that segment.

This, of course, begins with data. Create a customer profile by reviewing past behavior. This includes basic demographic information, but it’s also important to dig a little deeper, and try to map customer’s psychographics. What are their values? What are their spending attitudes? What gets their attention and their signature on the contract?

While the impulse may be to market to as many customers as possible, focused target marketing will be much more effective, especially for small businesses.  It will help you carve your niche within the market. With 76% of marketers failing to use this type of data for targeted advertising, you can give yourself a real advantage by making data-based decisions for your business.

3. Social media is one of the most critical tools in your arsenal.

Social media is still one of the most important tools in your marketing toolbox as a business owner.  Annual spending on social ads is increasing every year. Influencer marketing is a sure bet, with 89% of marketing professionals ranking it as a comparable or better ROI than other marketing streams.

The importance of brand visibility on social media illustrates another reason why identifying your core demographic is so important.

4. Marketing– Be Concise & focus on the value you offer.

  1.  Lead with your product or services
  2.  Address how your product offering meets the objectives of your core customer
  3.  Include data that packs a punch with data points that emphasize the strength of your product or service, or the relevance of it with your core market segment
  4.  Close with emphasis on ROI. Wrap up your pitch with compelling emphasis on the value that your product or service will bring. All the better if you can back it up with data or testimonials.

5. Reinvest in your brand.

Experts often consider “brand value” to be the perceived strength of a company’s name, image and reputation, and as part of the “intangible assets” of a business. Based on this framework, it’s been estimated the strength of brands can account for up to 20% of the total value of companies trading on the S&P 500.

Here are questions to get you started on assessing your brands for areas that need a little extra help:

  • Consider your brand aesthetics for strength and weakness. Is your branding recognizably you? Are there design areas that have been neglected?
  • Does your brand convey authenticity? This is a key evaluator for a customer.
  • What feelings and ideas would you hope to evoke for your customers? How can you convey this through your brand? (
  • Do you have unified aesthetics throughout your social media and larger branding? Consistency is key: studies found that a consistent presentation of a brand raised revenue by 33%.
  • Does your branding distinguish you from competitors or others in your sector? What differentiates your product or service, and is this being successfully conveyed in your branding?

Once you’ve explored those questions, take decisive action to address areas that may be lacking. This might mean hiring designers or consultants for a rebrand, or dedicating resources to training team members on how to effectively communicate your brand identity.

Bottom Line

Identify your customer – form a lasting relationship – secure your employees with supportive motivation – BRAND IT.  Here’s to making 2021 a successful year for your business!

Resources:  |  Luke Lintz, HighKey Clout, Inc.

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.