When was the last time you put your marketing breaks on and took a good look at your results?
In many businesses a marketing plan and strategy is agreed at the beginning of the financial year, wheels are set in motion and before you know it it’s Christmas and you have no idea if the marketing is producing any results.
Sometimes you just need to stop, review and consider if the path you’re on is really where you should be and if your tactics are delivering the results you need to hit your business goals.
Nearly all marketing strategies are written to cover the full year – and of course, inevitably businesses change – so do customers, products and services but very rarely do we go back and change the strategy halfway through the year.
But reviewing your results and tactics is so important, and you have to expect to make adjustments – things change and that’s okay.
So how do you know when’s the right time to review?
- Maybe you have completed a couple of campaigns and they haven’t generated the sales or awareness you were expecting.
- Have you launched a new product that you were not expecting?
- Has an opportunity for a new customer group come about?
- Are the businesses needs changing? Change in competitive landscape or technology?
- Has your team changed and it’s just the right time to review before you employ?
You could ask yourself these questions.
- Are we getting a return on our investment?
Is your business revenue and profit growth year on year, if yes you should be able to attain a portion of this to your marketing activities. You can break down the marketing campaigns and you should be able to see the customers gained from that specific activity. If not you should be reviewing your strategy.
- Can you read the numbers?
If your marketing is set up well, you should have analytics data that you can read for each campaign and have this lead back to customers and profit gained. Without having tools such as Google Analytics and possibly a CRM this can be hard.
- Do you have social proof?
Having reviews, comments and discussion from customers and potential leads via social media and digital platforms such as Google Reviews and your website means you should be able to read your customers and gain great timely and current feedback from them. If you are getting bad reviews and negative comments – it’s probably time to review your strategy.
- Listen to your sales team.
If you have a sales team who are out in the market speaking to customers – these are one of the best ways to find out if your marketing is working. Get them to survey your customers, have they even seen the marketing. Are they aware of your new products – if not, it is time to review your strategy.
What are your competitors doing?
Often you can tell if your marketing is having a positive effect as you will see your competitors copying you or starting to increase their marketing activity too. This is always a good sign. You can always find out more from your competitors at trade shows or industry events.
If it’s all quiet on the western front – you may want to ask yourself a few questions.
Reviewing your strategy doesn’t have to be a headache.
Try to review your marketing every month – build a dashboard so that you are able to look back and start to see patterns, this way it becomes part of your activity, and there is nothing better than being able to see the fruits of your labour, or to be able to make change when needed.
Take a look at our marketing consulting and strategy support packages https://www.thebusinessdesigners.com.au/brand-marketing-consulting-service-package/