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Reviewing Your Marketing Strategy
Is your current marketing strategy working for you? If you don’t know or can’t tell, then it probably isn’t…
As we approach 1 July, it’s time for business owners to look ahead and plan for growth and change. So, what better time to review your marketing strategy and see where you can improve the face of your business, as well as attracting and retaining new customers. Let’s have a look at why changes to your marketing strategy should (or shouldn’t) be made, what to consider in a marketing strategy review, and how to plan and implement changes.
Marketing Strategy Review – Stick or Twist?
Reviewing your marketing strategy should show you what’s working, what could be tweaked, and if anything should be put aside. A critical part of an effective strategy is collecting and reviewing data about your marketing efforts throughout the course of a year. That means if you don’t have these reporting tools in place now, get to it! Tools like Google Analytics (for websites) and Sprout Social (for social media) are simple to use and provide crucial insights on your marketing return on investment (ROI) and the impact of your overall strategy. You can also use these tools to determine the percentage of your marketing budget that should be allocated to different media to maximise lead generation and value. The bottom line is, data-driven decision-making helps to ensure you stick with what’s working, scrap what isn’t, and make improvements proactively, rather than reactively.
What Goes into a Marketing Strategy Review?
So, you’re ready to get started on your marketing strategy review to identify areas for improvements – but where to start? Using a 12-month review cycle as an example, here’s an overview of the steps you should take.
Start with gathering information and data on your total marketing spend for the year and compare that with your budget. This should include the division of the budget across various media, as well as additional costs that have arisen over the period in question. Then, consider the leads you obtained throughout the period, and if possible, work out how many you obtained through each channel in your marketing mix. The value of these leads and the ratio of qualified to unqualified leads is important as well. From here, you’ll have what you need to determine your conversion rate and arrive at a figure that indicates the amount of revenue generated from your marketing activities. When you compare this with your budgeted spend, you will have a decent indication of whether your marketing strategy generated revenue for your business, or cost more than it brought in. Further analysis of your data should include ROI calculations on each part of your marketing strategy, so that your plans for the following year can better allocate resources to the channels that generate good quality leads.
Implementing Your Marketing Strategy
Your marketing strategy review has armed you with the data required to make good decisions, so now is the time for action. Start by mapping out a timeline for at least the next 12 months with a marketing calendar. This can be in the form of an Excel spreadsheet; tacked up on a whiteboard in your office; pencilled into a desk planner; or in any other form that works for you (here’s a link to an electronic strategy template). Consider what goes into the calendar – which goods/services are to be promoted at what times (particularly seasonal promotions); what form the promotional content will take; and other relevant dates. Determine how much you are able to invest in your marketing for the year, divided into the different channels you plan to use. If you don’t have something in place already, this is the time to set up a process for tracking your marketing efforts by collecting data across the year, so you can evaluate and tweak as you go. Finally, the last major component is to engage professional assistance to execute your strategy. Many businesses owners are not only too time-poor to take on the day-to-day marketing tasks required for success, but their expertise typically lies elsewhere. The Brand Plus team at McKinley Plowman is a good place to start!
The Bottom Line
Success in marketing comes from careful and considered planning, a willingness to adjust your strategy, budgets and channels, and having relevant goals to aim for. Data-driven decision-making helps turn your marketing strategy into genuine business opportunities – and from there, anything is possible. If you’re ready to take your business’ marketing to the next level, get in touch with the Brand Plus team at McKinley Plowman via our website, or call us on 08 9301 2200.
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