Marketing Strategy Review – New Financial Year, New Approach?

Marketing Strategy Review – New Financial Year, New Approach?

Just like that, a new financial year is upon us! If the turn of a new calendar year is for making meaningful personal resolutions, the dawn of 1 July is the time for business owners to look to the future 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 items are worth considering in a marketing strategy review, and how you can plan and implement the changes you decide to make.

Marketing Strategy Review – Stick or Twist?

The purpose behind a meaningful marketing strategy review is to determine what’s working, what could be tweaked, and what (if anything) should be sidelined. Collecting and reviewing data about your marketing efforts throughout the course of a year is a critical part of an effective strategy – so if there’s nothing in place at the moment, get on it! Tools like Google Analytics (for websites) and Sprout Social (for social media) are simple to use and provide great insights about your return on investment (ROI) and the impact of your overall marketing strategy. They are also useful for helping you determine what percentage of your marketing budget 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?

You’re ready to conduct your review and see where improvements can be made – but where to start? Here’s an overview of the steps you should take, using a 12-month review cycle as an example.

Kick it off with gathering information and data on your total marketing spend for the year versus the budget you set at the start of the year. This should include the division of the budget across various media, and any incidental costs that have cropped up along the way. 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, determine your conversion rate and see if you can arrive at a figure that accurately indicates the amount of revenue generated from your marketing activities. You will then be able to compare this with your budgeted spend and see if 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 qualified leads for you to convert into customers.

Post-Review – Implementing Your Strategy

Now that you’ve reviewed your marketing strategy and are armed with the data required to make good decisions, it is time to start taking action. A good place to start is mapping out a timeline for the next 12 months (and beyond if you like) 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 example of one from the internet). Your calendar should include which of your goods/services are to be promoted at what times; what form the promotional content will take; any seasonal promotions; and other relevant dates. Simultaneously, you should determine how much you are willing to invest in your marketing for the year, divided into the different channels you plan to use. At this time, you should also set up a process for tracking your marketing efforts to collect data across the year – allowing you to 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 often 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 deliberate planning, a willingness to adjust your budgets and channels, and 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 (Joondalup) or 08 9361 3300 (Victoria Park).

written by:

Ben joined the McKinley Plowman team in 2017 as a Marketing & HR Assistant, after completing a Bachelors degree in Marketing & Management from the University of Western Australia. Ben has since stepped up to the role of Marketing Manager and oversees the marketing activities for MP+ and many of our clients.

Ben enjoys helping clients take their businesses to the next level with thoughtful marketing strategies, innovative solutions, and timely reviews to ensure great outcomes. When he's not in the office, you'll find Ben playing football (soccer), watching it, or reading about it.

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