1 / 3

The Importance of Regularly Reviewing Your Marketing Strategy and Tactics

Itu2019s important to note here that not all marke;ng ROI measures are financial. Different<br>marke;ng tac;cs serve various purposes, so they need different KPIs!<br>Think of marke;ng as a funnel. At the top of the funnel, your goal is to generate as many<br>opportuni;es as possible. If you aim to convert 10% of your leads, youu2019ll need to start with<br>around 100 opportuni;es.

Download Presentation

The Importance of Regularly Reviewing Your Marketing Strategy and Tactics

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. The Importance of Regularly Reviewing Your Marke:ng Strategy and Tac:cs A businesses marke-ng strategy isn’t merely a document that’s created at the start of a new financial year, printed out on nice A3 paper, and le= to gather dust under a pile of paperwork on management’s desks. Craig Rosewarne, Managing Director of CR Marke-ng Consul-ng, emphasises that regularly checking in on your strategy and tac-cs is cri-cal for ongoing success. As Christmas approaches, many of us look forward to some well-deserved relaxa;on, sunshine, and backyard cricket. For some businesses this is a hec;c ;me of year, while for many B2B businesses, it’s just business as usual (unless you’re selling Christmas ham or prawns!). This period is also the perfect ;me to do a half financial year marke;ng strategy, and marke;ng ac;vity calendar check in. Here are some top ;ps for best prac;ce marke;ng management throughout the year. Cadence: You’ve set your marke;ng investment budget for the year, the Marke;ng Assistant has planned out all the ac;vi;es. Job done, right? Wrong! It’s essen;al to be checking in on your marke;ng performance at least once a quarter. This way, you can determine what’s working, what’s not, and whether it’s ;me to pivot on any par;cular ac;vity. For example, if you’re spending a significant amount of money on hos;ng customer events, but hardly anyone’s turning up, and those who do are just there for the free food–why not reinvest that budget towards trade shows where you’re genera;ng many new leads instead? SiSng down once a quarter to review every ac;vity and their associated ROI will put you on the path to inves;ng your marke;ng budget more effec;vely. ROI measures: It’s important to note here that not all marke;ng ROI measures are financial. Different marke;ng tac;cs serve various purposes, so they need different KPIs! Think of marke;ng as a funnel. At the top of the funnel, your goal is to generate as many opportuni;es as possible. If you aim to convert 10% of your leads, you’ll need to start with around 100 opportuni;es.

  2. Top-of-funnel investments–like brand awareness is just as important as inves;ng money on obtaining warm leads (mid/bo^om of funnel). This is assuming of course, that not every poten;al customer knows about your brand (which is a safe assump;on unless you’re McDonalds or Coca-Cola). Focussing on top-of-funnel ac;vi;es might not see an immediate financial return, but it will in the long run! Strategy check: Six months in an industry can be a long ;me. What’s changed? Have there been any changes in your target audiences demographics or psychographics (like aStudes, values, or pain points)? Do they have new technologies (such as a popular new app among healthcare professionals)? When was the last ;me you conducted a Customer and Brand Health Survey to uncover what your customers think about you? Are your brand awareness and associa;on measures up to date? Asking yourself all of these ques;ons and more will help guide your strategy. Is it ;me to reassess your product range? Is your product ‘tail’ taking up valuable ;me and resources from your sales and administra;on teams? Is it ;me to do a cull (the 80:20 rule or the ‘Pareto Principle’)? Have you ever looked at your product range from a ‘Quadrant Analysis’ perspec;ve? Doing a simple Sales / Margin report by product and ranking your SKUs can help you sort the ‘Stars’ from the ‘Losers’.

  3. What about new compe;tors? New products that are shaking up the industry? Do you seem to see more of any par;cular compe;tor brand lately (a sure sign they’ve increased their marke;ng spend)? Have any compe;tors reposi;oned themselves in the market? Here’s an example of a simple brand posi;oning matrix. What if a new premium American burger brand entered the Australian market, should local chains like Grill’d be worried? Should they revisit their strategy or enhance their local messaging? You betcha! Conclusion: “You’re only as good as the last game you played”. Things change fast, and regularly revisi;ng your marke;ng strategy and tac;cs ensures you’re keeping pace with the compe;;on, and you’re inves;ng your marke;ng dollars as effec;vely as possible. So, before you pick up that well-deserved beer, wine or soi drink this Christmas, do your business a favour and conduct a half yearly check-in. It will set you up to hit the ground running in January! At CR Marke-ng Consul-ng, we specialise in assis-ng small to medium businesses implement effec-ve growth marke-ng strategies. Reach out to us today for a confiden-al conversa-on on how we can support your journey. info@crmarke-ngconsul-ng.au

More Related