Most marketers go for a marketing strategy revamp on a yearly basis, typically, and this is a great practice.
Regardless of how successfully your marketing strategy worked for you this year, a little bit of consideration and tweaking will get you going for another great and fruitful year ahead.
In this blog, we will share eleven ideas with you that can come in handy for you when planning your next marketing strategy revamp.
Conventional Marketing Strategy Revamp
These are the three aspects that are considered in most conventional marketing revamps:
While looking at your data means looking at your past, we must not forget that they do offer a sneak peek into what has worked for you earlier and what hasn’t. That means data helps you identify areas that need improvement, which is why it is always a good idea to collect all the data for the previous year and pin down the areas that need to be improved for the next year.
Looking at your last year’s data can also help you identify the content or campaigns that help you satisfy your business KPIs (Key Performance Indicators).
Plus, it is ideal as well as necessary to recognize areas where you need to spend more time and effort in the next year and also where you should spend less time too.
It is always a smart move to stay current with what’s happening within your industry and carry out a competitive audit. If you notice one of your competitors capturing your share of voice (SOV) or spending a great deal on PPC campaigns, get your jumpers and goggles ready, it’s investigation time! Start digging in right away.
As observed by many experts, usually, when a top competitor is spending less on Pay-Per-Click, they are focusing on Search Engine Optimization or inbound content. Now, this is a spicy bit of news, and this is the kind of information you should be aiming to discover.
Whenever aiming for a marketing strategy revamp, you should take some time to dig into your competition, and who knows, you might hit the jackpot!
Needless to say, but every entrepreneur wants to future-proof their business, and the majority of them do so by staying up to date with the latest trends in their respective industry.
And by this, we are not necessarily referring to Artificial Intelligence or Voice Search. All marketers need to do is take a look at two social media giants – Facebook and Instagram. Both of them introduced some significant changes to their platforms a couple of years ago to identify the latest trends and areas that need some tender loving care (TLC).
Being flexible and staying current with the significant changes in the digital world will help you make the required customizations.
This was all about the basics. Now it’s time to go in-depth!
11 Ideas to Revamp Your Marketing Strategy
Asking yourself questions is the best way to know where you currently stand. Here are eleven questions that will make you think and help you a great deal in revamping your marketing strategy effectively.
Go through these questions and see how many of them you are able to answer quickly and how many of them make you take a break for your next year’s strategy.
- Which market or markets are you going after presently? Are you excluding any market? If yes, why?
- Are you instantly meeting the desires and needs of your target audience? What’s the reason behind your answer (whether yes or no)?
- Do all your products or services have their own USP (unique selling proposition)? Is it clearly stated someplace? If yes, then where?
- Are the USPs of your products or services ‘pitched’ to each of your target groups?
- What sets your brand apart from other similar brands? What is your key differentiation strategy?
- Does your key differentiation strategy connect with the most urgent needs and desires of your target customers?
- Is your pricing strategy generating benefits or negatives for your company?
- Who is your top competition? What are those brands doing right or wrong that creates a danger or opportunity for your brand?
- Where does your company promote its offerings? Is it the same platform where your customers go for buying?
- What’s working best, and what’s terribly failing with your current marketing strategy? (Answer this one honestly!)
- Is there anything stopping you from following or implementing your marketing strategy or its revamp? What is it, and why is it so?
Set Your Goals
If answering these questions has made your head spin and indulge in lots of thinking, then we have done our job correctly.
Whether you are new to all this or an established business, most of the time, you won’t have the perfect answers to these questions or a perfect marketing strategy either.
And that’s why it is crucial to pursue a marketing strategy revamp at least every year. You need to be specific when setting your goals, not lofty. For example, your goals can include:
- Increasing leads or lead consultations as compared to last year’s percentage increase.
- Boosting your website’s social traffic by XYZ%
- Improving the engagement rates of your social channels by XYZ%
However, keep in mind that you have to do an early check-in to ensure that the goals you have set are realistic and achievable. For instance, if you feel like a 20% increase in social traffic will be a tough nut to crack by the end of the first quarter, then reset your goals to make sure the percentage is aligned with how your year is turning out to be.
Also, it is advisable that companies should analyze their processes. Ask your team to put forward the gaps they are observing in your business process so that you can further increase your efficiency by filling those gaps.
Remember, goals don’t necessarily have to be around sales. Customer experience is something that requires a lot of focus and attention to keep your business up and running.
There will always be something that you can improve in your marketing strategy, no matter how successful your year has been. When you analyze your previous year’s data, you will spot gaps or areas that can be improved to produce even better results, and well, who doesn’t want to grow?
Marketing strategy revamp helps pave the way for improvisations in your business processes and workflows and ensure the utmost efficiency. With these eleven questions or ideas mentioned in this blog, you will be all set to identify the aspects you should or shouldn’t spend more time on. And thus, get your business ready for another successful year.