No matter how good your marketing plan for your business is, much of it will be based on assumptions, educated guesses and past statistics, however nothing is ever the same as reality. Once you start to implement your marketing plan you can see how closely your assumptions match the reality you can start to tweak and adapt your plan to keep it fresh, relevant and based on reality. There are many ways to work out where or not you need to review your marketing strategy.
Ask Your Customers
You’ll should automatically survey new customers to find out how they found out about you so that you can evaluate whether or not they found you via your current marketing plans or via some other way. If they give you a reason that they found you via a different method to your marketing plan then it might be time to review your marketing strategy.
At the End of the Marketing Cycle
Some marketing strategies have a definite beginning and end, for example, if you are running an email marketing campaign that runs for 30 days straight, then you need to review the strategy at various points throughout the plan and also at the end to ensure that you generated the results that you were expecting.
Many businesses make it a habit to review their marketing strategy on a quarterly basis to match up the financials with the efforts. How did that pay-per-click (PPC) campaign you ran last quarter stack up compared to the email marketing push that you started at the same time? Can you quantify your efforts and the results?
To Ensure That Your Strategy Is Unified
If your overall marketing strategy is to work with million plus turnover businesses and above, then every single element of your marketing plan should match that goal. It is easy, without regular reviews, to get lost and off track. A good time to check up on the unification of your strategy compared to the steps you are taking to implement the plan is at least quarterly, if not monthly.
To Know Your Return on Investment
Do you know how much is it costing you to acquire a customer and what is the lifetime revenue potential from each customer? Are your plans reflecting the financial truth? Is your marketing strategy directly influencing your ROI? If not, then you may need an entire overhaul of your marketing strategy.
Best Educated Guesses
Sometimes, you just have to go with what your gut, and make educated guesses. If you feel as if your current strategy isn’t matching up to what you want for your business, then it’s time to review everything so that you can figure out where to make changes and what new strategy to implement.
When You Develop a New Product or Service
Every time you develop a new product or offer a new service you should revisit your marketing strategy so that you can incorporate plans for pushing out the new product and/or service. How you did things before might not work and if they did they can likely be improved upon.
Check the Numbers Weekly
When checking in on your numbers on a regular basis such as weekly (or you could do it monthly / quarterly instead), at the same time you can try to understand how all your actions are affecting your marketing strategy and ultimately your bottom line.
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The entire point of marketing is to engage your target audience and get them to take action so that they can choose your products or services. If you want to be good at getting the message out to the right people, you’ll need to evaluate your marketing plan on a regular basis and how you engage and attract your audience