According to Garner’s CMO Spend Survey, businesses spend around 12 percent of their revenue on marketing. However, for some industries that figure can rise to as much as 18.5 percent, and developing a marketing strategy and setting a marketing plan is not a one-time job. A great marketing strategy should not only align with your business goals; it should be adaptable to the stages your business goes through. Without a marketing strategy that is current and relevant to your marketing in real-time, your tactics are guaranteed to miss the mark. And while there is no set timeline for updating your marketing strategy, there are a few telling signs it may be time to readjust your plans to keep your marketing strategy strong.
Knowing When Its Time To Update Your Marketing Strategy
The world of marketing is ever-evolving, and your strategy needs to stay abreast with the changes – or risk your business being left behind. It is important to remember that a company’s marketing strategy is not permanent. It should allow for enough flexibility and agility to adjust to changing conditions. While it is easy to go along with a marketing strategy that has been chosen since you launched your business, you also need to look out for signs that it is time to update your strategy.
The first sign is the age of your marketing strategy. If your marketing strategy is over two years old, it may be time to consider an update. Another tell-tale sign is whether your company’s marketing budget has changed. If your business has grown since then, the chances are that you may be able to expand your marketing budget and tactics. Finally, consider whether your marketing outlets like your business website need an update. If you have introduced new products or services to the business, find your leads dwindling, or are not catering to mobile sales, it is time to reconsider your marketing strategy.
Make It Local
Localization is becoming increasingly important to both customers and businesses. Statistics by Google show that over half of mobile searches lead to in-store visits. For those using a laptop, 34 percent of them result in local in-store visits. With such a large percentage of potential sales stemming from nearby customers, it is more important than ever that businesses update their marketing strategies to include local marketing.
A simple way to do this is to update and optimize your website for local users. Many businesses often set up a business website with the intention of expanding their reach, but more consumers are looking for businesses nearby. The chances are that they are visiting your website too. Working with an agency to boost your local SEO can improve your business’ ranking in local searches. Create content and marketing with local events or interests in mind, and don’t forget to ask your local customers for feedback.
Include Google Tag Manager In Your Toolbag
Google Tag Manager helps you to see what is working in your marketing strategy and what is not. Before you can begin to improve your marketing strategy, you must first assess its success, both overall and in parts. For instance, the effectiveness of your digital marketing strategy may be waning. Google Tag Manager helps you do this, by attaching tags to key actions in your marketing campaigns, such as customer clicks. However, to get these right, you first need to define what your marketing campaign success markers are. Implementing too many tags can risk slowing down your website and damaging the user experience.
Make Your Content Relevant And Personal
Around 25-30 percent of marketing budgets are now dedicated to content marketing, while email marketing is predicted to account for 46 percent of all advertising by 2021. While content marketing is ideal for boosting brand visibility and improving traffic, it will only be successful if it resonates with your target audience. Consumers want authentic marketing material, and they want marketing content that is relevant to their wants. A great tip for improving relevant content is to think of the searcher’s intent when publishing content. Use insights on what customers as,k and do your research on topics that are trending with your customers. Tools like Google Trends, Buzz Sumo, and Radian6 can help you with this.
Tap Into Your Customer Voice With Data Analysis And Feedback Inclusions
When it comes to getting marketing right, customer feedback is always crucial. Incorporating feedback into your marketing strategy means you will be able to tailor your marketing content to what your customers want, and rectify any gaps that may exist. The first place to start is by measuring your marketing performance. Keep an eye on marketing KPIs like your LTV (customer lifetime value), ROI, and CPA (cost per action). You can also utilize tools like Google Forms to assess customer satisfaction scores.
It is also worth mentioning that investing in public relations is a good move. In addition to encouraging customers to leave their feedback online, be sure to focus on addressing negative reviews constructively and proactively. Treat each negative review as a customer you do not want to lose, and offer to take responsibility for their dissatisfaction. Offering to remedy the situation can go a long way in encouraging them to change their reviews, and shows other customers how much you value your client base.
Keeping up with your customers and the current marketing trends takes constant modifications to your marketing. However, in the long run, it shows that your business is leading the pack.