If you run a business, you probably have a marketing strategy. Many marketing strategies are designed using data from market resources and/or customer information. Businesses then use this data to direct marketing and advertising efforts with the goal of building the company's brand, generating leads and increasing sales. Not every marketing strategy is as effective as it could be, however.
Whether you created your plan years ago or it's fairly new, there are some red flags to watch out for. If you experience any of these things, your business may need a new marketing strategy.
How To Know When Your Marketing Strategy Isn’t Working
1. Industry Growth Outpaces Your Company's Growth
Research your industry to learn how it's growing and changing. If your company's growth isn't on target or outpacing your industry, you may need to revamp your marketing strategy. Steady growth that keeps up with your industry is one sign that your marketing strategy is effective.
2. Lack Of New Customers
While not every marketing strategy identifies the acquisition of new customers as its main goal, if you aren't being approached by potential customers or if you aren't receiving positive feedback after making an effort to reach new customers, it's time to take a close look at the methods your company uses to attract customers.
3. No Interaction On Social Media Pages
Promoting your product in a compelling way to an audience that may see your services or products as the solution to their problems should naturally result in some level of engagement. If you are posting regularly on social media, have several social media channels, and aren't seeing steady interaction, it's a sign that this part of your marketing plan is ineffective.
4. Your Marketing Plan Costs More Than It Makes
Each marketing plan within your overall strategy contains an expected return on investment (ROI). If your efforts aren't paying for themselves, it could mean that part of your plan needs to be reevaluated.
5. Your Marketing Team Is Set In Their Ways
As your company grows, it's often necessary to change elements of your marketing strategy to line up with new goals. However, when people within the organization aren't in favor of adopting new technology, your competition may move ahead quickly while you remain stuck. If your business hasn't experienced measurable growth since you implemented your original marketing plan to warrant updates, that's a red flag that you may need a new marketing strategy.
6. Your Company Is Losing Customers
With a solid marketing plan in place, it's reasonable to expect to increase the number of customers you serve over time. If your number of clients is sliding backward, there may be something in your marketing strategy causing a disconnect between your customers' expectations and your ability to deliver on your promises.
7. Your "Tried And True" Marketing Plan Is Outdated
It can be difficult for busy and overworked business owners to keep up with every new social media platform and marketing strategy, which makes it tempting to keep doing what used to work. However, if your business isn't harnessing the power of modern marketing tactics you could be missing out on the opportunity to attract and serve a growing client base. Updating your marketing plan could help you harness your company's true potential.
Consider Working With Marketing Experts To Create A New Marketing Strategy
If you suspect that there's a problem with your marketing strategy or your plan isn't performing the way you'd hoped, it may be time to re-strategize. You may be displeased with your company's marketing plan and ready to consider new tactics. If you aren't sure where to start, consider asking for help from a team of marketing experts.
One advantage to hiring a professional marketing team is that you get a truly fresh set of eyes to help you evaluate your current tactics and come up with new and exciting ways to attract customers who want to access your services. Even if you don't have a lot of knowledge about modern marketing methods, a group of seasoned marketing professionals can help you understand your options.
Connect with us today to learn more about your company's potential and how to get the most out of a custom-built marketing strategy.