Improving Your Marketing Strategy
Bad marketing can be the downfall of even the most successful companies (how could anyone think these were good ideas?). As these companies will tell you, wasted marketing dollars can be some of the worst expenses for companies, which is why a thorough marketing strategy is essential. So how do you get the best ROI out of your marketing expense? We’re glad you asked.
Analyze the data.
We cannot stress this enough. Data-driven marketing plans are much more likely to succeed than ones simply based off of hunches. The data you gather can be used to emphasize the strong points of your marketing plan, as well as improve the aspects that aren’t doing as well as you would like. Use every bit of data you have to ensure that you are spending your marketing budget wisely.
Make adjustments.
You’ve gathered your data and seen what works for your customer base. The next step is to make the necessary adjustments. The specific adjustments will vary from business to business, and a considerable level of experimentation is necessary. If the results of a particular marketing technique don’t justify your time, scrap it and move on.
Focus on your top customers.
These customers love you for a reason! The insight you can gain from your love group is invaluable to your business. The Pareto Principle, or 80:20 rule, demonstrates the importance of these customers perfectly. 80 percent of your customers will bring in 20 percent of your sales, while the remaining 20 percent of your customers will generate 80 percent of your sales. Focus on keeping your frequent customers happy.
Stay open to new marketing possibilities.
Many businesses get caught in the web of tradition. Since marketing techniques they have used in the past have been successful, they assume that is the only way to continue forward. However, the world is an ever-evolving economy, and your business needs to evolve with it. Be open to trying out new advertising mediums to keep yourself on the cutting edge of marketing.
See your plan through.
Have you ever been to a third grade basketball practice? You will hear coaches relentlessly yelling at kids to follow through on their jump shots. Consider us your coach in this scenario. If you have done proper research and prepared your marketing plan to the best of your abilities, chances are that it will work. Don’t give up because you get off to a rough start. Alternatively, don’t get complacent if your plan is working excellently. See your plan through to the end, and be prepared to adjust as necessary. Always remember, if the Golden State Warriors can blow a 3–1 lead, so can you.
Your marketing strategy can be the key to your success if done correctly, and we at Relic want to help you reach your goals. Contact Relic below to learn more how we can assist you with your marketing strategy.
