The Ins and Outs of an Effective Marketing Strategy
The ins and outs of an effective marketing plan and the results that follow day by day, year by year!
With the holiday season in full swing, consumers are being marketed arguably more than they are all year and spending is at its peak.
In 2019, roughly 729 billion dollars was spent during the holidays. 729 BILLION!!!
But as we close out 2022 and head into another year, analytics and reporting on the previous year are essential for developing our 2023 marketing plans. One key analytics to reflect on is Marketing Efficacy.
Marketing effectiveness is measured by how well a company’s marketing strategies increase its revenue while decreasing its cost of customer acquisition.
How to Know When Your Marketing Is Working:
Marketing efficacy is a question every business owner should be asking. You want to be sure the efforts you are putting out are putting out a return.
Think back to middle school science. Just like the scientific method, we have an idea in our head about how we might achieve success and we test. The great thing about marketing is, we are able to track these numbers and results in real time to measure and make adjustments overtime.
No great marketing strategy or tactic works in a vacuum over time. A great marketing strategy MUST constantly evolve as the industry and environment around us changes. This is why metrics tracking is so important.
Metrics Tracking: Customer Feedback and Analytics
Customer feedback and analytics are two important factors to track and report when measuring marketing efficacy.
Customer feedback allows you to understand what relationship your client or customer is having with your business.
Monitoring analytics like topics, issues and trends surrounding your business or product are essential for understanding where your client is and what pain points they experience day to day.
This is the key to marketing efficacy and increased revenue in any industry.
Analytics Reporting: Brand Audit
Brand audits are a powerful tool that can be used as insight into how your customers are responding to your offer, allows you to monitor revenue trends, and gives you an opportunity for improvement as you work towards your business goals.
A brand audit is a peek into all of the marketing efforts you have done to date and the result metrics you have received in turn. It goes back to the question of brand efficacy but most of my clients just want to know if what they are doing is, well… right!
This tried and true method is used to determine what is WORTH your time and what is NOT, while letting the metrics speak for themselves.
5 Questions To Ask To Determine If Your Marketing Is Working:
- Are sales increasing?
- What do the analytics reflect?
- Is your business getting more attention?
- Has your business grown?
- How is you audience responding to your content? Are they engaging? Are they having a positive response?
The answers to these questions will tell you where your pain points are and where you marketing efforts need to be adjusted. Your marketing strategy is ever-changing and should evolve as your business does. This should be evaluated monthly, quarterly, or yearly, depending upon your business goals.
Looking for help evaluating your marketing efficacy? Contact us today.