This article was orginially published on Dec 4, 2015.
How effective is your marketing strategy? How has it affected your ROI? And can it be better? Your marketing plan is the blueprint of your business’s sales strategy. This blueprint should be constantly inspected, reviewed, re-evaluated, and tweaked to fit market trends—expectation of the buyer and the goals of your company. To review your marketing strategy, you need to perform a marketing audit. The following tips will help you evaluate every moving component of your business and how those components affect your marketing campaign:
Who are your most profitable customers? How likely are your target prospects going to be your best customers? Make sure that you are focusing your marketing plan to the factors your buyers consider before going for your product. And once you understand their desires and preferences, you can also opt for up-selling or cross-selling.
It’s important that you align your marketing strategy with the objectives and goals of your company to turn in positive ROI. If you find a mismatch after inspecting your goals, adjust your goals or the overall strategy to start producing the desired results.
You should know if your value proposition is hurting your business or doing it good. Check again to be sure that you have a clear business statement showcasing tangible results that your customers and prospects will get from your offer. Tell the value of your offer and how it fits the needs of your target audience.
On a scale of 1 to 10, how much value are you delivering to your customers and prospects? Your marketing strategy should seek to have more of your buyers saying “yes” to your product. This will not happen if customers are not getting real value. Tailor your offers to specific “buyer types”, while also ensuring that your offer showcases your product.
You cannot make good sales until you know the marketing tactics that generate the best leads, conversions, and sales. Once you grasp these tactics, like pay-per-click ads, tweak them to make it easier to sell your products and services. Is it possible to change the formats of these tactics, and perhaps cut their cost? Think of alternative tactics like social media integration or mobile apps if that works for you.
If your current marketing technique is not working as it should, it’s time you looked at the technique of your competitor. If their technique works for you, why not have it as your own? It works for them after all. Take some time to research on your competitor, and you’ll find at least one marketing technique that suits your marketing strategy as well.
A good marketing strategy should attract direct responses from your customers. If that’s not the case, then there’s something you’re doing wrong. Your marketing strategy is probably not aligned to the very needs of your customers. First, you need to start tracking buyer responses and any other transactional data. You can then build full customer profiles guided by their expectations and buying behavior.
Your marketing plan should be backed by accurate and up-to-date sales tools, including sales brochures and other displays. Make sure that your tools are aligned to your brand and marketing campaign. Always look out for new tools to educate your prospects about your offers and industry.
If your business has a lot to benefit from online users, you’ll want to track the effectiveness of your marketing plan on social media and other discussion forums. Build your website around the interests of your own visitors, while utilizing search engine optimization to optimize for Google and other search engines. Your site should be easy to navigate and enriched with new content. Think of adding inbound links, business directories and engaging your visitors via blogs, RSS feeds, and podcasts.
For additional tips on optimizing your website, read our article: 8 Ways a Website Can Help You Attract New Customers
You want to be sure that you are tracking the most relevant metrics when measuring ROI on your marketing strategy. How much revenue are you collecting from your blog? Find out the average time spent on your site, average number of social media shares, number of repeat visitors, and much more. Choosing the wrong metrics harms your marketing plan.
A good marketing strategy should allow constant adjustment to its components to maximize return on your investment. Such a plan would allow you to spend more on components that produce the best results and cut the cost of those components that yield less.
For insight on how online marketing can help your business, we have a case study on how a tree company gained more customers with the help of search engine optimization (SEO) and optimized business directories from our pros.
Understanding what works and what doesn’t, can have huge impact in the success of your online marketing campaign. These tips will help you to identify the least effective elements of your online market strategy and make changes as you go. If you need assistance in improving your online marketing, our experts are available to help you improve your online presence. We’ll work with you to define with your goals and determine which marketing tactics work best for your business.
Khalid Saleh is the cofounder and CEO of Invesp Consulting, a leading provider of conversion optimization software and services.