Falling Behind: What To Do When You Feel Your Marketing Strategy Slipping
No matter whether you are running a B2C or B2B company, marketing is an essential part of business, making your customers aware of your products or services and engaging them to get a sale.
Marketing should be about maintaining that demand, your relevance as a company and confirming why you are the business to choose above other competition.
It is not easy, however. Marketing must always be analysed and reconfigured, with a clear plan in place if your revenue starts to slip.
But How Do You Know If Your Strategy Is Slipping?
Measuring your marketing campaign can be done by assessing revenue and the decrease of costs in customer acquisition.
For instance, if you have lowered the cost of finding and achieving business and the value of your company has grown in the process, then your marketing campaign is solid. If this is not the case, then there needs to be a re-examination of how you are marketing yourself.
What Is Good Marketing?
On a very basic level, a marketing strategy should come down to three things.
- Utilisation Of All Channels
That is to say, you should be using all of the appropriate channels of marketing, and not just the ones that are most cost-effective and easy to manage. Many b2b companies, for instance, will utilise social media, loyalty programs and events in order to maintain their b2b communication.
These channels – especially loyalty programs – are then utilised to direct the marketing content to the individual and make them feel valued. All content is engaging and not just there to tick a box and push the client toward you.
What To Do If Your Strategy Is Slipping?
There are several things you can do if your marketing strategy is not working out the way you thought it would.
For starters, you should be sure to give it time. Strategies such as SEO can take a little longer to pay off, but when they do start to yield results, they really yield results. It would be foolish to give up on these kinds of strategies after a few weeks, so keep with it, differentiate your channels, and understand how long each will take to help your business.
As well as this, you should not be afraid to level up what you are offering the consumer, especially if you have tried re-evaluating your marketing campaign and retargeting channels to fit your audience.
Once again, when it comes to B2B, customer loyalty is crucial, and a loyalty program is a great way to market to potential customers. If it is not working, look into why and whether you need to make a more valuable offer. Take a look at what successful competitors are offering and try to work around that.
Every marketing campaign will have two linked end goals – a consumer visiting the website and a consumer buying from the website. You want to make sure the door to both remains open and nothing is going wrong along the way. If potential customers fail to reach the second goal, then there may be a problem with what that part of your campaign is offering, and you need to look into fixing it. If you do this, then you are sure to see a change in the tide and revenue beginning to build once again.
Image Credits: All images on this website are sources from Getty Images, Pexels and Unsplash.