Hindsight is 20/20. But to learn from the past, you must look back. You may think your marketing strategy is on point, but the only way to be sure is to examine the performance of what you’ve been doing. Reviewing your company’s marketing on a quarterly, biannual or annual basis can be a game-changer. Here are a few ways to discover your marketing needs.
Take a closer look at analytics.
Examine past marketing initiatives by compiling the performance of various campaigns from Google Analytics, social media, and digital and traditional marketing. For instance, if your goal was a brand awareness campaign, looking at impressions and reach can show if your goal was achieved. No matter what goals your company had, putting all the numbers in one spot can be an eye-opener. Additionally, you may notice trends with a certain ad performing well on Facebook but not in print, or vice-versa. Digging into analytics often reveals what your company needs to focus on in the upcoming year.
Evaluate your marketing KPIs.
Evaluating KPIs on a regular basis ensures they’re set in the right place. Falling short of a KPI, or a key performance indicator, often signals a need to change platforms or messaging. On the other hand, exceeding a KPI can reveal where to direct more funds. Whatever the performance, there’s an opportunity to learn from each campaign. For example, if fewer customers are filling out contact forms, perhaps it’s time to update your website. Take an honest look at overall performance to decipher what KPIs are most important for your company in the future.
Explore the newest developments in marketing.
Work with your agency and your company to stay on top of applicable developments in technology. For example, did you know 4 times as many customers would rather watch a video about a product than read about it? Staying up-to-date on consumer trends and platform changes allows your team to think of new ways to introduce a product, share a service or reach new customers. Plus, it will show your business how to plan for upcoming marketing needs, like the need to hire a content developer to create videos for your website and social media.
Solicit feedback from employees.
Your employees have valuable insights into what is and is not working, so ask for feedback. In addition, schedule a sit-down meeting with your agency to talk through the performance of last year’s marketing campaigns. Often a few hours asking questions and getting advice can quickly reveal what needs to change in your approach to marketing next year. In the words of billionaire Bill Gates, “We all need people who will give us feedback. That’s how we improve.”
Reflection is good for the soul—and for the bottom line. Taking time to examine analytics, evaluate KPIs, explore new technology and solicit feedback can redirect your company’s marketing needs in a more successful direction for the next year. If you’re not sure where to get started, contact us here.