When Is It Time To Update Your Marketing?
As you scroll through Treehouse 51 you’ll notice how much we mention data being the equivalent of gold. With it, you can make huge moves, save money, and get a head of your audience. Without it, you’re flying blind into a jet fight without any ammo. It’s a scary thought, however, we still brands who don’t have the proper tools in place (if any at all) to capture data. Which comes to our million-dollar question, when is it time to update your marketing strategy?
3 Signs it’s Time To Update Your Marketing Strategy
1. You have no reporting in place
If you’re creating content and/or spending money on marketing and don’t have reporting tools in place you’re throwing away your money. You need to be able to measure every move you make. And when I say every move, I mean EVERY MOVE. You can’t leave anything to chance. That Facebook post you left, how many likes did it get? Why did it get that engagement? That PPC Campaign, how many leads did it capture? How much are you cost per acquisition?
You need to ask these questions to truly be effective in your marketing strategy. And it needs to go one step further. You need to track data from pre to post production.
Here’s a little guide to think about:
A) Set a goal. Whether that’s sign ups, sales, leads. Set one.
B) Track setup time
C) Track setup cost
D) Track the life of campaign
E) Track the results of the campaign
2. Your marketing strategy hasn’t changed in the last 45 days
Every type of marketing takes time to measure and bring in results. That’s just reality. If you’re looking for that one hit wonder you’re kidding yourself. True marketing needs time to evolve and perfect its self.
Ideally after 45 days you’ve had enough time to collect and measure results. From there you need to be as transparent as possible. You need to accept the good with the bad. What do I mean with that? Not all the data is going to look great. Things you thought were going to be a success will fail. Worst case scenario it will be a costly failure. But with any luck, you can learn from this.
After the 45 days ask yourself:
A) Did I reach my goal(s)?
B) Are there areas that can be improved with having a system in place? Think automation. An automated email response, automated social posts, automated SMS messages.
C) Would things be different if you ran the campaign again? This is a tricky question because you need to know what in your system is failing. You don’t want to take shortcuts and drop things all together. But you can’t risk failing twice in a row. So how do you get around this? Every situation is different, but a good rule of thumb is to try updating one part of the marketing strategy and testing it again.
3. You are copying your competition
Knowing what and how your competition markets itself is a solid strategy in designing a marketing plan. But trying to follow in their footsteps in a fast way to nowhere land.
Here’s why — your competition has already spent the money, time and energy perfecting their plan. You stepping in and thinking you’ll reach the same success just won’t work UNLESS they gave you their complete strategy for success. And here’s the scary reality to that, having a complete strategy won’t buy you the time you need to setup and get it out there.
Learn from your competition. See how they’re doing it, but don’t try to mimic them. Success has a different face for everyone.
PS. There are two types of people out there…those who want results now and those who want results forever. There are methods for both. Marketing generally isn’t a sprint it’s a marathon. You need to be prepared to be in it for the long hall. If you’re interested in discovering ways to improve your marketing drop us a line at www.Treehouse51.com