June 30 is creeping up fast. But it’s not only your tax you should be thinking about at this time of year. Here’s how you can review your marketing and get ready for bigger, better results in the new financial year.
Things change quickly around here. It’s no longer enough to simply review your strategies and plans every 12 months. You need to review your marketing strategy at every opportune moment and think about how you can tune it to drive more leads, more loyal customers and bigger sales. And what better time to do this than at the end of financial year
Here are five things you should review:
1. Your marketing plan
Take a good look through the key activities from last year’s plan. What have you achieved? What can you celebrate? Your marketing plan should be a guide you actively use and refer to regularly. And if you don’t have one, this is the perfect opportunity to create one.
2. Your business goals and values
Looking at your overall vision and business goals will ensure your future activities are working towards where you want to over the next year. Have your marketing tactics veered away from your goals? Don’t worry, it happens. But now’s the time to get them back on track.
3. The situation
Has the landscape changed? Are there any new competitors you should be aware of? Things move fast in today’s business world, so the chances are you are not playing in the same field as you were six or twelve months ago. Take the time to do a full SWOT analysis and make sure your business is ready to adapt to any market changes.
4. Your target market
How has your target market changed? Is your marketing collateral still talking to your target market in the right way? If you don’t know, ask them! A quick survey of your customers will tell you whether your marketing collateral is working. If you’ve recently introduced a new product or service, you could probably appeal to new audiences too, so your marketing will need to keep pace. Likewise, changes in your local area can open up new audiences. For example, if a new school or nursery has opened near your café or salon, you can target mums with different campaigns and offers. Make sure they are included in your new plan.
5. Past campaigns
Remember all that data you collected from your letterbox campaigns and email blasts? Now is the time to put it to good use. Look at the long-term results, calculate your campaign return on investment and you’ll soon see which campaigns are pulling their weight. Some campaigns might just need a little tweaking to get better results, rather than being scrapped altogether. And remember, even though some campaigns might not generate immediate sales leads, they can be great as part of multi-channel activities.
Once you’ve reviewed these five factors, write down a list of things you need to adapt and fine-tune. Then add in some ideas you’d like to test
in the new financial year. Are there any campaigns that have really inspired you and grabbed your attention? Look at ways you can apply the same creativity to your own business this year.
At the end of the day, SMEs need to embrace change to thrive and grow. By taking the time to do an end of financial year review, you can ensure you are heading in the right direction.
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