When did you last review your marketing strategy? All joking aside, if you see even a small part of your marketing described in the cartoon above, you know it is time. You also need to review and update your marketing strategy if any of the following have changed:
Your products or services
When we answered the frequently asked question “What is a marketing strategy?” in an earlier post, we pointed out that this big picture of your business shows you what you do well. This information is backed up with analytics and market research. If you have introduced new products or services, additional data and research will enable you to fine tune your strategy. You also need new descriptions of your services and products and how these not only give you a competitive edge but also provide solutions to your clients’ problems.
Your target market
We all change over time, your target audience included. Needs, desires, expectations, shopping habits, and where people spend their time have noticeably altered in the last several years. If yours is an established business, you may now service a particular niche in your original target market. Take the time to update your ideal customer personas as you review your marketing strategy.
New products and services, a change in your target market, and market research into what is trending and what your competitors do well may inspire new or different goals. Remember the best goals are written, specific, measurable, achievable, realistic, and timely. Having up-to-date, concrete goals of your own to pursue will keep you from “shiny object syndrome.”
Your business model
You and your business may have made adjustments or pivoted in 2020. Your target audience may be reluctant to give up free delivery, teleconference services, and the ease of shopping from home. Review your marketing strategy and decide what still sets you apart from your competition and what best serves your target audience and your business going forward.
If your business has evolved, your competition probably looks different too. A good marketing strategy always includes concise details about factors that affect your growth and sales. This includes your target market, as we mentioned earlier, and your competitors. Know their strengths and your strengths to maintain your competitive edge.
Review your marketing strategy and avoid marketing insanity. Tate Design is here to help. Call us at 610.725.0702 or e-mail [email protected] to create or update your marketing strategy and avoid endlessly repeating what doesn’t work for your small business.