I’ve just been on a marketing podcast, it was nice as it was based on auditing and strategy as opposed to the fluff that a lot cover. I thought I’d summarise my key points here.
How do you effectively audit your marketing activity? For me, it aways comes down to ‘core’ data. That’s data that actually reflects the state of the business. Enquiries, sales and retention/churn – how are those affected by your marketing activity?
In order to get to the bottom of that, you need to have the correct processes in place. Analytics on your site. The ability to clearly assess your channel activity, and be regularly (like weekly) assessing what’s working.
What really matters?
Before any of that, you need to identify the metrics that REALLY matter. Soft Vs Hard. Soft = likes, comments, site visits, followers (that’s very soft!) etc. Hard = downloads, enquiries, sales, repeat purchases, life-time value. There’s many more. What does success look like?
When you have a clear picture of all of this, you can start to create the forward strategy. If you’re a new business, then you need to make sure you understand your prospect. Even if established, you need to be regularly assessing if your customer still is who you think.
The WHOLE funnel
Your strategy has to include the whole funnel. Too often people get excited about the Awareness phase and don’t go beyond that. Bad idea. Awareness, Consideration and Decision – please don’t forget Retention, again, many do. It’s easier to retain customers that acquire new ones.
Any strategy has to be plausible and have a key aim. Almost like a strategy mission statement. What do we need to do, when and why? It can’t be too rigid. In this age of scary amounts of data, you have to be nimble. Got that? Then get tactical.
Cool your jets!
When it comes to tactics, you need to be careful to not go all -guns-blazing on the channel front. Is social a channel you see as vital? Then what are the platforms that make sense? Where are your customers/prospects present? Search marketing? Can you feasible make a dent?
Spreading yourself too thin can be disastrous and lead to limited success. When you get going, make sure you are zeroed-in on what’s working. Don’t waste time and budget. Align everything with your success metrics.
Be aware of the flat-line! In most cases, success from a particular channel or tactic will start to even-out. Yes, it’s still working, but we need to grow and this isn’t conducive to this. That’s the time to start using your insight and exploring new options.
To summarise – strategise, learn, tweak and repeat. On a very regular basis. Make sure everyone in the business is alined with this. Not just the marketing team.
How’s your strategy for 2020 working out?