How To Know If Your Marketing Strategy Is Working
Is your marketing strategy working? Yes, that’s a blunt way to get into the thick of things. At the end of the day, though, you run a business. You need to know whether or not something as critical as reaching the right audience is happening. If not, then a change is in order. So, how do you know if your strategies are doing what they are supposed to be doing? In truth, it depends.
So You Think You Can Market?
You could go with the tried-and-true way of looking at your sales numbers. If sales are increasing, then clearly your marketing efforts are being effective. It’s a good feeling to see revenue move in an upward direction, considering all that goes into finding the ideal audience for your goods/services. This includes navigating the trials and tribulation of audience definition, creating detailed personas, and determining the right way for marketing materials to reach folks.
Aside from sales, your business may be experiencing growth. This may mean a need to physically expand the operation. You may also need to hire more employees. For many business owners, this may actually be the simplest, yet most tactile, way of knowing that they’re doing things right.
The Numbers Don’t Lie
But at some point, these same business owners will sit down and start crunching serious numbers. While revenue is a nice tip of the hat to one’s efforts, it doesn’t tell you everything, namely how much is left in the till after expenses are factored in. And when it comes to growth, it is important to determine whether your business is actually growing. Opting to occupy a bigger space and/or hire new employees can sometimes be more reactionary to a flurry of activity that could be short-lived.
So, once again, the question remains — how do you know if your marketing strategy is working? One place to start is asking another question — are organic online searches netting you more web traffic and business in general? Think about how many times you’ve stepped into a new storefront and you’ve been asked, “So, how did you hear about us?” Sure, it’s a bit unscientific, but the goal of that simple query is to get a feel for how well marketing strategies are working.
Digging Deeper Pays Off
Other business owners, however, are determined to get hard data about their marketing efforts. This starts with looking at the following:
- using more analytics
- keep metrics simple
- determine short-term and long-term goals
- maintain keen focus on setting goals
In more basic terms, marketing strategy should be a balanced combination of qualitative and quantitative work. These two concepts shouldn’t be at odds with each other. When done correctly, they should be working so that one concept helps foster the other no matter if the resulting marketing results are good or bad.
It’s All About Teamwork
This is perhaps the biggest lesson to take away from developing a great marketing strategy. Even if you’re operating a small business, it is important to have all departments and team members working together toward the same goals. Each provides critical information to the other, the likes of which inform the operation’s next moves. At the heart of this collaborative work, though, is data. Analytics are the key to making your marketing do what you want it to do. In conclusion, instead of asking, “Is my marketing strategy working?” you may need to ask, “What am I doing to give my marketing strategy the best chance to work?”
Does your marketing strategy need some refining? Here at MindEcology in Austin, TX, we’re all about helping business owners, no matter the size of your operation. We can help you identify your ideal audience AND reach them in a meaningful way. Call us to learn more.