With a quarter-century of marketing expertise, I can swiftly pinpoint a business’s marketing strengths and weaknesses. More often than not, the issue boils down to the absence of a results-oriented marketing strategy.
Many businesses I observe not only lack a plan but also have no clue where their leads are coming from.
To reassess your marketing strategy, I’ve outlined 7 telltale signs that suggest your marketing strategy needs a revamp:
Your Message Mirrors Your Rivals
Your brand needs to stand out. If your messaging resembles that of your competitors, potential clients will only distinguish you based on price.
Try to develop a distinct Unique Selling Proposition (USP) that explains why customers should pick you over similar options. Make sure it’s precise – avoid generic claims like having the “best product” or “exceptional service.”
Marketing Spend Without ROI Insight
Diversifying marketing channels is commendable, but failing to monitor their efficacy is costly. Your initial move should be to establish a lead-tracking system. For example, in our team, we inquire multiple times about how each lead heard about us, whether through our website, live chat, or during their first call.
Make sure your team is consistently collecting this information.
Broad Messaging
Keep in mind that generic messaging attracts no one. Zone in on your ideal customer’s characteristics. Consider surveying your current customers to find commonalities—be it demographics or reasons they chose you over others.
The more specific you can get, the more effective your marketing will be.
Low Customer Retention
It should be easier to keep existing customers than to acquire new ones. Examine your sales funnel for returning customers and identify re-engagement points. This could involve targeted emails, postcards, or social media ads.
Consider implementing a loyalty program to encourage repeat business.
Underutilized Referrals
Leveraging the power of referrals can dramatically amplify your sales. Research indicates that 94% of customers rated as “very good” are willing to recommend a business. So, capitalize on this by initiating a customer referral program that incentivizes current clients for each new customer they refer to you.
Don’t forget to actively promote your referral program through your communication channels like email, newsletters, and direct mail.
Overlooking or Not Actively Seeking Feedback
Feedback is an invaluable resource for understanding your marketing’s effectiveness. As stated earlier, keeping tabs on key performance indicators like web traffic, phone inquiries, conversion rates, and retention rates offers insights into your strategy.
However, feedback extends beyond metrics.
Listen to word-of-mouth, peruse Google reviews, and engage in face-to-face conversations. Negative feedback tends to be more vocal, so take proactive steps to uncover positive reviews.
Limited Online Presence
In 2023, lacking a website is simply not an option. A negligible online footprint raises red flags for potential customers who are evaluating your credibility.
If a full-fledged website isn’t feasible now, at least establish a presence on Facebook, Instagram, and Google My Business. Maintain an active profile by posting consistently. It’s crucial for potential customers to view you as a legitimate enterprise and have a platform to voice their opinions, whether good or bad.
Consider offering your services free of charge to friends and family initially, to garner some positive reviews as a stepping stone.
Invest More in Marketing
Lastly, if you’re looking to significantly alter your business trajectory, ramping up your marketing investment is crucial. The financial commitment you make to your marketing strategy will mirror the returns you can expect. A higher investment usually yields bigger outcomes.
Remember, it’s not about doing more of the same but about optimizing and expanding your current efforts based on feedback and performance indicators. The more you put into it, the more you stand to gain.
