At this time of year, we all reflect on the previous twelve months, celebrate the things that went well, try and glean a lesson or two from the things that didn’t go well and reset our minds and intentions for the following twelve months.
At the end of 2013, it certainly seems like the economy has thawed and activity is starting to pick up again. So this new year it is an excellent time to review your marketing and make a resolution to market your business better. As the economy continues to gather speed, any improvements in you marketing will simply add revenue and profitability to your business. It will make you money!
So what does this mean?
I would start with a review of your marketing in 2013. Firstly, which marketing activities did not make you a profit. List these. Looking at this list, appraise which strategies are worth discontinuing. For example, a strategy not making money for you and which has gradually performed worse and worse over years is probably worth discontinuing. Markets change, and advertising is no different. Advertising media which were effective 5 years ago are not necessarily effective today.
Not all non-performing marketing strategies over the last 12 months should necessarily be discontinued though. Review the list and see if there are strategies which can be refined and improved. A bad advert for example may not be profitable, even in a profitable medium in front of a profitable audience. Do you need to make changes to ads to improve effectiveness?
So from your 2013 marketing list, you have discontinued terminal marketing campaigns and made adjustments to campaigns which could perform better to either make them profitable, or make them more profitable, Now review your budget. Do you have money to spend given the discontinued strategies? You should also think about expanding your budget for marketing now, to get a step up on your competitors as customers come back into your market.
With this additional budget, try some different and new marketing strategies. You already have some successful strategies, some improving strategies, you should try some new ones. There are three benefits of testing new marketing strategies. These are:
- Additional profitable marketing will increase your profits and build your business
- Expanding your marketing platform will reduce your business risk. Ie. If you only have 1 marketing strategy and it stops working, your business fails. If you have 20 marketing strategies working as well as each other, you are not overly exposed if any of them stop working
- People will see your brand more often, in different places. This will improve awareness of your brand and help people make the decision to use you. IE the more prospects see you, the more likely they will think of you when they are ready to buy AND the more they will trust your brand as being a robust business able to deliver.
So there you have it – a really great NY resolution for you this year – market your business better.