Having a solid marketing strategy is one of the ways many companies plan future growth. An effective marketing strategy means that you have a solid plan in place to grow your business faster by; setting goals and budgets, building your brand awareness, leveraging employee strengths, and building rapport with your target audience. However, there are many factors that can alter a company’s marketing strategy and present the need for adjustments or a total overhaul. In today’s business climate, it’s no longer about mass marketing or direct marketing but digital marketing which has become more popular.
Marketing Strategies are Ever Changing
As marketing strategy changes, so do marketing resources and tactics as well as consumer loyalty and engagement. The whole point of any marketing strategy is to connect with your target audience and ensure the success
of your marketing efforts
. However, consumers are more sophisticated than ever before and it is getting harder to reach them online.
Today, consumers use technology to consume marketing messages more than ever before. Today marketers have to contend with ad blockers, privacy protection tools, and other devices that limit advertising messages. It is becoming more difficult to create an iron-clad marketing strategy that gets results. Many times, companies and marketers lose thousands or hundreds of thousands before they begin to shift gears in their marketing strategy. However, entrepreneurs and micro businesses don’t have the luxury of making a $100K marketing mistake. Below, I’m discussing the top 4 signs to help you know when you need to adjust your marketing strategy.
1. Lack of Brand Awareness
Brand Awareness is about the degree to which consumers recognize your company, products, or services by name. You may be wondering what the significance of brand awareness really is. Here’s the thing, brand awareness builds equity. Additionally, when consumers recall a brand name, slogan, logo, or any other identifier it means that the company has achieved consumer awareness. Beyond achieving brand awareness, consumers typically form an opinion about your brand that reflects their perception of what your brand stands for, and this is referred to as your brand’s image. If your company has not achieved this level of awareness among the people in your target audience, you probably should rethink your marketing strategy. Being sought after and searched for is a strong indication that your brand has garnered a strong reputation in the marketplace.
Here are 3 advantages of brand awareness.
A. Trust – When consumers are aware of your brand and experience it on a consistent basis, they become believers in your products and services. For example, if you wanted to buy chemical-free, farm-raised, organic chicken, you would probably buy Perdue. Because Jim Perdue the grandson of the founder of the company is in all of the ads talking about how well the chickens are raised.
B. Association – When consumers are aware of your brand, they are able to associate your products and services with a problem they may have. For example, if you have a flat tire and get stranded, most people would think of AAA. If you get a paper cut, you probably think of Band-Aid. These are brands that have associations with specific circumstances that happen to people every day.
C. Equity – When a brand has equity it simply means that the brand is considered valuable and worthwhile by the consumers of that brand. Through consumer feedback, testimonials, and experiences a company can gauge how well its target audience perceives its brand.
2. Lack of Consistent and Qualified Leads
One of the main functions of marketing is to generate leads for the company that is being marketed. Having consistent and quality leads is a surefire way to tell if your marketing strategy is a hit or a miss. When your marketing efforts are connecting and resonating with the intended audience, you will have not only awareness but interest. Getting the target audience interested in your brand, products, and services simply means that you have struck a nerve and the person wants to learn more about your offerings and hopefully purchase whatever you’re selling.
Here’s how to ensure your marketing is connecting with the intended audience:
A. Have a narrative that explains the problem you solve. Use the power of storytelling.
B. Humanize your marketing messages. People like to see people in marketing messages.
C. Socialize and be personable. Whether you’re an extrovert, introvert, or ambivert, it doesn’t matter being perceived as friendly and approachable will win every time.
3. Low Sales or Lack of Sales
When your company is suffering from no sales or low sales, the marketing strategy is definitely lacking. Having a lackluster marketing strategy will yield inconsistent leads and result in inconsistent sales. Random marketing produces random sales. On the flip side, when you have a robust marketing strategy that delivers a value-based message, you can typically count on leads that convert into sales.
Here’s how to ensure that your marketing will lead to sales.
A. Have a catchy hook, headline, or introduction that captures the attention
B. Have a compelling message that addresses a need held by your target audience.
C. Have a strong Call-To-Action that inspires the audience to take the next step.
4. Outdated Strategy or Tools
We are living in the new millennium. If you have not updated your marketing strategy within the last two or three years, it’s probably time for an update. In today’s world of business, marketing trends change almost instantaneously. Digital marketing moves at what seems like lightning speed which means your company needs to stay abreast of current marketing strategies, tools, resources, and trends. Also if you are using an outdated marketing tool such as a CRM, that hasn’t been updated in the past couple of years, your company will be left in the dust by more savvy marketers.
Here’s how to know if your marketing is outdated.
A. You haven’t changed your strategy in the past year or two.
B. You are not using video.
C. You haven’t increased your brand awareness.
D. You don’t have any new social media followers.
E. You are not using email or SMS Text messaging.
In summary, as you can see, each of the aforementioned areas uncovers the result that can happen when there is an effective marketing strategy in place. If any of the above indicators ring true for you, it might be an indication that you need to switch gears and update your marketing strategy. Start with your goals and objectives that you would like to accomplish in the next 12 to 24 months. Next, figure out what marketing channels you want to use to accomplish your goals and begin fine-tuning your message. By all means, if you need help in this area, schedule a consultation
Want to use this article for your blog or business website? Here’s the author’s box that you must include.
© 2022 Quality Media Consultant Group LLC – All Rights Reserved
This article was written by Lori A. Manns. President of Quality Media Consultant Group. Lori is a multi-award-winning marketing mentor, sales coach, and trailblazing business strategist who works with small business owners and entrepreneurs to help them grow and scale their businesses. She specializes in sales and marketing strategies that result in her clients attracting their target market, gaining brand visibility, and growing revenue. Lori is the President of Quality Media Consultant Group, a consultancy firm specializing in media, advertising, marketing, and sales. She is the founder of the Trailblazer Business Academy. where advancing entrepreneurs go to learn growth strategies and how to run a profitable business the soulful way. Lori is also the creator of the Sponsorship Sales Secrets.