Fresh Figs Marketing recently moved offices. The change of scenery seems to have everyone reenergized and ready to tackle the exciting projects we have set for the rest of the year. While as humans we tend to resist change, it often leads to a renewed sense of purpose and uncovers new opportunities. Has your organization evolved in a different direction than you expected? Are your sales not growing the way you want them to? Have you brought in new leadership or staff? If so, it is the perfect time to bring in a fresh, knowledgeable perspective to evolve your brand. This reenergizing process begins with a marketing strategy review, taking a look at the current industry landscape and ensuring your marketing efforts are still appropriate.
Elements of a Marketing Strategy Review
1) Strategy Session – Schedule time for your leadership team and key staff to come together to review your company vision and mission. It may be that the course you set when you first began is not where you have gone or where you want to go. Review your revenue streams to see which aspects of your business are growing and which need investment. Examine your client base; you may discover that your best customers are not who you thought they were. Finally, bring a critical eye to your previous marketing efforts, weighing costs, reach and conversion rates.
2) Market Research – Although you are an expert in your industry, it’s a good idea to look outside of your knowledge base on a regular basis to keep a finger on the pulse of the marketplace. Check out what your competitors are doing, those you respect and those you are not wild about. Have they uncovered a new tactic to reach your shared target market? Review industry publications and other experts to glean current or upcoming trends. You can also reach out to some of your customers to ask them how they are feeling about your product or service. Things change, and understanding that evolution means you will not be left behind!
3) Brand Review – The tone of your marketing communications, your logo and tag lines, your website and social media presence, even the personality of the person who answers the phone or works with your customers, are all part of your brand. Are your current marketing efforts accurately representing your business as it is today? Do they communicate the message your prospects need to hear to convert them into customers? If not, you may be missing out on an opportunity to effectively reach your target market.
4) Marketing Plan – So, you now have a clear understanding of where you want to go, the landscape in which you are working, and the message you want to send. Compare this information with your current marketing strategy – is it time for a change? It may be that you need to craft a new road map to achieve your goals. A comprehensive marketing plan outlines the marketing channels, messaging, and implementation schedule for all of your efforts, including measurements for success. At Fresh Figs Marketing, we believe in multi-channel marketing, combining as many of the elements of our marketing wheel as appropriate.
5) Marketing Budget – Finally, evaluate the investment you have made in marketing to ensure you are receiving an acceptable return. It may be that your refreshed marketing strategy requires reallocation or an infusion of dollars. Effective marketing takes time and money. There is a lot of advice out there about the percentage of revenue that should be invested in marketing. However, at Fresh Figs Marketing, we are not believers of hard and fast rules. Your budget will depend upon your goals. If you are looking to grow aggressively, then you will need to invest more. If steady growth is your goal, then a steady investment goes along with it. While many marketing consultants create a plan from a budget, we work the other way around. We create a best-case scenario plan with the cost of each element broken out. This approach allows you to understand the cost of each channel, and to create the most effective plan for your investment.
There is no reason to avoid changes within your business or industry, especially when your competitors are embracing them. Now more than ever, the way things have always been done is not necessarily the way they should be done! Taking the time to evaluate the current landscape could lead to tremendous opportunities to grow your business. The Fresh Figs Marketing team welcomes the opportunity to guide you through a marketing strategy review. Reach out to us via email, or give us a call at 860-670-6595 for more information.
