How effective is your marketing strategy? How has it affected your ROI? And can it be better? Your marketing plan is the blueprint of your business’s sales strategy. This blueprint should be constantly inspected, reviewed, re-evaluated, and tweaked to fit market trends—expectation of the buyer and the goals of your company. To review your marketing strategy, you need to perform a marketing audit. The following questions will help you monitor every moving component of your business and how those components affect your marketing campaign:
What’s your offer and does it resonate with prospects?
On a scale of 1to 10, how much value are you delivering to your customers and prospects? Your marketing strategy should seek to have more of your buyers saying “yes” to your product. This will not happen if customers are not getting real value. Tailor your offers to specific “buyer types”, while also ensuring that your offer showcases your product.
How relevant is your value proposition?
You should know if your value proposition is hurting your business or doing it good. Check again to be sure that you have a clear business statement showcasing tangible results that your customers and prospects will get from your offer. Tell the value of your offer and how it fits the needs of your target audience.
What are the objectives and goals of your marketing campaign?
It’s important that you align your marketing strategy with the objectives and goals of your company to turn in positive ROI. If you find a mismatch after inspecting your goals, adjust your goals or the overall strategy to start producing the desired results.
What is your target audience?
Who are your most profitable customers? How likely are your target prospects going to be your best customers? Make sure that you are focusing your marketing plan to the factors your buyers consider before going for your product. And once you understand their desires and preferences, you can also opt for up-selling or cross-selling.
What marketing techniques are working for your competitors?
If your current marketing technique is not working as it should, it’s time you looked at the technique of your competitor. If their technique works for you, why not have it as your own? It works for them after all. Take some time to research on your competitor, and you’ll find at least one marketing technique that suits your marketing strategy as well.
Do your marketing tactics make it easier to sell your services?
You cannot make good sales until you know the marketing tactics that generate the best leads, conversions, and sales. Once you grasp these tactics, tweak them to make it easier to sell your products and services. Is it possible to change the formats of these tactics, and perhaps cut their cost? Think of alternative tactics like social media integration or mobile apps if that works for you.
Will your marketing techniques generate direct response?
A good marketing strategy should attract direct responses from your customers. If that’s not the case, then there’s something you’re doing wrong. Your marketing strategy is probably not aligned to the very needs of your customers. First, you need to start tracking buyer responses and any other transactional data. You can then build full customer profiles guided by their expectations and buying behavior.
What are your sales tools?
Your marketing plan should be backed by accurate and up-to-date sales tools, including sales brochures and other displays. Make sure that your tools are aligned to your brand and marketing campaign. Always look out for new tools to educate your prospects about your offers and industry.
How does your marketing plan impact your online presence?
If your business has a lot to benefit from online users, you’ll want to track the effectiveness of your marketing plan on social media and other discussion forums. Build your website around the interests of your own visitors, while optimizing it for Google and other search engines. Your site should be easy to navigate and enriched with new content. Think of adding inbound links and engaging your visitors via blogs, RSS feeds, and podcasts.
What metrics should you use to measure your return on investment (ROI)?
You want to be sure that you are tracking the most relevant metrics when measuring ROI on your marketing strategy. How much revenue are you collecting from your blog? Find out the average time spent on your site, average number of social media shares, number of repeat visitors, and much more. Choosing the wrong metrics harms your marketing plan.
Is there a possibility to scale up and adjust your goals?
A good marketing strategy should allow constant adjustment to its components to maximize return on your investment. Such a plan would allow you to spend more on components that produce the best results and cut the cost of those components that yield less.
Understanding what works and what doesn’t, can have huge impact in success of your online marketing campaign. Asking above questions will help you to identify the least effective elements of your online market strategy and make changes as you go. What else do you do to evaluate the effectiveness of your marketing strategy? Please share them with us in comments below.
Khalid Saleh is the cofounder and CEO of Invesp Consulting, a leading provider of conversion optimization software and services.