As the year draws to a close, it’s the perfect time to reflect on your marketing efforts and plan for growth.
Author: Debbie Richardson | Co-Founder | Head of Programs & Partnerships | MSQ |
Below, we explore three critical questions every business should ask to ensure their marketing strategy is on track for success in the coming year.
Q: Do you know the results your marketing is delivering right now?
A: Many businesses invest heavily in marketing but lack clarity on what it commercially returns to your business. Reviewing key metrics like customer acquisition cost, lead conversion rates, and campaign performance can uncover what’s driving results. A clear understanding of these metrics allows you to allocate resources effectively and avoid wasting budget on underperforming activities.
You do need to review these activities over a period of time – for example, 6-months. Many businesses look to marketing for instant gratification. Do not fall into this pit hole.
Q: Is your marketing team, whether internal or external, equipped for growth?
A: Growth requires a capable and aligned marketing team. Assess whether your team has the skills, tools, and strategic vision needed to scale. If gaps exist—such as expertise in digital, branding, or analytics—consider upskilling your team, hiring specialists, or partnering with external experts to fill these needs.
Most businesses need a combination of internal and external resources – you do not need nor cannot afford to houses these skills internally.
Do the research and choose your external suppliers wisely – give them a good brief and make sure they deliver what you need.
Q: Can you identify which parts of your marketing are successful and which are underperforming?
A: A thorough audit can pinpoint strengths and weaknesses in your marketing mix. For instance, are your email campaigns engaging audiences? Is your content driving traffic? Identifying underperforming areas early enables you to refine tactics and amplify strategies that deliver the most value.
Before you start doing anything new look at what your business is doing today. It will be doing some things well, keep doing those and add and measure new marketing activities.
Marketing is dynamic and needs to be constantly under review.
The New Year is a fresh start. Use this time to evaluate your marketing strategy and make informed adjustments. A Strategic Marketing Assessment can help you gain a 360° view of your efforts and create a clear roadmap for success.
By answering these three questions honestly, you’ll position your business to not only meet its goals but exceed them in the year ahead.