Written by Pat – West Florida Components
The economy and consumer buying habits have significantly shifted in the last few years. In today’s competitive environment, it’s important to take a look at your marketing strategy on a regular basis. Evaluate what you are doing and take a hard look at what your competition is doing, too. If you’re still banking on last year’s PPC campaign to drive your business, you’re probably missing out on some valuable opportunities to acquire new customers and increase your sales.
Here are some questions and suggestions to help you evaluate your marketing strategy:
Review your email marketing efforts. Do you offer a place to sign up for your newsletters on every page of your website? How about in your physical store? Do you use social media platforms as a way to capture emails and leads?
Analyze the results of your last few emails blasts and newsletters. What is the open percentage? What is the most clicked on article? What product converted the best from your email campaigns? What is the product or article that drew the most attention in your tweets or Facebook page?
Discounts and coupons – whether they are used in person or on a web site, can drive tremendous amounts of new business and encourage repeat customers. What is the coupon with the highest number of conversions? Where was it distributed?
Evaluate any rewards programs for repeat customers. Take a close look at the percentage of repeat customers before a rewards program is instituted. What is the increase after a rewards program is put into place? What is more effective: percentage off discounts or flat dollar discounts? For your web sales, use analytics software to help you find the answers.
Many businesses use Pay Per Click (PPC) advertising to generate customers and sales. When is the last time you looked at your keywords? What is the highest performing keyword? Which ones can you cut?
Review where you are spending your PPC money. Should you invest in a retargeting campaign? Would your products do well with a targeted Facebook PPC ad?
SEO (Search Engine Optimization) campaigns need to be evaluated on a very regular basis. Where are you ranking for your major keywords? What new keywords need to be targeted? What changes need to made due to algorithm changes in the search engines?
This is just the tip of the marketing iceberg. All businesses, large and small need to ask themselves these questions frequently. Remember – if you’re not measuring the success (or failure) of your marketing efforts, you’re losing time and money. You need to know what works so you can devote your resources to those efforts and cut your losses on what doesn’t work. Keep it fresh!