Phew! We’ve made it through the first month of the new decade. Did January fly by just as quickly for you, as it did for us? We feel January was a mixture of emotions and busyness with the start of the new year – no doubt you’re feeling the same as well.
On the business front, you wouldn’t be the first to feel as though you’ve missed the opportunity to plan for the year ahead. Work and life gets busy – we know. But, there’s no excuse not to kickstart your year ahead on the right foot in February. So, if you’re searching for some direction on where to go with your marketing plan for the rest of the year, continue reading on.
1 – Cut your losses
It’s a new year – new month and our marketing support team believe you shouldn’t waste time (or money) on platforms or tactics that aren’t hitting the mark. Be ruthless in your decisions. Read carefully into the data and analytics of your marketing strategies and ask yourself the question, “Is this serving my business well?”
If you can’t come to the conclusion that a marketing strategy, whether it be Google ads, Facebook ads, LinkedIn, Instagram, YouTube, Radio, TV, word-of-mouth marketing, email campaigns – ANYTHING you are investing in is generating the results or awareness you need … CUT IT. Chat to your relevant marketing team, who can assist with reallocating funds from underperforming channels into brand building and revenue rich strategies that will assist with reaching your business goals and objectives.
2 – Look at the data
Are you interested in a DIY investigation of these results? Our marketing support teams share a few great areas to start your research:
- Website Analytics
- Social Media Analytics
- Marketing reports
- Survey data
We’d recommend reviewing the month to month and year on year reports, to understand the bigger picture of short and long-term results. Can you notice any changes (positive or negative) from the time of implementation? This is where you’ll find the answers of digital platform value to your business and whether you should cut your losses.
3 – Reallocate funds to Experiment – but no gambling!
It’s tempting to pour all of your marketing funds into a strategy that worked in 2019, but resist the urge! 2020 is all about experimenting with new channels and tactics. Setting aside a small budget to experiment can make you a market leader!
You may remember in our previous blog – 2020 is the year of brand; we mentioned that we’re currently living through an explosive era of digital disruption. Technology is changing, platforms are evolving and snatching the attention of consumers is becoming much harder!
So, in order for your brand to stay relevant, you need to set aside some funds for experimenting and trialling. This is where early adopters see the greatest marketing success because they don’t just follow the pack.
However, you should also keep in mind that experimental marketing must be based off calculated risks – NO GAMBLING! It’s incredibly important to do your research on new platforms, and understand what will drive the results you need. Assuming a platform will work, without the right Intelligence and Creative, could result in losses that we don’t have time for in 2020!
4 – Think Customer, Think Human
Experimenting on new platforms is a fantastic way to discover new markets, as well as enhance your buyer’s journey or brand experience. Our marketing team’s greatest advice is to invest in people, employees, audiences and customers. This goes hand in hand with our experimenting advice. Do your research and ask yourself, “Is this of value to my business and customers.” Don’t push interruption marketing because believe it or not, almost 70% of consumers don’t trust advertising and 42% distrust brands (Roderick, L. 2017).
So, are you feeling motivated to streamline your marketing plan in 2020? When in doubt, we always highly recommend talking to a professional, for the best advice on your business’s overarching marketing strategy.