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Start Strong in FY25: Refresh Your Marketing Strategy

June 1, 2024

As businesses across Australia gear up for the new financial year, it’s a great time to pause and reflect on your marketing results, and consider what you need to put in place to ensure your marketing keeps delivering results in FY25.

“Starting the new financial year, with a new or refreshed marketing strategy will help ensure your business remains aligned to customer needs, keeps pace with changing market dynamics and you stay a step ahead of your competitors.” We Are Savvy’s CEO Caroline Healy says.

Let’s look at five pivotal actions your team can take to set your FY25 marketing up for success.

1. Reflect on your marketing performance

Before diving headlong into the opportunities that a new financial year presents (hello, new budget!), it’s essential to take stock of your recent marketing activities. Reflecting provides insights into what worked, what didn’t, and most importantly, why. Ask yourself and your team some simple questions:

  • Why did some approaches work better than others?
  • Which offer or message received the best response?
  • How did timing impact the success of your marketing?
  • Were there any external factors, like market changes or new competitors, that influenced your results?

By analysing anecdotal feedback and key performance metrics – including the reach of your marketing, engagement, leads generated and conversions – marketers and business owners can identify successes to build upon, as well as areas for improvement.

2. Know what’s happening in your sector and with your audiences. 

Keeping up with market trends and changes is key to staying competitive. This can range from pricing and supply shifts to new legislation, product enhancements, and changes in consumer behaviour. To stay informed, set up Google search alerts, follow relevant influencers, and subscribe to industry newsletters. These simple steps will help you to stay on top of important market developments. By understanding what’s happening in your target market, you will be able to adapt your strategies and focus your efforts where they’re needed the most.

Understanding your audience is just as important. Knowing where to find them and how they engage with different platforms makes a positive difference. For instance, NFPs targeting young people with a social conscience may find success in leveraging platforms like Instagram, where this demographic is highly active and engaged. On the other hand, insurance companies targeting office workers might achieve better results on LinkedIn, where professional networking is more prevalent.

3. Work with your team to set clear goals 

Refreshing your marketing strategy enables you to reset clear goals – are you still focused on lead generation or is retention important in the new financial year? Make sure your goals use the SMART method. Defining specific, measurable, achievable, relevant, and time-bound goals ensures that marketing efforts are aligned with broader business objectives, and are both practical and achievable.

“Clear goals are like our compass, guiding us through the complexities of business with practical direction and purpose,” Caroline emphasises. “They keep us focused and motivated, helping us navigate challenges and celebrate achievements along the way.

4. Craft your Marketing Strategy

With insights in hand, it’s time to put pen to paper. Crafting a comprehensive Marketing Strategy is essential for knowing where and how to invest your marketing budget. Here are the key components to include:

  • Goals: Clearly define your marketing and communication goals.
  • Target Audience: Identify who your decision-makers are and understand their needs, preferences, and behaviours.
  • Positioning: Outline your key selling points, creative themes, and tone of voice.
  • Marketing Areas of Focus: Create a roadmap that highlights your main marketing priorities over your specified timeframe.
  • Marketing Channels: Recommend the best channels to reach your audience and achieve your goals within your available budget.
  • Resourcing: Include budget allocation, team roles, and any external support such as agencies or freelancers.

 

5. Create an action plan and monitor implementation

A strategy is no good without action. A practical marketing action plan must support every strategy, as should regular performance reporting.

Ensure your action plan clearly sets out the deliverables, the person responsible and the deadline. Bring the team together at least monthly to review the action plan process. At the same time review performance reporting and channel analytics as well as discussing informal feedback from the business and clients.

You’ll then be in a position to appropriately adjust your action plan and strategy if required.

 

As we embark on this new financial year, let’s embrace the opportunity to refresh our marketing strategies. By reflecting, setting goals, understanding our audience, crafting plans, and staying agile, we’re paving the way for success in the year ahead.

At We Are Savvy, we are ready to support your business develop an impactful Marketing Strategy. Contact us today at hello@wearesavvy.com.au to learn how we can help you start strong and stay ahead of the curve in the new financial year.

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