Marketing and communication strategies are vital for the success of any business or NFP, large or small. However, just having a marketing strategy in place is not enough.
Markets and customer needs evolve constantly, so it’s crucial to review and update your marketing strategy regularly. But, when should you review your marketing strategy? There are specific times and circumstances where a strategy review is a must. Let’s look at them in more detail.
1. Six months or quarterly marketing strategy check-in
A regular six-month or quarterly review is ideal for any organisation that wants to stay on top of their marketing. Remember, strategy reviews are most effective when you do them regularly, so set aside time for reviews as part of your normal team rhythm. When working on your six month tactical review, consider:
1. Market. Is your strategy aligned with the current state of the market? Look out for new trends that may constitute opportunities or threats for your business, or changes in legislation and tweak your strategy accordingly.
2. Reporting. Adapt your strategy according to the insights found from your reporting. For example, if you find out that Facebook or LinkedIn brings better leads than your newsletter, allocate more resources to those platforms and engage with your audience there.
2. Annual marketing strategy review
Industries and consumer behaviours change very rapidly, so you need to stay up-to-date with what’s going on. This makes a yearly marketing strategy review – a deep dive, a must. Missing out on a yearly review may limit the ongoing impact of your marketing activities which can impact the leads coming into your business or NFP. You need to be savvy!
The annual review needs to be comprehensive. Consider environmental changes, the economic climate, and how your clients’ needs have evolved. For example, if you are an insurance broker and your clients are tradies, take into account how the latest supply chain challenges may have modified their needs. Is your marketing still speaking to their pain points and providing them the solutions they need? If not, it might be time to review your marketing strategy.
If you are an NFP, are you experiencing a greater need for your services, so do you need to focus on generating income from grants or fundraising.
3. Business transformation
Strategy reviews are also crucial when there are major changes within your organisation. For example, if you adopt a new technology, you will need to ensure that your strategy is on point and aligned with all the changes that the technology is bringing to your organisation.
Equally, if you are planning to launch a new product or service, you will need a new strategy approach to ensure your marketing is optimised for success.
4. Review your marketing strategy when you selling your business or merging with another organisation
If you were to buy a business or join forces with another organisation, would you want one that has a clear direction for the future or one that doesn’t know what it stands for…? Yep. No brainer.
If you are preparing to sell your business or creating a new partnership, having a solid marketing and communication strategy in place will help you ensure the transition is successful.
At We Are Savvy, we love seeing businesses reach their goals. We have been creating effective marketing strategies for over twenty years. If you require professional marketing support, get in touch via hello@wearesavvy.com.au.