29 Apr Why you should have a marketing review
It may seem like a waste of time to sit and perform a marketing review when you could be doing something else more constructive but do you know where you sit in the marketplace? Do you know if people like your advertising? Does it have the impact that it needs? Unless you spend the time looking how will you know?
Let’s face it, sitting and going through all your literature, website, social media, press adverts even vehicle livery and point of sale can be a tedious job and doesn’t really stir up a lot of excitement. But, it is an important part of your business so it should be reviewed at least once a year.
Why? I hear you ask.
Do you still have the same haircut you did when you were 17? Do you still wear the same clothes as you did in college? Do businesses still advertise the same way they did in 1999? In all three cases it’s more than probably a no. When I started my first job in brewery promotion back in 1997 there was no such thing as social media, we had ISDN not email, we still used polaroid’s and film on shoots and we proofed on cromalins and wet proofs not pdf.
In a short space of time this industry has boomed and technology has traveled a massive distance in a short space of time. My current iPhone has a 20gb hard drive in it, my first all singing, all dancing Powermac had a measly 3GB. If you don’t keep up with the changes within the industry then it’s more than likely that you will fall behind. I have clients who still don’t believe in e-commerce “no one buys online”. The £24billion taken by UK e-tailers over Christmas would disagree.
My point is that although boring, reviewing your marketing and creating new opportunities for your business is as essential to it’s profitability as a good set of staff or a really good product. Take the time to look at how you advertise. When I do a marketing review I have a basic set of questions that I ask to establish an overview and then go into each element in more depth suggesting ideas, new opportunities and setting up budgets. I look at things like; competitors, advertising mediums, reducing spend, point of sale, website, social media, trade shows and exhibitions, shop display and packaging.
I also look at tracking your marketing. You could be spending a fortune on press advertising but unless you know what results you are getting how do you know its worth it? Could you do the same on social media and hit a wider audience for free? It’s not all about putting products on leaflets and shoving them through peoples doors anymore. There are hundreds of ways to market your business and a review can help you find the best and most cost effective of those, help you cut costs and perform more effectively just like you would with any other part of your business.