|Is it time for a marketing plan evaluation? No matter how thorough and solid your marketing plan may seem, your company and marketplace circumstances will always change. Having a stagnant plan might lose you a lot of market-share in a short time. Situations that warrant a change to your marketing plan include:
Internal factors. If your product campaign has yielded little to no positive results, pinpoint its shortcomings by asking these questions:
- Am I getting any new clients?
- Am I gaining enough referrals?
- Are those referrals and clients converting to sales?
External factors. When conditions outside of your control shift unexpectedly – an economic downturn, technological advancements, superior competitor strategies – your bottom line suffers. Ask yourself:
- What significant industry changes affect my business? How can I combat those changes?
- Should I replace a tactic that isn’t working with a different tactic now or later? Why?
- Which of my marketing activities have performed well through the turbulence?
When all is said and done, identifying your campaign’s shortcomings and quickly responding with adaptations is vital to successful marketing. Amplifying the well-performing metrics and adjusting the rest when needed, positions your marketing plan to run efficiently and successfully.
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