There are 28 million small businesses in the United States. And that number just keeps on growing.
So how in the world can your business stand out from the crowd?
One of the best ways is through a strong marketing strategy. But for many small and medium size businesses, marketing is hard to keep up with.
So if you need to implement a new marketing strategy, you’ve come to the right place!
We’ve pin-pointed 7 signs you need a new marketing strategy – along with some ideas on how to make it happen.
1. Your Marketing Strategy is Old
When it comes to marketing, things change quickly. So if your strategy is older than 2 or 3 years, you should consider updating it.
If your strategy is out of date, you’re probably not taking advantage of these new marketing techniques:
- Content Marketing
- Live Streaming
- Chatbots and other AI tools
- Detailed customer analytics
Also, think about your marketing messaging itself.
Have you been using the same images and catchphrases throughout your materials over the past few years?
If so, it’s likely that your message is no longer resonating with consumers since they’ve seen it so much. Or your competition is using it too!
The best way to stay on top of your marketing is to reevaluate your strategy every 12 to 18 months. This will help you ensure that your campaigns are fresh and current.
2. Another Sign You Need a New Marketing Strategy: Lack of Leads
Many companies use their marketing efforts to generate leads.
Online methods like SEO, social media, and AdWords work well. But so do traditional methods such as billboards, print ads, and tv commercials. All are great and can be used for lead generation.
If lead gen is part of your marketing mix, one of the biggest signs that you may need a new marketing strategy is that your leads are running dry.
Sales teams often rely on marketing campaigns to spark interest in potential clients or customers.
That way the sales people can do the proper followup to close the deal. This brings increasing revenue for the business.
But if you don’t have leads, you won’t have anyone to sell to. If this is happening to you, you should switch things up.
The good news is that you don’t have to change everything. Have your lead gen campaigns worked in the past?
Great! Just try adjusting the message and images a bit. This can, and often does, breathe new life into them.
3. Consumer Preferences Have Changed
If you’re noticing in a dip in your marketing ROI, it may be time to consider that your audience’s tastes may have changed.
Remember – Marketing is about human behavior.
To figure out if this is a cause of your decline, listen to your customers–both current and potential. This can be done through the following methods, just to name a few:
- Quick customer surveys about what is important to them and what is not.
- In-depth customer interviews with a select group of individuals
- A social media listening campaign, asking questions in exchange for a chance to win a prize
No matter what, be open to the idea that you need to listen to your customers to be successful.
4. Engagement Levels Have Become Stagnant
If social media is a part of your marketing strategy, this one’s for you.
When implementing a social strategy, it’s not realistic to expect never-ending growth. There will be ebbs and flows throughout the process. This is normal.
But if you notice a consistent plateau in engagement on your social channels, this may indicate you have a problem.
You want people to be excited about your company’s products and services.
You want your customers to leave positive reviews and post about your business on their accounts.
You also want potential customers to see your posts and social ads, liking and commenting along the way.
If these things stop happening as frequently, it may be time to implement a new social marketing strategy.
5. You’re Not Growing Your Email List
If email marketing is a part of your strategy, then this applies to you. And if you’re not using email marketing, you should be. It is one of the most effective tools out there.
In fact, it has been found that people who buy products via email spend 138% more than those who didn’t receive email offers.
But if you’re not actively growing your email list, your campaigns won’t be nearly as effective. So check out your email signup statistics. If they have been stagnant or decreasing for the past four or five months, it’s time to adjust your efforts.
Consider using a lead magnet like a webinar, ebook, or podcast. Make it free but require a name and email address to opt-in. This is a simple way to grow your subscriber / email list.
6. People aren’t Clicking Anymore
If you’re producing and distributing content, but people aren’t clicking on it, that’s a problem. Your content marketing should be so engaging that people want to click to read more.
If this isn’t the case, start with an audit of your content.
- What are you writing about on your blog?
- Do those things match up with what your potential clients are searching for?
- Do you have content that answers their questions and then leads them down your sales funnel?
If not, now’s the time to have a new marketing strategy when it comes to your content.
Decide to create things that address each step of the sales process. Also, write articles that appeal to different audience segments.
This may take some time, but it will be totally worth it in the end.
Last but Not Least: Does Your Marketing Bore You?
Remember, marketing should be exciting and fun! If you look at your current marketing materials and are bored, it’s time to change them.
The thing to remember with marketing is that it’s an art just as much as it is a science. In fact, a strong marketing strategy should be exciting!
It should be an experiment that you’re constantly checking on and adjusting or tuning.
If this isn’t the case for you, brainstorm some ways you can change your strategy.
Implementing A New Marketing Strategy
Now that you’ve gone through these 7 signs, it’s time to get started with your new marketing strategy!
If you have questions or need help implementing yours, contact our team of marketing experts today. We’re here to help.
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About Gregory Falicia
I’m a writer, instructor, and a technically savvy marketer…
I focus on what I am good at:
Driving new leads to businesses.