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One question that keeps business owners and marketing people up at night is that fact that is their marketing strategy doing what we need to do? Sometimes it might become hard to know when to stick with what you are doing and when is the time to blow things up and start over.
The following are the five sure signs that it is time to now go for a new marketing strategy:
- 1. YOU ARE NOT SEEING RESULTS
Keep in mind your goal and than have a look at the data over the last year and ask yourself the following:
a. How many leads have been generated through digital marketing efforts?
b. How many users were able to get converted to leads?
c. How much of your company's revenue got influenced by your marketing activity?
d. Lastly, how does your sales and marketing funnel look like?
- 2. YOUR MARKETING STRATEGY IS 2-3 YEARS OLD
It is said that 1 year of your business will be 3 years to your marketing strategy. Technology and buyers seem to be changing in the same way as Google's search rank algorithms. Therefore, you need to make sure that you constantly update your marketing strategy.
- 3. YOU ARE LAUNCHING A NEW PRODUCT OR TAPPING A NEW MARKET
When you introduce a new product you got to educate regarding this to your prospects and customers. When you tap into new markets it means you need to do market research which includes persona interviews and also creation of new target personas and buyer's journey. You will now be required to develop a content marketing strategy in order to reach them.
- 4. YOUR BUYERS ARE CHANGING
You need to start evaluating your marketing strategy since your buyers are constantly changing. You should start from the foundation up like who is your ideal buyer, what are pain points, and how they seem to be searching and engaging online.
- 5. YOU ARE DOING ONE TYPE OF MARKETING
There are two types of marketing - inbound and outbound. Inbound basically means anything that is digital like banner ads, video and outbound means anything that is physical like billboards, radio etc. If you wish to have a successful marketing strategy than you need to have a combination of both inbound and outbound tactics.