Growing and evolving is part of life. For marketers, this evolution has shifted from traditional print and out-of-home advertising to streaming and paid social media. Updating your marketing strategy to align with what’s trending can help propel your brand to new heights. Alternatively, staying stagnant or complacent can leave you in the dust.
Of course, it’s far too easy to continue to do what you’ve always done or what has been working for you. Change is hard and updating a marketing strategy isn’t the easiest task. However, a refresh is sometimes necessary. Here are four signs that it’s time to update your marketing strategy.
1. Your Strategy is Outdated
If you can’t remember the last time you thought about your marketing strategy, it’s a good sign that you need to update it. Digital marketing is ever-evolving and keeping up with what’s new and fresh can be challenging. That said, staying complacent isn’t a good strategy either. For the success of your brand, it’s critical to be entrenched in what’s trending and anticipate what’s around the corner too.
Take audience targeting as an example. A few years ago, utilizing third-party data to build audience segments was the norm. But with the cookieless future, relying on other entities for your audience targeting will be limited. Instead, first-party data along with predictive audiences is making headway. First-party data relies on your owned data assets, such as an email subscriber list; predictive audiences leverage this first-party data along with learnings from AI and customer behaviors to better predict and anticipate audience needs. Relying solely on third-party cookies is a losing strategy and may lead to the violation of data privacy laws, so it’s time to change.
2. You’re Unable to Measure Results
Knowing how your campaigns are performing is essential. You can’t just hit the launch button and hope for the best! You need to be tuned into how it’s going from the start, meaning you need to have access to the appropriate data in order to analyze it. This can include everything from conversion rates to ad spend. These two data points alone will help you calculate your ROI.
Through your analysis, you’ll be able to gain valuable insights into your campaign performance, many of which will help inform your future campaigns. These insights should align with your team’s current key performance indicators, or KPIs. Brand awareness, engagement, lead generation, and sales are all typical KPIs that will require different marketing tactics. Leaning into data will also lessen the need for trial and error as you’ll be making data-driven decisions.
3. You’re Launching Something New
Another reason to switch up your marketing plan is when your company is launching a new product or service. In order to stay relevant, brands launch something new and innovative all of the time. Teasing a launch is one way to get your core target audience excited and intrigued about your latest offering. Many brands find success by utilizing social media to create hype and demand a few weeks ahead of a launch.
You’ll want to incorporate your new product or service into your existing plan, aligning it with what you’re already doing well. To do so, think about the purpose of the new product and why it was created in the first place. Is it filling a void in the market or improving upon an existing product? Figure out why your audience should be interested in it and which platform will help you communicate your messaging best. Once the launch is underway, keep an eye on performance so you have an understanding of what to improve upon for your next launch.
4. Your Budget Has Changed
Due to today’s economic situation, many companies have slashed budgets to avoid major turbulence. In fact, a recent report conducted by consulting firm Deloitte shows that nearly half of marketers decreased their marketing spend in 2023 due to inflation. A budget cut can force you to pivot your current strategy whether you wanted to or not. Think like a minimalist, focusing on areas that are really working for you and cut back on the rest. If you aren’t seeing conversions from banner ads, it may make more sense to focus solely on paid social advertising.
On the flip side, if your brand has seen recent success you may be pleasantly surprised with an increase in your budget. Scaling your marketing efforts can be complex, especially if you’re trying to build your brand from the ground up. In this scenario, it’s typically best to increase your spend in areas that are currently working for you. Investing in new technologies and platforms may also be advantageous. However, don’t go all in on one tactic. You want to avoid a major loss. Instead, invest in a few key areas and monitor performance frequently.
Takeaways
Even the best marketing strategies need refreshing from time to time. An evergreen strategy could leave you and your brand fighting for market share or losing out on potential customers. With your goals and objectives in mind, think of how to best communicate your messaging to your target demographic. Look at what others are doing well and how your brand can come to the table with a new spin on things.
