50% of small businesses fail after 5 years. Running a business is tough!
To survive and stand out from the crowd, you need to use every tool at your disposal. This includes making sure that your sales and marketing strategy is up to date.
But how can you tell when your marketing strategy needs updating?
If you are busy and have a lot on your plate, it’s easy to overlook a strategy that has been in place for a while.
Read these signs it’s time to switch up your marketing strategy.
1. Your Sales and Marketing Strategy is Over 2 Years Old
The first sign it might be time to update your marketing strategy is if you implemented it over two years ago.
Think back to when you first developed your marketing plan. You’ll find that your business was different back then.
You may have had different employees, a different set of goals and different technology.
These factors show it’s time to switch up your marketing strategy.
2. Marketing Trends Have Changed
Marketing trends never stay the same for long. What was cutting edge a few years ago, might not cut the mustard anymore.
Five years ago, few businesses were using video content in their marketing. Today, there has been a major increase in video on social media and websites.
This is because video has become the most popular type of online content, and by 2020, it will make up 79% of all internet traffic. Trends in social media also change with time. So if you started out focusing on Facebook and have continued to do so, now you might miss out on potential Instagram growth.
If you don’t stay on top of marketing trends or update your sales and marketing strategy, you’ll get left behind like Blockbuster or Toys “R” Us. While other businesses are using new apps and interactive media, your marketing campaign might look out of date in comparison.
This damages your brand image, and users will think of you as old-fashioned or lazy.
3. Your Budget Has Changed
As a business, it’s unlikely that your marketing budget remains the same from one year to the next.
Factors such as sales, turnover, capital investment, wages and bills affect how much you can spend on marketing. The cost of marketing strategies also change.
When you set your small business marketing budget, it may have been when you did not have much to spend. However, your business may have grown and expanded, so now you have more to invest in a marketing strategy.
4. You Aren’t Generating Enough New Leads
One of the long-term goals of a sales and marketing strategy is to generate leads.
When you look at your online marketing analytics and they look underwhelming, it’s time to rethink your strategy.
Have you made the most of backlinks on your website? This is the best way to generate inbound leads to your site.
Consider blogging and hosting guest posts on your blog to bring in fresh eyeballs.
There are many ways you can switch up lead generation. If your site has stopped bringing in new traffic, it’s time for a refresh.
5. Your Website Needs Updating
When was the last time you ran an audit of your own website?
If you can’t remember, it was too long ago…
Your website is your shop window to the world. Whether you are selling your products directly to customers online or providing information, your website is the cornerstone of your branding and marketing strategy.
Your site needs to be factually correct. Contact information and opening hours should always be up to date.
The look and feel of your website is also important to your brand.
If your content is looking outdated and lacks mixed media content, now is a good time to revisit your digital marketing strategy.
6. You Have New Products or Services to Sell
If you have not updated your sales and marketing strategy in years, it may no longer represent your products and services accurately.
It’s likely you have added to your product line since devising your first marketing campaign. Products themselves can become outdated and new versions get issued.
Your marketing strategy needs to reflect this.
New product offerings are a great place to start with a new marketing campaign, as your customers won’t have seen them before. If they associate your brand with innovation, your site will be the first place they go for product news and updates.
7. Get Mobile
More people are accessing the internet on mobile devices versus laptops and PCs. This means if you do not optimize your marketing strategy for mobile, you will be at a disadvantage.
Your website must look good and work on all screen sizes for customers to take you seriously. There is no bigger turn off for internet users than a site that takes too long to load on their phone.
If you weren’t even thinking about mobile devices when you first developed your sales and marketing strategy, it’s time to switch it up.
Expert Marketing Services at Your Fingertips
Those are some signs that show it’s time to switch up your sales and marketing strategy.
If you have fallen behind with the times and are not using all the latest marketing trends, you’re already at a disadvantage. Boost your brand by showing your customers that your finger is on the pulse, and your products are cutting edge.
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