Every entrepreneur talks about their marketing strategy, but how do they know what works? It is not enough to simply have a plan in place; you need to know whether the program is paying off and whether you need to change things. If you do not measure your progress, you are failing in your duty as a manager. In fact, you need to make sure that you understand how to track marketing activities so that you can figure out whether your plan is worth it. If you are pumping loads of your business finances into a weak marketing campaign, you will lose out in the long run. Here are some simple ways you can see if your plan is working well for your company.
One of the primary goals of any marketing plan should be to raise awareness for your venture. Some businessmen believe that a strategy should make them more money than they make now. Whilst, of course, you want to increase your profits, you need to look at the big picture. Sometimes, the first step in growing your business is getting people to know who you are. If your current marketing plan is familiarizing people with your brand, it is worthwhile.
Return On Investment (ROI)
You may have heard people talk about ROI before, but do you know what it means? This phrase is just one example of the jargon people use to try to confuse you. Return On Investment means that a marketing plan increases your company finances. There is an algorithm you can use to see whether your investment was worth it. There are ways to measure this aspect of marketing. You should ensure that you ask your marketing company for a full breakdown of the financial returns. They can provide you with a monthly report so that you can see how the plan is working.
Do you know what your customers think of your company? Well, you should. The experts from Webcentric Solutions believe that an excellent marketing strategy changes customers’ perceptions. Over time, your customers should become comfortable with your company. They need to relate to your brand on a direct level. Every few months, you should consider hosting a market research project so that you can see what people think of you. You may need to offer people something in return for taking part in your project. You could host a competition for your customers or give them something for free. That way, they will be more than happy to tell you what they think.
Social Media Interaction
If your companies social media platforms appear to be dormant, something is going wrong with your strategy. When your company sends out a tweet or a post, you should get people to engage with it. If nobody likes, retweets or comments on a post, it is a failure. It is easy to see whether people are engaging with you online. On Facebook, for example, you can look at your analytic review and see whether people are looking at your posts.
Growth Over Time
If your marketing strategy is a success, your company should grow over time. Set yourself a development target for the future. You can discuss this goal with your marketing team or agency. That way, everybody knows what the plan is and how to achieve it. You should set a time limit for this target so that you can review it at a later date. If that time comes and there have been no significant changes in your business, you may need to rethink your strategy. The best way, in which to see if a plan is worthwhile, is to track the progress of it continually.