The majority of businesses, big or small, undertake some form of regular marketing whether this be attending networking events, sending out email “newsletters”, posting on social media, creating content for their website or paying for advertising. . However, because marketing is often perceived to be intangible and difficult to measure, many business owners struggle to obtain meaningful insights into their marketing activities. Or it may boil down to the fact that due to time or resource constraints, it is not seen as a priority. Perhaps it is because, particularly for small businesses and freelancers, you are so focussed on creating the content and doing the marketing, that you forget to stop and take stock of what is working and what isn’t.
Whatever the scenario, it is completely and absolutely vital to the success of any business to analyse their marketing strategy and activities on a regular basis or you run the risk of wasting time, effort and, most importantly, money. More specifically, there are 4 benefits that should prompt you to make analysis a regular part of your marketing routine.
1: Refocus on why you’re doing what you’re doing
When you take the time to stop and review your marketing activities, it allows you the chance to refocus and remember why you’re doing what you’re doing. This is key as you must remember why you chose to attend that networking event or why you chose to concentrate on Facebook as your main social media platform.
Once you refocus on why you undertook those marketing activities, analysing its effectiveness is much easier. For example, you went to that networking event because you wanted to generate some new business by getting new leads. If that’s the case, when you stop and look back, you’ll review how many business cards you got and of those, how many follow up meetings did you book and from those, how many sales did you get.
If you can’t even answer the question, “Why did I choose to attend that networking event?” it gives you the opportunity to reassess if that was the right marketing activity to undertake rather than ploughing on and wasting valuable time and effort.
2: Determine what activity is actually effective
Through the analysis of your marketing activities, you can determine what is being effective. You’ve re-established why you were undertaking those activities so now you can see if they have achieved those goals.
A great example of this goes back to choosing your dominate social media platform. When you go through your social media analysis, you can see if Facebook, as per the previous example, should be your main social media channel. It may be that actually Instagram is driving more traffic to your website and converting into leads.
Or maybe you’ll find, through your analysis, that your blogs are driving organic traffic to your website. Great news and now you know to focus more marketing effort in generating content.
3: Learn more about who your audience is
The more you know about your target market, the more effective your marketing efforts can be. The data available on social media, email marketing, Google Analytics, etc is great for giving you greater insights into your audience. You can find out what times they are on social media, open your emails or visit your website, for example. You can also find out, from some platforms, what your audience’s interests are and which of your competitors that they follow as well as what keywords they are searching for.
This data can help you to reshape your marketing to attract a bigger audience and keep your current one engaged.
4: Tweak and change your marketing activities
I’m sure you’ve heard the quote, “If you always do what you’ve always done, you’ll always get what you’ve always got.” Stopping to check your marketing’s effectiveness can allow you to tweak and change what you’re doing to obtain the desired outcome.
Ultimately, it would be a shame if you (or your team) spent time, effort and money on marketing activities that weren’t making you money and growing your business!
Michelle Lucherini is passionate about providing support and structure to nurture and grow creative businesses through no-nonsense, practical marketing solutions. I get my “hands dirty” helping business owners to plant their seeds in order to take root, flourish and bear fruit!