As we approach the new year, now is the time to analyze your current marketing strategy. In 2021 we saw many changes to the marketing landscape as companies faced supply chain issues, budget cuts, and changing consumer values. As the year ends, this is your chance to recognize what’s working, what isn’t, and make changes going forward. Below are a few factors to consider when looking at your marketing plan as well as the importance of continuing to build brand awareness.
As you examine your current marketing plan, one important question to ask yourself is, are you are attributing your success to customer conversions or increased brand awareness? Our team recently found a great article discussing the shortcomings of having a first or last-click attribution model. First or last-click attribution models give 100% of the sales credit to only one point of contact a consumer has with a company, whether it be their first ad clicked or last email received before finalizing a sale. This article does a great job at highlighting how customers approach purchasing through many different angles and often need several points of contact before deciding. With this mindset, instead of structuring your 2022 marketing plan around the idea of “how can I increase sales?”, try structuring it around “how can I reach my target customers?”.
Identify how your current marketing strategy works to get you recognized by your audience. Do you have a defined brand message and style? Do you know who your consumers are and how to find them? Are you continuing to reengage with potential customers? Think about your answers to these questions and see what insights can be gained by looking at the data you’ve gathered on your customers and ad campaigns over the past year.
Next, determine what promotional tactics you’re using in your current marketing strategy. Does this include social media? Email? Website? TV? Look at how these different areas are performing and how much they’re costing. Think about ways you can further improve each tactic. With the rise of streaming and short-form video content, you might consider advertising on Connected TV instead of traditional TV, or posting frequent videos on Instagram, Facebook, or YouTube instead of text posts. Take the time to decide what tactics make sense for your business.
It’s important to remember, even after considering these factors, that your marketing plan will need to continue to adapt and change throughout the year. As technology and consumer trends continue to change, there is no telling what the next year will hold. By continually assessing your marketing strategy, you’ll be able to stay on top of whatever 2022 throws your way.