As business owners, we’re hardwired to review every aspect of our business. Are we using our funds efficiently? Should we make a new hire next year?
When was the last time you reviewed your keyword rankings? Or where you were placing ads?
As a business owner, be involved in the marketing strategy and know what your investment is doing for you. HR is in charge of payroll, yet owners still look at these numbers because it’s an expense attached to profit. Marketing is no different. It’s an investment, and business owners should be looking at that the same way and questioning every line when we need to.
You audit your 401K. Why wouldn’t you audit your marketing strategy?
While there is no set timeframe or way to evaluate your marketing strategy, you should ask yourself these three questions:
Where is my money going?
If you have done the same media buy every year through the same person, this is the perfect time to audit. Take a look at where your marketing dollars are being allocated and evaluate how effective this strategy is. You might be missing out on a better way to reach your audience.
For example, if you are selling high-end men’s clothing to an older wealthy demographic, your audience is most likely not using Twitter. You might earn a few retweets, but at the end of the day your cash register is likely not ringing any more because of it.
Should my business have a content strategy? If you already have one, is it working?
Have you rebuilt your website recently, and are you producing content like blog entries and quality Facebook posts? Pay attention to what your customers are searching for on Google, and when they’re doing the searching.
If you’re a spa owner, you should know that Mother’s Day is the number one day for the word “spa” on search engines. This would be the perfect time to write about a new special you have going on.
Am I reaching the right audience?
Take a look at who your target audience is, and how they are getting their information. We surveyed more than 1,200 people and discovered that 90 percent of millennials are streaming their music. If that’s your intended audience, consider spending less of your marketing dollars on radio ads and more on services like Pandora and Spotify.
When analyzing your target market, make sure that you are removing personal interests from the goals of your business. Many business owners buy ads on their favorite radio stations because they want to hear their own commercial, even if it doesn’t reach the right market. When your ego gets in the way of your marketing, that’s when you need to audit.
Photo courtesy of: Nashville Business Journal
Originally published on: Nashville Business Journal
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