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It’s the end of the financial year again and you are consumed right now making sure that all tax planning and budgeting requirements are in place. But does your end of financial year results equate to finance? If so then it’s time to think again!
The end of the financial year opens up opportunities to give your marketing area a health check too. So, listed below are some check points that will be helpful on what you could be doing in the coming year to generate more ROI.
How much does your business marketing cost?
It’s essential to keep track and to monitor your business marketing expenditure which includes your online advertising, offline advertising, copywriting, website and graphic design as well as networking events and training.
Beside these, marketing costs time and money. If you are not currently tracking your time it’s recommended that you begin making a record. For example, how much time do you spend on social media? Is it more time than what it earns you? How long does it take you to write content for a new website? Is it less than what a copywriter would charge you?
Which marketing activities worked for your business?
In order to determine which marketing activities worked for your business, review your marketing activities and results from last July. Was your content published in a magazine? Do you have ads going online and offline? Did you run specific email marketing campaigns? Did you sponsor or attend any events?
Once the activities have been reviewed and analysed it becomes clear which areas work best for you and then plan accordingly to achieve the best results with minimum effort.
Which ones didn’t work for your business?
With numerous marketing tactics available in the marketplace, some are too costly. This doesn’t mean you should throw away those tactics but ask yourself why it didn’t work. Was it because you targeted the wrong audience? Was the copy and design unappealing to drive your potential customers to action? Was the timing right?
Has your business changed?
Change is inevitable and your business is evolving constantly. Pay special attention and reflect back on your developments and progress over the past year and use this as a basis for the coming year.
How has your brand developed? Have your goals changed? What do you need to do to grow your business?
Have your customers changed?
With your business evolving, it’s a good idea to target different customers. So think about your profitable customers and develop strategies to build quality relationships with them and its probably time to weed out those customers who take up too much time without the monetary rewards.
So measuring all these factors is essential to your end of year marketing success. When you can measure the impact of your actions which gained results then you are on the right path.