Your company relies on its marketing to bring in new customers and give previous customers a reason to return. While it’s quite likely that some of your marketing plans perform exactly the way you want it to, that isn’t always the case. In some instances, you’ll need to go back to the drawing board and enhance your company’s marketing plan in order to get the results you want.
Figure Out What You’re Doing Right
Even if your plan isn’t working quite the way you intended, there are likely aspects of it that you’re doing right. It can be tough to separate the different components of the plan to figure out what’s working and what isn’t though. Marketing plans often include different strategies that are all being run at the same time or with a degree of overlap. That’s where marketing attribution comes in. Marketing attribution will help you figure out which marketing strategies are delivering results for your business.
What is marketing attribution?
Marketing attribution is the process through which a business analyzes the marketing touchpoints a consumer experiences during their journey from first contact to purchase. The objective of marketing attribution is to identify the channels and messages that have the greatest impact on the decision to convert, or take the desired next step.
Source: https://www.podium.com/article/what-is-attribution/
Ditch Time and Money Wasters
Not only does marketing attribution help you figure out what strategies are working, it can also help identify which ones aren’t. As you work to refine your marketing plan, you’ll likely come across strategies that are nothing more than a waste of time and money. Even if these strategies sound like they should be benefiting your business, you have a limited amount of time and money to work with. Your best move may be to ditch these aspects of your marketing plan in favor of ones that are performing better.
Source: https://bennisinc.wordpress.com/2019/08/26/where-businesses-waste-the-most-money-on-marketing/
Make Adjustments as Needed
Sometimes, aspects of your marketing plan aren’t necessarily time and money wasters. These aspects may fall somewhere between this category and being something you’re doing right. They seem to be effective, but they aren’t as effective as they can be. For these parts of your marketing plan, the best strategy may be to make adjustments to them so they perform better. You may find performing a SWOT analysis helpful in this regard. Pull in the team members responsible for this portion of your marketing plan and some outside help to get both background information and a fresh perspective on it.
Source: https://smallbusiness.patriotsoftware.com/swot-analysis-improve-marketing-strategy/
There are multiple aspects that go into refining a marketing plan. Figuring out what you’re doing right, leaving behind aspects that waste time and money, and identifying and making adjustments as needed are just some of the things you should be doing to refine your plan. This will help you develop a more effective marketing plan that gets you closer to your business goals.
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