With the sales and marketing landscape changing so rapidly, you should be constantly assessing your marketing strategy to find out what’s working and what’s not. But sometimes we get so caught up in getting through our day-to-day tasks that we forget to stay alert for signs that something may not be right.
Here are 6 red flags to be on the lookout for. If you experience any of the signs below, it's time to give your current marketing strategy some serious thought.
1. Your marketing results aren't measurable.
If you had no way of measuring the results of your new diet and you couldn’t tell whether or not it was working, would you keep doing it? Many companies send their marketing efforts out into the world without knowing whether they have an impact on the business. Then they keep using the same tactics over and over without knowing if they work.
Can't attribute more prospects, more leads and more sales to your marketing efforts? it’s time to reevaluate your marketing strategy.
2. You don't know your marketing budget.
When we start a new engagement with a client, one of the questions we ask is, “what was your marketing budget last year?” It’s shocking how many companies can’t answer this question. If you don’t have a defined budget for each of your company’s marketing activities, it’s time to reassess. Take time to figure out which marketing initiatives are going to have the biggest impact on the business’s success. Then set a realistic budget for each of those initiatives.
The largest chunk of your marketing budget should be allocated to inbound marketing. Inbound leads cost 61% less to acquire than outbound leads. The less money you spend acquiring a new customer, the more profit they bring you. Simple.
3. Your sales and marketing teams are disconnected.
If your sales and marketing teams only talk to each other when they cross paths at the water cooler, it’s definitely time to reevaluate the way you approach marketing.
These days, Marketing and Sales should be integrated—that means they should be sharing data, lead status, and results. Too often, Sales considers Marketing to be frivolous, and Marketing considers Sales to be stubborn. But these two teams need to work together so that both sides understand what a qualified lead looks like as well as how to attract, nurture and close them. If your teams are disconnected, you may need to work on your marketing and sales strategies.
4. You aren't generating enough new leads.
Marketers wear a lot of hats these days. They are often expected to be event coordinators, business development specialists, social media experts, web developers, graphic designers, copywriters and more. But the main goal of marketing is to generate leads. You may be rocking all of your duties, but if you’re not generating leads, it’s time to take a step back.
5. Your website is outdated and underperforming.
Guess what? The internet isn’t going away. 60% of the buying decision is made before the prospect even contacts your company. How do they reach that buying decision? One of the most prominent ways is by researching online. If your website isn’t the hub of your marketing efforts, you need a new marketing strategy.
Many companies use their website as a brochure that talks about their offerings. But your website can actually generate leads for your business. Our Website Redesign Guide will give you some tips on how to optimize your website for lead generation.
The way your website looks can also influence marketing and sales. 94% of people attribute their distrust of a website to its design. That means that every few years, your website will need a refresh unless you build growth-driven design into your marketing strategy.
6. You're trying to sell to everyone.
Companies often make the mistake of trying to expose their brand to as many people as possible. But in reality, you should only be concentrating on the people who are most important to your business’s growth. These are your Buyer Personas.
Instead of spending your marketing dollars—not to mention your effort—on horizontal channels like radio and advertising, focus on discovering where your Buyer Personas get their information and how they research your products and services. That way you can create a marketing strategy that aligns with your Personas and have a better chance of reaching them at the right time.
It's easy to get complacent about your marketing, especially if business is good. But periodically reviewing your marketing strategy will help ensure that you're always ahead of the curve.