Are you disappointed in the recent results of your marketing efforts? If your business is seeing a plateau in growth, you may need to consider a marketing revamp. Changing industry trends have likely caused your marketing strategy to become outdated. It’s time for a change.
This article reveals six signs that your business needs new ways of marketing your brand. When you see these signs, you can identify the most pressing areas to make changes.
1. Failure to Emphasize Growth Marketing
Traditional marketing places most of its emphasis on creating brand awareness and acquiring new customers. Advocates of growth marketing see this approach as short-sighted, and they’re right — it typically costs more to acquire a customer than retain one. That’s why growth marketers focus on the consumer through the entire growth funnel, from initial awareness through referral. Reaching the “brand advocate” stage with customers is marketing gold.
If you’ve been concentrating your marketing efforts on creating as much brand awareness as possible, try a more comprehensive approach. Strive to personalize your customer’s experience with your company to cater to individual needs. Use market data and website analytics to see what’s working and what isn’t, and make changes as frequently as necessary.
2. A Drop in Your ROI
Has the return on investment for your marketing strategy dropped? If you’re not maximizing your marketing ROI, it’s important to consider changing tack. For example, you may notice that your cost per acquisition is higher than you would like. While, as just noted, customer acquisition isn’t the be all and end all in marketing, it’s still important. By calculating and tracking your CPA, you can see whether your marketing spend is effectively bringing in new business.
No matter where your ROI is low, tweak your marketing strategy in those areas. For example, you may see that your paid ads should be showing a better return. Conversions for paid ads depend on your target audience, the content you display, and your landing page. You might A/B test your ad copy or switch to social media platforms where your target audience is more likely to be. Changes can help ensure you’re acquiring new customers for the least spend possible.
3. Online Traffic Doesn’t Convert
You may notice that your website or social pages are getting plenty of traffic, but those leads aren’t converting. When this happens, it’s time to think about what changes you can make to increase conversions.
For example, an e-commerce company may see loads of traffic coming to their e-commerce store. However, those potential customers leave the website before checking out. In this case, they might consider changes to the website that make it easier to complete a purchase. Or perhaps visitors are leaving because the store’s offerings don’t align with the audience’s true preferences. Revisiting their buyer personas could lead to a better conversion rate for the e-commerce company.
The same goes for businesses that are looking to convert traffic into sales leads. Perhaps a landing page or contact form requires an overhaul. Changes like these can help combat the problem of traffic not converting.
4. Traffic Has Decreased
Your marketing approach likely needs a revamp if your website or social pages are receiving less traffic than in the past. When traffic decreases, this means your overall marketing efforts just aren’t working effectively.
Different platforms have different ways of showing your content to potential consumers. For example, if your website traffic is down, you may not be showing up in Google’s search engine results pages. In that case, your SEO strategy will have to be reworked. You’ll need to produce more high-quality content that incorporates target keywords and reflects your audience’s search intent to rank higher.
In a similar vein, Facebook has its own algorithm for determining when and where it shows your content to social users. Take a look at the analytics for these platforms to investigate where and why your traffic is decreasing. Once you uncover this key information, you can modify your marketing approach to get your traffic back up.
5. Your Offering Has Changed
If your business has undergone a significant shift, your marketing approach must change along with it. Whether you have a new product or your product’s use case has changed, gear your marketing efforts in the right direction.
For example, you may have a software-as-a-service (SaaS) platform with a new tool added. In this case, your marketing approach must reflect the ramifications of this update. You may need to cater to a different target audience, one that is entirely different from your original audience.
From new products to new use cases, any update to your company’s offerings has to be reflected in your marketing strategy.
6. Your Audience Has Shifted
As time passes, your target audience may evolve with it. This change calls for a serious marketing rethink. For example, your product may once have resonated with Gen X (43- to 58-year-olds). Now you’re looking at a whole new audience of millennials (27- to 42-year-olds).
Analyze your web traffic, in Google Analytics for instance, to determine what age range is attracted to your website and social pages. If you see that a different group is flooding in but not converting, change your messaging accordingly.
Furthermore, check to see whether other demographic factors might have changed as well. Are women now more interested in your offering than men, or vice versa? Has geography played a role in your changed audience? Review these metrics and tweak your marketing efforts to address any of these shifts in your company’s audience.
Time for a Marketing Revamp
Your marketing strategy has to change with the times. Perhaps your business should begin using a growth marketing approach, or you need to address changes in your offerings or audience. Whichever is the case, you should be analyzing key metrics to identify shortcomings in your current marketing strategy and revamp it to stay competitive. With an updated marketing approach, you can stay relevant in your industry for years to come.