Marketing takes far more effort than some people think. They have fallen for the “everyone can do it” digital marketing hype and they do not understand that doing marketing the right way requires time, money and expertise. In combination with another misconception that marketing is something you just set up and then leave it be, this produces some truly negative outcomes for many companies.
Today, we will be talking about how to recognize that your marketing efforts are not working out and how you can change things up to make most of your time and money.
How Are Your Numbers?
There is no marketing without the numbers. You can talk about brand reach and engagement all you want, but if you are spending money and you are not seeing anything in return, your marketing is not working.
It really is as simple as that.
For example, when you spend money on a Google Ads campaign, you need to see a direct effect of that on your bottom line. You will be tracking the number of people that are visiting your website because of the ads you bought, you will be tracking how many of them bought your product (or service) and after your campaign has run out, you will know exactly how much money this particular campaign made you.
This kind of clear numbers game is somewhat more difficult to achieve with some other types of marketing such as SEO or social media marketing, simply because it can be difficult to calculate exactly how much money you spent and how much money you are making thanks to these investments (especially since they need time to work).
That being said, there are always numbers to look at and if the numbers are not looking right, it is time to change up your marketing efforts. Similarly, if you notice that a particular type of marketing is making your company serious revenue, you will want to sink more money into this particular tactic or channel.
How Is Your Competition Doing?
Another factor that might contribute to you changing your marketing strategy and tactics is the performance of your direct and indirect competitors. All businesses have competitors and this relationship can be quite complicated.
For instance, you might find out that your competitors are doing something marketing-wise and you may discover that they are kicking your butt because of it. In such a situation, you have to rethink your position, find out if there are ways to fight back and how best to do it. This does not simply mean copying what your competitors are doing. More often than not, this will be a very bad idea.
Another common mistake that some companies make is to ease down on their marketing or get set in their ways if they see that their competitors are lagging behind. You should never get too comfortable and you should always look to the future with your marketing. Just because your competition seems passive does not mean they are not working hard to take you over. You need to be doing marketing all the time, not only when you are behind.
Are There New Tools Around?
Every job requires the right tools and marketing is no different. What is different is that, in marketing, tools come and go at a faster rate than in any other industry. What might seem like a decent marketing software stack today may be insufficient six months down the road. Sometimes, lagging behind in tools can have dramatic negative effects on how your marketing turns out.
A company that provides business loans in Sydney, OnDeck, has a great article on social media tools for small businesses and you really get to know all about the biggest and the most useful social media marketing tools you should at least consider using. However, there are just as many amazing tools that no one heard of and that can be a great addition to your digital marketing efforts.
And this does not happen only in social media marketing. Everywhere you turn there are new tools that can revolutionize your marketing and turn an underachieving campaign into a winner.
The most important thing is not to get complacent. You can always improve your marketing efforts. The important thing is to keep tabs on numbers and the competition and always be on the lookout for new tools and practices that can improve your digital marketing.