How Often Should You Review Your Marketing Plan?
As with all plans for your business, there is no way to know the truth. After you’ve started to implement your marketing plan and you see how closely your assumptions match reality, you can tweak the program to keep it fresh.
There are many methods to determine if you should reevaluate your strategy.
Ask your customers
To find out more about your customers, you should conduct an automatic survey. This will allow you to evaluate whether they found you through current marketing plans or some other means. You might want to reconsider your marketing strategy if they give you reasons they found you contrary to what you expected.
The End of the Marketing Cycle
A few marketing plans have a clear beginning and end. If you have an email campaign running for 30 days, you will need to look at it throughout the project as well as at the end. This will ensure you get the best results.
By the Numbers
Many business owners make it an annual habit of reviewing their marketing plans on a quarterly basis in order to align the financials with the efforts.
Make sure your strategy is unifying.
Your overall strategy should be to serve six-figure business owners or more. Every element of your marketing plan should align with that goal. Without review, it’s easy to get off-track and lose your way. At least quarterly is a good time to review the unification of your strategy and the steps taken to implement it.
Find out your Return on Investment
What is the cost to acquire a customer? And what is the lifetime revenue potential for each customer? Do your financial plans reflect the truth? Are your marketing strategies affecting your ROI? You may need to overhaul your entire marketing strategy if not.
Your educated guess
Sometimes you have to just go with your gut. If your current strategy doesn’t align with your business’s vision, it’s time for you to review your entire system and decide where you need to make improvements.
Create a new product or service
Every time you create a new product or service, it is an excellent time to review your marketing plan. This will allow you to incorporate strategies for promoting the product. You might not be able to do things the same way you did them before.
Check out the Numbers Weekly
You can see how your actions affect your marketing strategy, and ultimately your bottom line by regularly checking the numbers (e.g., weekly or quarterly).
Every successful entrepreneur or business owner has made mistakes at one time or another. It’s part of the learning process. While mistakes will always happen, there are ways to avoid them.