Ingredients to Evaluate Your Marketing Strategy
How do you know if your marketing plan is working out or not?
How to improve your marketing campaigns?
The success of a small business marketing plan depends upon 3 key factors:
- Developing a strong plan
- Executing it effectively
- Evaluating the plan to measure its effectiveness
Evaluating your small business marketing plan is very essential for an entrepreneur, as it helps the business owner to know which campaigns and strategies are working well, and where to focus his time, money and energy to get the best results.
Here are 6 smart ways to evaluate your small business marketing plan:
1. Brand Recognition & Establishment
Grabbing people’s attention, getting people to know your business & brand, and building a relationship with your customers should be the first objective of your marketing plan.
This can be measured by finding out:
- The size of your fan base on your social media handles
- Mentions of your brand name on social media sites
- The number of positive reviews left by customers about your company on social media as well websites like Google Reviews
- Inbound website visitors from social media handles
- Total number of conversions resulting from traffic generated through social handles or any other form of advertising
By analysing these factors, you can determine what form of engagement is working to your benefit and how you can drive it further. Increase in traffic on your website and social media handles, retail channels or enquiries on your website/call centre means that your marketing campaign is working out well.
2. Lead Generation
Not all marketing efforts are directed towards generating sales, however, marketing plans must fuel the sales funnel of the business by generating leads.
How to evaluate your small business marketing plan in terms of lead generation:
- Increase in subscribers to your mailing list
- Increase in appointments
- Increase in customer response for your products or services
You should set quantified goals to track & measure your leads generated over the period of a week, a month and a year.
3. Reviewing Sales Numbers
This is simple: Sales should be going up!
Reviewing your sales numbers is fundamentally the fastest way to determine the effectiveness of a marketing campaign.
For example:
If pre-marketing campaign sales of your company was Rs.500,000 and after the marketing campaign, the sales increased to Rs.800,000, it is a safe assumption that the campaign was effective and your sales have grown due to its effective execution
4. Customer Response
Customer response in any or all its varied forms can help you determine the type of reaction your marketing activities create.
- You can create a funnel for surveys that can be posted online or taken in person from the customers. Customer feedback can help you figure out the reaction & impact of the marketing campaign on the consumer
- Ask Simple Questions such as:
’How did you hear about us?
How did you find out about our seasonal sale?
Will you try & recommend our product?
Such simple questions can reveal which marketing initiatives are reaching the right customers.
5. Business Expansion
When your marketing plan is working out well, your business begins to grow with more customer calls, fresh leads, sales and expansion
- Good marketing campaign makes each customer, employee and stakeholder a marketer of your brand.
- When you start getting customers from new regions and geographies, it simply means that your marketing plan is working well!
Return on Investment (ROI) is one of the top concerns of any business owner, when it comes to running marketing campaigns.
- The idea of knowing the ROI is simply to find out whether the amount spent or invested in a marketing campaign has resulted in a profit or not.
- This can be measured by comparing the amount spent on the campaign versus the amount of sales each campaign has brought in specifically.
A business owner must consistently and carefully evaluate its small business marketing plan to spread brand awareness, spend wisely on activities and maintain its growth momentum.
If the objective & outcome of each marketing campaign has been defined clearly, business owners can not only make smarter marketing decisions but convert potential leads into life-long customers much faster.