With New Years and Easter behind (where did that time go!), the EOFY is fast approaching. While accounting and tax season looms ahead, it is also a good time- and very beneficial- to run a review on your Marketing. You don’t even need to spend a lot of time, just follow our quick tips to get started!
1. Your Marketing and Business Goals
Have a run through of the main marketing activities you’ve done for the past financial year as you prepare your books on marketing expenditure. Did you achieve any significant results, and did you follow your marketing plan? How about your business goals? This is also a good time to examine whether your marketing for the past year was aligned with the goals of your business. Did your marketing efforts work directly towards achieving those goals? Time for a review and check to make sure you’re still on track, and adjust your goals if necessary.
2. Your Marketing Environment: Target Market and Competition
In a fast paced, highly connected and digitalised world, things can change pretty quickly. Which is why it’s important to revisit your target market profile and study your marketing environment to see if anything has changed or evolved. You might have a new competitor in the market, or your target audience might shift with trends. Staying ahead of the game gives you the advantage to be pro-active and embrace the new scene. Check out what’s popular on social media and see what your audience would prefer to hear about. Are your marketing messages still valid and engaging? Is your content still relevant and providing value?
3. Data and ROIs on your Marketing Campaigns
As you look at your numbers for tax time, let’s not forget to assess whether your marketing campaigns had healthy ROIs. For all the marketing activities you’ve done, did some outperform others? Why was that? Use this information to re-evaluate your budget and expenditure for the next year to come. How can you spend better and what campaigns or mediums are not worth the cost? Also, now is the perfect time to collate and tidy up the data you received for any sign-ups, email campaigns and the like. Get your CRM up to date so you can more effectively target your customers for the next year.
Doing a clear, honest Marketing Review can ensure you stay on track and not overspend on ineffective marketing. It is actually a very important part of the EOFY reporting process! Not sure how you can get everything done while your accountant is on your back? Concept Designs & Marketing can help ease the burden, leave it in the hands with our expert team as we guide you step by step through your marketing review, you won’t even feel the stress!
Give us a call today.