Take Our 8-Point End-of-Year Promotion Health CheckPosted December 5, 2013 | Tips and Trends from the Experts
The end of the year is an ideal time for a business evaluation to consider your brand and promotion strategy–to consider what’s worked, what’s underperformed, and what changes to make going forward to turn your business into a high-performance machine.
If Socrates was a businessperson, he might have said: ‘The unexamined business is not worth running’. In order to grow a more successful business it is vital to check your business’ marketing effectiveness to determine how your people and processes are performing.
Give Your Business a Formal Health Check-Up
The structure of your year-end business evaluation health check-up sessions is entirely flexible. Ideally, you’ll involve all employees–from the front lines to the back office–to contribute to this activity, as each will have data to help drive improvements.
Take your team through the following diagnostic plan to determine your marketing potential:
- Web site performance. Analytics and testing are the key components of web success–particularly as they apply to traffic and conversion
- Social media reach. Providing real value across all channels is preferred over a ‘see what sticks’ approach–plus, social media lets you court prospects and customize messages to specific groups
- Direct mail opportunities. Engage your best buyers with direct mail pieces for increased back-end profits–you heard right, direct mail is a time-tested technique that never goes out of style
- Content marketing strategy. Providing quality content–both free and premium–is the anchor of a powerful content strategy and an efficient way to pre-sell your business acumen
- Local event marketing. Create face-to-face impressions with potential prospects to generate leads, score referrals, and connect with your local community
- Lead-generation activities. List the efforts you make to generate new prospects and judge their effectiveness–remove what isn’t working to make better uses of human and financial resources
- Follow-up and recovery. Email marketing has made prospect follow-up and abandonment recovery easier than ever–neglect this activity and you’re most likely leaving money on the table
- Long- and short-term strategic planning. Considering all the information collected above, use the data going forward to create a year-long strategy
This is certainly not an all-inclusive list. Your particular business or market might justify adding or subtracting from this business evaluation list. But it is a good starting point for developing a year-end system to gauge the overall health of your business marketing strategy.