Whether you’re running an online or offline business, your marketing strategy is the key to the success of your business. So, a failed strategy is a failed business. That’s it!
Sometimes however, even after doing everything right while drawing up your marketing strategy, you won’t just be able to predict whether or not things will work out as expected. In cases like this, you’ll need to keep checking at regular intervals if your strategy is right for your business.
But how do you know if your marketing strategy is working for you or not? In other words, how can you tell whether you’ll end up successful or you’re heading towards failure?
Here are five ways by which you can tell the effectiveness of your marketing strategy.
1. You’re running things pretty easily
No doubt, your marketing strategy is comprised of a number of steps that you intended following. And from each step, a result is expected.
If you’re getting the expected results from each step highlighted in your marketing strategy, and you’re also finding it easy to take the succeeding steps, it’s a sign that your marketing strategy was well drawn – realistically! Of course, only realistic feats are achieved and unrealistic ones aren’t.
2. Your cash flow is stable
If you’re having no problems with cash flow, that’s another indication that you’re marketing strategy is working out fine.
Cash flow entails the inward and outward flow of cash into and out of your business – your incomes and expenditures.
If you’re able to keep a stable cash flow, that is, if there are no negative alterations to the normal, you’re working on a solid marketing strategy.
3. You’re facing only the expected challenges
Like any other venture, running a business isn’t free of its own challenges. Ideally, all these challenges must be kept in mind when you’re drawing up your marketing strategy. Remember, your marketing strategy must be realistic. Since it’s quite unrealistic to not face any problems or challenges, situations such as competition, recession, etc, are typical of business in general and must be included in a realistic marketing strategy.
However, note that facing the expected challenges is only a proof that your marketing strategy is perfect. Of course, such challenges are inevitable.
But when your business runs into problems that are avoidable or that are not expected to hit it, your marketing strategy is most probably faulty.
4. You’re getting more customers
Getting more customers to your business means “snatching” them off the competition. If you’re doing this pretty well, it shows that your strategy was drawn to achieve just that.
A marketing strategy that fails to beat competition is worth reviewing. The fact is, rivals are everywhere, and you must be ready to stand firm among them if you really mean business.
So, if you’re forging well ahead of competition, it shows you’re playing out a perfectly written script – which in this case is your marketing strategy.
5. You’re making overall progress
Never be satisfied with having the same profit margin over several months. Don’t party over having 500 customers every month for years.
Now, don’t get me wrong. I didn’t mean your business isn’t fine that way. But the truth is; your business isn’t growing.
If you had 150 customers two months ago, 270 last month, and 360 so far in this month, that is growth! Similarly, if you made a profit of $1300 two months ago, $1900 last month, and $2100 so far in this month, that is growth! You get what I mean now?
If your business is really growing this way, this is another sign that your marketing strategy is great.
Now, you’ve got five factors with which you can test the effectiveness of your marketing strategy. Analyze your own strategy now and let’s see what you’ve got. Is your marketing strategy right?
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