Looking back at the year, what does your marketing have to show you about the health of your busines
Marketing acts as the balance in your business between operations and sales. Your marketing production and results (or the lack of) are a solid place to look at the health and ease of your business. You can see what people interact with, what it takes for you to launch a program or service, and what you could improve on to be more efficient. It also shows time could have been wasted, where better efficiency is needed, and it can act as a mirror to check in on why you and your teams do what you/they do.
Our large enterprise accounts and the small start-up businesses alike can use the data that marketing provides to help forecast a stronger year by pint pointing trends, engagement, expansion opportunities and more.
In the recent issue Harvard Business Review Volume 97/ Issue 5, Adi Ignatius, Editor in Chief dissects the suffocation of business through metrics of performance. The example they use is the case study where Wells Fargo makes long term account relationships top priority resulting in high requirements of employees and the outcome was a massive turnover of staff, lawsuits, and disappointed customers badgered to open multiple accounts. Another example would be customer satisfaction. The business goal is to get good reviews to improve ratings. The employee feels this as pressure to ask people for reviews, tools that text you numerously and a loss of focus on the target- a happy customer. It’s as if the happy customer was never the real initiative at all.
Looking at a few key factors of your marketing data can help create solid strategies for your business.
Factor 1: SALES Review your sales week over week in your company and examine the conversations and chain of events it took to create them. If you can identify the lifecycle of a lead, you can pinpoint the branches of your marketing that were effective. Was this lead following you on social media for a while? Where they referred by another client, if so what’s the interaction with your content of that client? How often did you speak with them? You may not have the ability to do this with every client, but you can take a sample from a timeframe and do your research. See if you can pinpoint the strongest places of your marketing. Are you close to that client? Interview them for specifics.
Factor 2: REFERRALS For the first year of Sacred Freedom Marketing, we ran off of referrals only. From a business health perspective, referrals are the strongest way to grow a business, and it still overlaps with marketing efforts. What if you have tons of happy clients and no referrals? Examine what communication in your marketing is missing to grow a referral basis. Do you offer a service that is sensitive for people to talk about? Do you provide a community holding for your clients to continue to engage with you? Do you share often how you help people and speak clearly about the problem you solve for people? Are your services simple to buy and understand or are you consistently throwing out new things? Take note and look for trends. The rule is- when you are on a streak- don't change a single thing.
Factor 3: FEEDBACK Surveys are a strong way to collect great data. Sending a survey, like the ones from www.surveymonkey.com, after interactions with leads and clients are a solid way to investigate your marketing effectiveness and gauge the experience your clients have with you and your staff. Use that data to generate conversations with your leads and create content that speaks directly to pains your leads most often report.
This is only the tip of what marketing reflections can offer. If you want to learn more about your marketing, we recommend our Freedom Fighter Collective as a place to start.